The UK government in partnership with Kenya's CPF Financial
Services has supported the listing of the Spearhead Africa
Infrastructure Fund (SAIF) on the Nairobi Securities Exchange
(NSE). SAIF is the first infrastructure fund to list on the NSE,
marking an important development for Kenya's capital markets.
The fund raised a total of KSH 3.4 billion. This will be invested
into infrastructure projects in sectors including renewable
energy, digital infrastructure, logistics and electrification,
using long‑term finance using Kenyan shillings.
The listing was marked by a bell‑ringing ceremony at a public
launch at the NSE on 19 May 2026, attended by British High
Commissioner to Kenya, , and the Cabinet Secretary for
National Treasury & Economic Planning, John Mbadi, alongside
representatives from across the Kenyan capital markets sector.
Infrastructure underpins everyday life - from power and
connectivity to transport and jobs. Yet until now, the lack of
listed infrastructure products has limited Kenyan institutional
investors' ability to invest in these sectors.
SAIF's listing helps change that by allowing local investors,
including pension funds, to invest in Kenyan infrastructure
through the listed market and using Kenyan shillings. This
reduces foreign exchange risk for borrowers and supports long
term investment aligned with Kenya's development priorities.
The UK's investment anchor investment was delivered though it's
MOBILIST programme. MOBILIST provides technical assistance
and catalytic investment to help bring new investment products to
public markets. In Kenya, this support has helped establish
infrastructure as a new asset class on the NSE.
MOBILIST is a prime example of the UK's new approach to
international development: moving from donor to investor, and
using public capital to unlock sustainable, privately led growth.
This is the second MOBILIST‑backed listing in Kenya in 2026,
following the successful listing of Africa Logistics Properties
Real Estate Investment Trust (ALP REIT) in March, in which the
programme was an anchor investor.
, British High Commissioner to
Kenya, said:
This latest listing is 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.
Ngatia Kirungie, Managing Director and CEO, Spearhead
Africa Asset Management, said:
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 investor expectations and project
owners' requirements. The strong participation of domestic and
international institutional investors and support from our
regulators underscores the credibility of SAIF's structure and
strategy and signals a broader evolution in African capital
markets, where fast-growing pools of domestic capital can be
channeled into productive investments that foster sustainable
economic growth for all.
By listing on the exchange, SAIF offers investors a regulated,
transparent and tradable way to invest in long‑term
infrastructure projects, making it easier for domestic capital to
support economic growth.
By supporting listings like SAIF and ALP REIT, the UK and Kenya
are helping to strengthen Kenya's capital markets and enable more
local investment in infrastructure that supports jobs, services
and long‑term prosperity.
This approach aligns with the Kenya–UK Strategic Partnership and
the UK's wider Africa approach, which prioritises economic
transformation led by African priorities.
EDITORS' NOTES
-
MOBILIST is a UK government programme that supports the
development of capital markets in emerging economies by
providing early investment to help new companies and funds
list on public stock exchanges.
-
MOBILIST investments aim to mobilise private capital, support
job creation and strengthen financial systems.
-
Spearhead Africa Infrastructure Fund (SAIF) is managed by
Spearhead Africa Asset Management and is regulated by Kenya's
Capital Markets Authority.
