The Nairobi Securities Exchange has recorded the listing of Kenya’s first infrastructure fund, the Spearhead Africa Infrastructure Fund (SAIF), marking a new chapter in the country’s capital markets development. Managed by Spearhead Africa Asset Management (SAAM), the fund raised Sh3.4 billion through its initial public offering, backed by anchor investments from the UK government’s MOBILIST programme and CPF Group. SAIF will invest in senior debt for private-sector-led infrastructure projects across East Africa, covering sectors such as renewable energy, digital infrastructure, logistics, and electrification. The listing introduces infrastructure debt as a tradeable asset class on the exchange for the first time, offering a local-currency alternative to the dollar-denominated borrowing that has historically dominated project financing in the region.
Key Overview
- Fund: Spearhead Africa Infrastructure Fund (SAIF)
- Manager: Spearhead Africa Asset Management (SAAM)
- Amount Raised: Sh3.4 billion (approximately $26 million)
- Listing Date: 19 May 2026, on the Nairobi Securities Exchange
- Anchor Investors: UK MOBILIST programme (Sh1.2 billion), CPF Group
- Target Sectors: Renewable energy, digital infrastructure, logistics, electrification
- Return Target: 5–6 percent above the prevailing 10-year government bond yield
- Kenya Pension Assets: Over Sh2.8 trillion under management
- Infrastructure Gap: Approximately $2.1 billion annually
The Nairobi Securities Exchange has entered new territory with the listing of the Spearhead Africa Infrastructure Fund, the first infrastructure fund to trade on the Kenyan bourse. The fund, managed by Spearhead Africa Asset Management, raised Sh3.4 billion through its initial public offering, creating a new asset class that allows investors to buy and trade infrastructure debt through the stock exchange for the first time.
The listing ceremony, held on 19 May 2026, was attended by Cabinet Secretary for National Treasury and Economic Planning John Mbadi, British High Commissioner to Kenya Matt Baugh, NSE Chairman Kiprono Kittony, and SAAM Board Chairman Andrew Kairu, underscoring the significance of the milestone for both Kenya’s financial sector and its broader development agenda.
SAIF will invest in senior debt financing for private-sector-led infrastructure projects across East Africa, targeting renewable energy, digital infrastructure, logistics, and electrification. The fund is regulated by the Capital Markets Authority and introduces local-currency infrastructure financing that shields projects from the foreign exchange risks associated with dollar-denominated loans that have long characterised infrastructure financing in the region.
Bridging a $2.1 Billion Annual Gap
The listing arrives at a time when Kenya is under growing pressure to find alternatives to expensive sovereign borrowing for infrastructure development. The country’s public debt stood at approximately Sh12.3 trillion as of December 2025, with 71.2 percent of all government revenue in the 2024/25 financial year going toward debt servicing. Estimates suggest Kenya needs over $12 billion annually in infrastructure investments until 2040 to meet its development goals, leaving an infrastructure financing gap of roughly $2.1 billion each year.
Against this backdrop, the government has been actively pursuing blended financing models and capital market instruments to mobilise long-term domestic and foreign private capital. The National Infrastructure Fund Bill, currently under consideration by Parliament, aims to reduce reliance on public debt for commercially viable infrastructure investments while strengthening the country’s capacity to structure and execute complex projects.
SAIF effectively operationalises this vision from the private sector side, offering a regulated, transparent vehicle through which pension funds and institutional investors can gain exposure to infrastructure assets that were previously accessible only through illiquid private placements.
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Unlocking Pension Capital
Kenya’s pension industry, which manages more than Sh2.81 trillion in assets, is expected to be a primary beneficiary of the fund’s structure. Historically, pension portfolios in Kenya have been heavily concentrated in government securities, which account for roughly 45 to 55 percent of allocations, with equities representing 20 to 30 percent and real estate about 10 to 15 percent. The lack of listed infrastructure products has limited diversification options, particularly for trustees seeking long-term, inflation-linked returns.
SAIF addresses this directly. According to Business Daily, the fund targets returns of five to six percent above the prevailing 10-year government bond yield, a premium designed to attract institutional capital that has historically favoured Treasury instruments. SAAM Managing Director and CEO Ngatia Kirungie noted that unlike traditional infrastructure funds where capital can be locked in for 10 to 20 years, SAIF’s listing on the NSE provides liquidity and tradability with no lock-in period.
CPF Group CEO Hosea Kili said the fund provides pension schemes with a regulated and transparent way to access infrastructure while delivering predictable returns for members. He added that the success of SAIF could pave the way for similar listings, helping bridge the financing gap in infrastructure projects across the region.
UK Anchor Investment Signals Shift from Aid to Capital
The UK government’s MOBILIST programme anchored the transaction with Sh1.2 billion, helping to de-risk the offering and attract additional institutional investors. The programme, run through the Foreign, Commonwealth and Development Office, provides technical assistance and catalytic investment to help new investment products reach public markets in emerging economies.
British High Commissioner Matt Baugh described the investment as reflecting a broader shift from traditional aid to investment-driven partnerships. SAIF is the second MOBILIST-backed listing on the NSE in 2026, following the successful listing of the Africa Logistics Properties Real Estate Investment Trust in March. The ALP REIT, East Africa’s first industrial REIT and the first dollar-denominated security to trade on the NSE, raised $29.55 million with $24 million in UK backing through MOBILIST and the Private Infrastructure Development Group.
Together, the two listings represent a concerted push to deepen Kenya’s capital markets and channel institutional capital into productive infrastructure. Ross Ferguson, MOBILIST’s programme lead, has previously stated that creating listed products accessible to domestic pension funds is essential to reducing their over-reliance on government debt and directing long-term capital toward businesses that drive growth.
A Breakout Year for the NSE
SAIF’s listing fits within a broader capital markets revival at the NSE. The exchange has described 2026 as a breakout year, with the value of listed shares crossing the Sh3 trillion mark in 2025 and market capitalisation growing 57 percent year-on-year to Sh3.23 trillion by March 2026. The listing of Kenya Pipeline Company shares in March ended more than a decade-long IPO drought, and a pipeline of further debt and equity transactions is expected through the year, including bonds from I&M Bank and the Kenya Mortgage Refinance Company.
NSE CEO Frank Mwiti described the SAIF listing as a major milestone in deepening Kenya’s capital markets. He said the fund demonstrates how the exchange can mobilise long-term domestic capital toward critical infrastructure financing while giving investors transparency and liquidity.
For Kirungie, the listing is about more than one fund. SAAM’s model is designed to create asset classes and products that channel institutional and retail capital into infrastructure, with plans to expand into adjacent alternative asset classes such as private debt. The strong participation from both domestic and international investors, he said, shows growing confidence in African capital markets and locally structured investment solutions.
The listing positions Kenya among a small but growing group of emerging market exchanges offering listed infrastructure debt products, potentially setting a precedent for similar vehicles across East Africa and the wider continent.
Sources: Business Today Kenya / GOV.UK / Business Daily Africa / The East African / Citizen Digital / Capital FM / The Kenya Times / Ecofin Agency / MOBILIST Global / Retirement Benefits Authority / Wits University / Vellum Kenya
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