Spearhead Africa Asset Management (SAAM) has listed the Spearhead Africa Infrastructure Fund (SAIF) on the Nairobi Securities Exchange (NSE).
SAIF is the first infrastructure fund to list on the NSE. By making listed infrastructure debt investment accessible to all investors for the first time, the listing is creating a new asset class in the Kenyan capital market and boosting investment in infrastructure crucial to the region’s growth.
“SAIF is designed to democratise 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 investor expectations and project owners’ requirements,” Ngatia Kirungie, Managing Director & CEO, Spearhead Africa Asset Management, remarked.
“The strong participation of domestic and international institutional investors and support from our regulators underscore the credibility of SAIF’s structure and strategy and signal a broader evolution in African capital markets, where fast-growing pools of domestic capital can be channelled into productive investments that foster sustainable economic growth for all.”
SAIF’s initial public offer successfully raised Ksh3.4 billion from a broad range of investors. It was anchored by the CPF Group and the UK Government’s Foreign, Commonwealth & Development Office (FCDO), through its MOBILIST programme.
MOBILIST’s anchor participation helped de-risk the transaction at launch, enabling the Fund to reach scale, attract domestic institutional investors, and establish a replicable template for future listed infrastructure vehicles in Kenya and beyond. This is MOBILIST’s second anchor investment in a new NSE listing this year after the programme launched a partnership with the exchange in 2024.
“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,” Frank Mwiti, CEO of Nairobi Securities Exchange, remarked.
“SAIF demonstrates how the NSE serves as a powerful platform for mobilising long-term domestic capital toward the country’s critical infrastructure financing needs, while offering investors enhanced transparency, liquidity, and access to innovative investment opportunities.”
SAIF will invest in a diversified portfolio of senior debt across private-sector-led infrastructure projects in East Africa. It is regulated by the Capital Markets Authority, has an immediate pipeline of projects in renewable energy, digital infrastructure, logistics and electrification.
Thanks to SAIF’s listing, local investors – including Kenyan pension funds – can also invest in infrastructure debt denominated in Kenyan shillings for the first time. By offering long-term financing in Kenyan Shillings, SAIF eliminates foreign exchange risk while aligning with the investment horizon of the underlying infrastructure opportunities. This lowers overall financing costs, improves financial resilience and enables infrastructure project sponsors and operators to focus on sustainable growth.
“This latest listing is a further demonstration of the UK’s partnership to secure Kenyan investment in the things that Kenyans rely on every day. Better infrastructure means better services – energy, digital, logistics and electrification, strengthening the basis for long-term growth. All delivered in partnership. The total of KSH 3.4 billion raised from the UK’s anchor investment of KSH 1.2 billion reflects our shift from donor to investor – using funds to raise capital that delivers impact at scale. We’re going far, together,” British High Commissioner to Kenya, Matt Baugh, said.
Until now, investors could only invest in infrastructure through private investments that require much greater effort to secure and are much harder to buy and sell. SAIF’s listing on the NSE changes that, bringing Kenya into the select group of emerging markets where investors can access this asset class through the stock exchange, with full tradability and no lock-in period. Further, investors will benefit from the adoption of best practices in financial reporting, corporate governance and ESG for listed investment trusts, based on markets such as the United Kingdom.
SAIF’s listing expands the opportunity set for Kenya’s growing pension industry, which manages over KES 2.8 trillion in assets. By introducing a regulated, tradable infrastructure vehicle, the Fund provides investors with a new tool to diversify portfolios, enhance risk-adjusted returns, and support productive investment in the real economy. In more mature markets, pension funds have gradually built meaningful allocations to infrastructure as portfolios diversified—SAIF provides a pathway for a similar evolution in Kenya.
“Our priority is to deliver stable, predictable returns to our members while preserving capital. SAIF provides a compelling opportunity to access infrastructure as an asset class through a regulated, transparent vehicle aligned with our investment mandate. Our investment also reflects our confidence in locally structured solutions that enable pension capital to participate meaningfully in Kenya’s development, while delivering sustainable, long-term value to our members,” Dr. Hosea Kili, CEO, the CPF Group noted.
Read: Kenya Pipeline Company Next CEO Hiring/Firing: Uganda Must Give Consent
>>> Kenya Pipeline Company Shares Trade Above IPO Price on Debut at NSE
Leave a comment