Complete CMA-Licensed Special Fund Register in Kenya 2026
The number and variety of special funds in Kenya have expanded considerably, giving investors access to strategies that go beyond conventional money market, equity and fixed-income funds.
These products can provide exposure to global equities, private debt, multi-asset portfolios, commodities, offshore investments and other specialised strategies.
But before investing, there is one basic question every investor should answer:
Is the fund actually approved by Kenya's Capital Markets Authority (CMA)?
This guide explains how to check and provides a practical overview of the special funds appearing on the CMA's register in 2026.
Quick Answer: Where Can You Check Special Funds?
The CMA maintains an official register of Approved Collective Investment Schemes (CIS). Individual schemes can contain several sub-funds, including special funds.
The register changes as new schemes and sub-funds receive approval. For example, the CMA approved additional special funds in July and August 2026.
Therefore, always treat any published list as a snapshot and confirm the current status through the CMA before investing.
What Does CMA-Licensed Mean?
People often say a fund is "CMA-licensed," but there is an important technical distinction.
The CMA licenses market intermediaries, such as fund managers, while Collective Investment Schemes and their sub-funds are generally described by the Authority as approved or registered.
So, when discussing a "CMA-licensed special fund," what investors usually mean is a special fund operating within a CMA-approved CIS and managed within Kenya's regulated capital-markets framework.
That distinction matters because you should verify both the investment product and the institution behind it.
Imagine This
Suppose someone offers you an investment promising a 20% annual return.
The brochure looks professional. The company has a website. The salesperson tells you the investment is "regulated."
Don't stop there.
Go to the CMA register and independently check the scheme and fund.
This simple verification should come before comparing special fund returns in Kenya, fees or minimum investments.
CMA-Approved Special Funds: 2026 Snapshot
The official CMA register contains a large and growing number of special funds. Examples appearing on the register include:
| Strategy | Examples on CMA Register |
|---|---|
| Multi-asset | Etica Special Multi Asset, GCIB Multi-Asset Special, CPF Multi-Asset Special |
| Global equity | NCBA Global Special Equity, Arvocap Global Equity Special |
| Fixed income | Britam Special Fixed Income, Old Mutual Special Fixed Income |
| Private debt | Lofty-Corban Private Debt Special Fund |
| International equity | XENO Kenya International Equity Special Fund |
| Global strategies | Dyer & Blair Special Global Strategies |
| Shariah | Mansa X Shariah Special Fund, GCIB Shariah Multi-Asset Special |
| Offshore strategies | VCG Offshore Opportunities Special Funds |
| Infrastructure | Spearhead Africa Infrastructure (Special) Fund |
| High yield | Dry Associates Special High Yield Fund |
This is not a performance ranking or recommendation. It demonstrates the diversity of special funds investment in Kenya.
Some Funds Come in Different Currencies
A single strategy can sometimes have more than one currency option.
Standard Investment Bank's Mansa X, for example, appears on the CMA register with KES and USD versions, alongside KES and USD versions of its Shariah special fund.
Investcent's register entry similarly contains KES and USD multi-asset, Shariah multi-asset and green special funds.
Currency matters because a USD-denominated fund and a KES-denominated fund should not automatically be treated as identical investments.
Your return can also be affected by currency exposure.
Context is everything. Stay ahead of shifting trends with today’s market updates and uncover emerging opportunities using the Serrari Group Market Index and Marketplace. Then, take control of your own financial future by exploring our Money & Life Reset Transformation Blueprint ™ to build stronger habits, create better systems, and design a path toward lasting wealth.
What About Foreign Investment Special Funds?
Investors searching for regulated special funds foreign stocks investments now have several types of strategies to investigate.
The CMA register includes products such as NCBA Global Special Equity Fund, Arvocap Global Equity Special Fund and XENO Kenya International Equity Special Fund. It also lists VCG offshore special funds covering areas such as equities, technology, fixed income, commodities and multi-asset strategies.
International exposure can improve diversification, but it also introduces foreign-market and currency risks.
The Register Is Still Expanding
This is why a "complete" register requires a date.
In February 2026, the CMA approved the CPF Multi-Asset Special Fund, designed to provide exposure to alternative investments including private equity, private debt, offshore investments and other unlisted securities.
In July, the CMA approved new Cinemark special fixed-income and multi-asset funds in both KES and USD.
Then in August, the Authority announced further approvals, including the Britam Multi Asset Special Fund (KES) and Britam Enhanced Global Equities Special Fund (USD).
A list prepared at the beginning of 2026 could therefore already be incomplete by August.
Does CMA Approval Mean a Fund Is Safe?
This is where investors need to be careful.
When asking are special funds safe, CMA approval should be viewed as an important regulatory check—not a guarantee of investment performance.
A properly approved fund can still lose money because its underlying investments decline.
A global equity fund faces stock-market and currency risks. A private-debt fund can face credit and liquidity risks. A multi-asset strategy may carry several risks simultaneously.
So, how safe special funds are in Kenya depends partly on what each fund actually owns.
How Should You Use the CMA Register?
If you're researching how to invest in special funds in Kenya, use the register as your first filter rather than your final investment decision.
After confirming the fund's regulatory status, investigate its strategy, currency, minimum investment, fees, liquidity and historical performance.
Only then should you compare it with similar funds.
Searching for the best special funds in Kenya without first understanding these differences can lead to misleading conclusions.
Common Mistakes to Avoid
One mistake is assuming that every investment using the words "fund," "special fund" or "wealth fund" is automatically CMA-approved.
Another is confusing the licensing of a fund manager with approval of every product that company might offer.
Finally, don't assume CMA approval guarantees your capital or returns.
Verify first, then research.
Frequently Asked Questions
Where can I find the official special fund register?
Use the CMA's Approved Collective Investment Schemes register and check the sub-funds listed under individual schemes.
Is every special fund denominated in Kenyan shillings?
No. The CMA register includes KES, USD and other foreign-currency special-fund structures.
Does being on the CMA register mean a fund will make money?
No. Regulatory approval does not eliminate market, credit, currency, liquidity or other investment risks.
Final Thoughts
Kenya's special-fund market is becoming increasingly diverse.
But a bigger selection makes verification even more important.
Before comparing returns or searching for the top 10 special funds in Kenya, confirm that the fund appears within the CMA's current regulatory records and understand exactly what strategy you are buying.
Quick Tip
Don't trust the phrase "CMA regulated" by itself. Verify it.
Use the CMA's official register before transferring money to any investment fund.
Build Your Financial Future With Serrari
Your financial future isn’t something you wait for—it’s something you build. The real question is: when do you begin?
Move beyond simply staying informed. Navigate the markets with clarity—track trends through the Serrari Group Market Index, uncover opportunities in the Serrari Marketplace, and build practical knowledge with our Curated Wealth Builder Platform.
Stay connected to what truly matters. Get daily insights on macro trends and financial movements across Kenya, Africa, and global markets—delivered through the Serrari Newsletter.
Growth opens doors. Advance your career through professional programs including ACCA,HESI A2,ATI TEAS 7 ,HESI EXIT ,NCLEX - RN andNCLEX - PN, Financial Literacy!🌟—designed to move you forward with confidence.
See where money is flowing—clearly and in real time. Track Money Market Funds, Treasury Bills, Treasury Bonds, Green Bonds, and Fixed Deposits, alongside global and African indexes, key economic indicators, and the evolving Crypto and stablecoin landscape—all within Serrari’s Market Index.
