Spearhead Africa Asset Management lists Kenya’s first Infrastructure Fund

The initial public offer raised KSh 3.4 billion from a mix of institutional investors, with early support from CPF Group and the UK Government’s Foreign, Commonwealth & Development Office through its MOBILIST programme. The anchor participation helped structure and de-risk the transaction, enabling wider investor uptake.

SAIF is a listed infrastructure debt fund that will invest in senior debt for private-sector-led projects across East Africa, targeting sectors such as renewable energy, digital infrastructure, logistics and electrification. It is regulated by the Capital Markets Authority.

The listing introduces a tradable infrastructure investment product denominated in Kenyan shillings, giving investors—particularly pension funds—access to infrastructure exposure without foreign exchange risk or the long lock-in periods typical of private market deals.

Until now, infrastructure investing in Kenya has largely been confined to private placements and unlisted vehicles, limiting liquidity and participation. Market participants say the NSE listing effectively formalises infrastructure debt as a new investable asset class on the exchange.

Kenya’s pension sector, which manages more than KSh 2.8 trillion in assets, is expected to be a key beneficiary of the structure, offering an avenue for portfolio diversification into long-term infrastructure assets.

SAAM Managing Director and CEO Ngatia Kirungie said the listing demonstrates the potential for scaling local currency infrastructure finance. “SAIF is designed to democratise access to the infrastructure asset class and shows that local currency infrastructure finance can be delivered at scale in a structure that meets both investor and project needs,” he said.

Nairobi Securities Exchange CEO Frank Mwiti described the listing as part of efforts to deepen and diversify the capital market. “This listing is a significant milestone in expanding investment instruments and mobilising long-term domestic capital for infrastructure development,” he said.

British High Commissioner to Kenya Matt Baugh said the transaction reflects a shift toward mobilising capital for development impact. “Better infrastructure means better services in energy, digital and logistics. This is about using investment to deliver impact at scale,” he said.

CPF Group CEO Hosea Kili said the fund aligns with pension objectives focused on stability and long-term returns. “SAIF provides a regulated and transparent way to access infrastructure while delivering predictable returns for our members,” he said.