Spearhead Africa Asset Management has listed the first infrastructure fund, the Spearhead Africa Infrastructure Fund (SAIF) on the Nairobi Securities Exchange (NSE) under the unquoted Securities Platform, marking a major milestone in the strengthening of the country’s capital markets.
The listing follows the raising of KES 3.4 billion from investors through an Initial Public Offering (IPO), with anchor investments from the UK government’s MOBILIST programme and Kenya’s CPF Group. The infrastructure fund creates a new asset class in the Kenyan capital market and promotes investment in infrastructure, a key driver of regional development.
SAIF is set to invest in a diversified portfolio of senior debt across private-sector-led infrastructure projects in East Africa in sectors including renewable energy, digital infrastructure, logistics, and electrification, under the supervision of the Capital Markets Authority (CMA).
SAIF will, for the first time give local investors, including Kenyan pension funds, an opportunity to invest in a Kenya Shilling-denominated infrastructure debt, cushioning them from Foreign Exchange risks. Additionally, investors are set to benefit from the adoption of best practices in financial reporting, corporate governance, and ESG standards, mirroring developed markets such as the UK.
“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 in a structure that meets both investors’ expectation and project owners’ requirements,” said Ngatia Kirungie, Managing Director and CEO Spearhead Africa Asset Management.
SAIF Positions NSE as a Hub for Alternative Investments
NSE CEO Frank Mwiti noted that the listing aligns with the exchange’s strategy of expanding investment products and mobilizing long-term domestic capital toward critical infrastructure development.
“This listing represents a significant milestone in the continued deepening and diversification of Kenya’s capital markets. It is fully aligned with the NSE’s core mandate of providing world-class investment instruments that facilitate efficient capital deployment, while also advancing the strategic listing targets set out in the NSE 2025-2029 strategy,” said Mr. Mwiti.
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