Kenya lists first infrastructure fund on Nairobi bourse with UK support

The UK government and CPF Financial Services have supported the listing of the Spearhead Africa Infrastructure Fund (SAIF) on the Nairobi Securities Exchange (NSE), marking the first infrastructure-focused fund to list on Kenya’s bourse amid growing efforts to mobilise domestic capital for long-term infrastructure investment.

The fund raised KES3.4bn ($26.3mn) for investment into renewable energy, digital infrastructure, logistics and electrification projects using long-term local-currency financing.

The listing was formally launched during a bell-ringing ceremony at the NSE on May 19 attended by British High Commissioner to Kenya Matt Baugh, Kenya’s Cabinet Secretary for National Treasury and Economic Planning John Mbadi and representatives from the country’s capital-markets sector.

Officials said the listing represented an important step in deepening Kenya’s capital markets and expanding access to infrastructure investment opportunities for local institutional investors.

Until now, Kenya has had limited listed infrastructure investment products despite growing demand for long-term funding across energy, transport and digital sectors.

SAIF allows pension funds and other institutional investors to gain exposure to infrastructure assets through the listed market while investing in Kenyan shillings, reducing foreign-exchange risk for borrowers and project developers.

The UK government supported the listing through its MOBILIST programme, which provides technical assistance and catalytic investment aimed at helping new investment vehicles access public markets.

The UK contributed an anchor investment of KES1.2bn ($9.3mn) as part of the broader KES3.4bn fundraising.

“This latest listing is further demonstration of the UK’s partnership to secure Kenyan investment in the things that Kenyans rely on every day,” British High Commissioner Matt Baugh said.

“Better infrastructure means better services – energy, digital, logistics and electrification, strengthening the basis for long-term growth,” he said, adding that the fundraising reflected the UK’s shift “from donor to investor”.

“The total of KES3.4bn raised from the UK’s anchor investment of KES1.2bn reflects our shift from donor to investor – using funds to raise capital that delivers impact at scale,” he said.

SAIF is managed by Spearhead Africa Asset Management and regulated by Kenya’s Capital Markets Authority.

Ngatia Kirungie, managing director and chief executive officer of Spearhead Africa Asset Management, said the structure was designed to widen access to infrastructure investment.

“SAIF is designed to democratize access to the infrastructure asset class for all investors and demonstrates that local currency infrastructure finance can be delivered at scale,” Kirungie said.

He added that strong participation from domestic and international institutional investors highlighted growing confidence in local-currency infrastructure financing structures.

“The strong participation of domestic and international institutional investors and support from our regulators underscores the credibility of SAIF’s structure and strategy,” he said.

The listing is the second Kenyan transaction supported by the UK-backed MOBILIST programme in 2026 following the March listing of Africa Logistics Properties Real Estate Investment Trust (ALP REIT).

Kenya has increasingly sought to deepen domestic capital markets and reduce reliance on foreign-currency borrowing for infrastructure financing amid rising debt-servicing costs and tighter global financial conditions.

Infrastructure investment remains central to Kenya’s long-term economic strategy, particularly in electricity access, logistics connectivity and digital expansion.

Analysts say local-currency infrastructure funds could become increasingly important across Africa as governments seek more sustainable financing structures while pension funds and institutional investors search for long-duration domestic investment opportunities.

The initiative also aligns with the broader Kenya-UK Strategic Partnership, which increasingly focuses on trade, investment and private-sector-led development rather than traditional aid flows.