Spearhead Africa, led by Ngatia Kirungie, set for $27 million fund debut on Nairobi bourse

The Nairobi Securities Exchange is preparing to list the Spearhead Africa Infrastructure Fund, a move that could mark a turning point for Kenya’s capital markets as the country introduces its first listed infrastructure-focused investment vehicle aimed at mobilizing long-term domestic capital for real economy projects.

The fund is sponsored by Spearhead Africa Asset Management Limited, led by Kenyan investment executive Ngatia Kirungie, and will be floated as a closed-ended vehicle offering exposure to infrastructure assets across the region.

Unlocking liquidity in infrastructure investing

The listing will see 35 million units issued at Ksh100 ($0.77) each, valuing the fund at approximately Ksh3.5 billion ($27 million). Once admitted, the units will trade on the secondary market, giving investors liquidity in an asset class traditionally defined by long lock-in periods and limited exit options.

If completed, the fund would become the first infrastructure-focused investment vehicle listed on the Nairobi Securities Exchange, expanding the bourse’s product offering beyond equities, bonds, exchange-traded funds, and real estate investment trusts.

Expanding Kenya’s capital market frontier

While Kenya has previously listed REITs, infrastructure investment vehicles have largely remained in private markets or within institutional portfolios such as pension funds and development finance institutions. The planned listing signals a gradual shift toward alternative assets designed to deepen capital formation.

The move also aligns with Kenya’s broader strategy to reduce reliance on external borrowing for infrastructure development, particularly in transport corridors, energy systems, and urban expansion projects that require long-duration funding.

Fund structure and investment strategy

Kenya continues to face a persistent infrastructure financing gap across transport, energy, and urban utilities, with public funding alone insufficient to meet long-term development needs.

The Spearhead Africa Infrastructure Fund will target long-term infrastructure assets, including logistics networks, energy transmission systems, industrial parks, and transport corridors, all typically characterized by stable, contracted cash flows.

Bridging Kenya’s infrastructure gap

As a result, the country has increasingly leaned on public-private partnerships, development finance institutions, and pension capital. Listed infrastructure funds are emerging as a potential bridge between capital markets and national development priorities.

Kenya’s pension industry, which manages significant long-term assets, has been central to this shift, gradually increasing exposure to alternative investments beyond government securities.

Kirungie’s investment track record and positioning

Kirungie, who serves as Managing Director of Spearhead Africa Asset Management, previously worked in investment banking at Goldman Sachs in London, where he was involved in capital markets and structuring roles.

Beyond Spearhead Africa, he has also been associated with institutional capital coordination efforts through Kenya’s pension investment ecosystem, positioning him at the intersection of global financial expertise and domestic capital mobilisation. The Spearhead Africa Infrastructure Fund will operate as a closed-ended listed fund, offering exposure to logistics, energy, and transport infrastructure.

If successful, the listing could set a precedent for similar infrastructure funds across East Africa. It also reflects a growing shift toward capital markets as engines of development financing.