Last updated: April 2026
The best special funds in Kenya in 2026 are Mansa X Special Fund (20.74% net return in 2025, KSh 132 billion AUM), OAK Special Fund (18.99% in 2025), Kibaba Multi-Asset Fund by Ndovu Wealth (launched March 2026), and Britam Special Fixed Income Fund. All four are regulated by Kenya’s Capital Markets Authority (CMA) and require minimum investments of KSh 100,000–500,000. Special funds have become the fastest-growing investment category in Kenya, with AUM surging to KSh 137.8 billion.
Kenya’s Collective Investment Scheme market hit KSh 756.2 billion in assets by December 2025 — a staggering 1,236% growth since 2018 (Source: CMA Quarterly Statistical Bulletin, Q4 2025). The biggest shift? Investors are moving beyond Money Market Funds into special funds that target 17–25% annual returns instead of the 10–16% offered by MMFs.
If you’ve been earning steady returns from a money market fund and wonder whether it’s time to level up, this guide breaks down the best special funds in Kenya, compares their returns, fees, and risks, and helps you decide which one fits your goals. If you’re new to investing, start with our guide to investing with KSh 1,000 first.
Special funds in Kenya are regulated under the Capital Markets Authority (CMA) framework as Special Collective Investment Schemes. The data in this guide comes from official fund factsheets filed with the CMA and published by fund managers including Standard Investment Bank, Faida Investment Bank, and Ndovu Wealth. We compare the best special funds in Kenya so you can make an informed decision.
What Are Special Funds and Why Are They Booming in Kenya?
A special fund is a CMA-regulated Collective Investment Scheme that pools money from investors and deploys it across multiple asset classes — global equities, bonds, commodities, derivatives, and alternative investments. Unlike standard unit trusts or money market funds, special funds have wider investment mandates and can use strategies like leverage and short-selling to pursue higher returns.
The numbers tell the story of their rise:
| Metric | 2021 | September 2025 |
|---|---|---|
| Total CIS AUM | KSh 147B | KSh 679.6B |
| Special Funds AUM | < KSh 5B | KSh 137.8B |
| MMF share of CIS | 90%+ | 59% |
| Special Funds share | < 2% | ~20% |
Source: CMA Quarterly Statistical Bulletin, Q3 2025. CIS = Collective Investment Schemes.
The shift is clear: Kenyan investors who cut their teeth on money market funds are graduating to special funds in search of better returns. The best special funds in Kenya have delivered 17–21% net annual returns — significantly outperforming the 10–16% typical of top MMFs like Ziidi Money Market Fund.
Which Are the Best Special Funds in Kenya in 2026?
Here is a side-by-side comparison of the four leading special funds available to Kenyan investors as of April 2026:
| Feature | Mansa X (SIB) | OAK (Faida) | Kibaba (Ndovu) | Britam SFIF |
|---|---|---|---|---|
| 2025 Net Return | 20.74% | 18.99% | N/A (launched 2026) | ~14–16%* |
| Q1 2026 Return | 4.74% (18.96% ann.) | Not yet published | Too early | Not published |
| Min. Investment | KSh 250,000 | KSh 500,000 | KSh 250,000 | KSh 100,000 |
| Strategy | Multi-asset long/short | Leveraged asset allocation | Multi-asset (equities, ETFs, bonds, REITs) | Fixed income securities |
| AUM | KSh 132.18B | KSh ~2B (est.) | New | Not disclosed |
| Lock-in Period | None (T+5 redemption) | 6 months | None stated | 3, 6, or 12 months |
| Shariah Option | Yes | No | No | No |
| USD Option | Yes | No | Yes | Yes |
| CMA Regulated | Yes | Yes | Yes | Yes |
*Britam SFIF returns estimated based on fixed income benchmarks; exact returns not publicly disclosed. Source: Fund factsheets and CMA filings, as of April 2026.
Each of these funds takes a different approach to generating returns, which means the best special funds in Kenya for you depends on your risk tolerance, investment horizon, and how much capital you have. Let us break down each fund individually.
Now that you have seen the best special funds in Kenya compared side by side, let us look at each fund in detail. Understanding how each special fund works will help you decide which one matches your investment goals and risk appetite.
How Does Mansa X Special Fund Work?
Mansa X is the undisputed heavyweight of Kenya’s special funds market. Managed by Standard Investment Bank (SIB), it controls KSh 132.18 billion in assets — making it the single largest special fund in Africa by AUM. The fund crossed the $1 billion mark in early 2026.
Strategy: Mansa X uses a multi-asset long/short trading model that invests across the New York Stock Exchange (NYSE), London Stock Exchange (LSE), Frankfurt Stock Exchange (FRA), and Hong Kong Stock Exchange (HKG). The long/short approach means the fund can profit in both rising and falling markets.
Track record:
| Period | KES Fund Net Return | USD Fund Net Return |
|---|---|---|
| Q1 2026 | 4.74% (18.96% annualised) | 2.88% (11.52% annualised) |
| 2025 Full Year | 20.74% | 13.37% |
| 2024 Full Year | 19.53% | Not disclosed |
| 3-Year Average | 19.43% | N/A |
| 5-Year Average | 17.86% | N/A |
| Since Inception | 18.18% | N/A |
Source: SIB Mansa X Factsheet Q1 2026. Returns are net of all fees.
How to invest: Visit the SIB website or their Nairobi office, complete KYC with your national ID and KRA PIN, deposit a minimum of KSh 250,000 via bank transfer, and your units are allocated within 2 business days. Top-ups start at KSh 100,000.
Shariah option: Mansa X also offers a Shariah-compliant version that returned 17.25% (KES) and 11.64% (USD) in 2025 — one of the few halal investment options in Kenya with double-digit returns.
Mansa X’s combination of scale, consistent returns, and multiple denominations makes it the benchmark against which other special funds in Kenya are measured. However, its long/short global equity strategy means returns can fluctuate quarter to quarter. If you prefer investing in local stocks instead, see our guide on the top 10 NSE stocks to buy in Kenya.
The next option among the best special funds in Kenya is OAK by Faida Investment Bank. This special fund takes a different approach to portfolio construction than Mansa X, making it worth comparing for Kenyan investors seeking high returns.
Is OAK Special Fund a Good Investment?
OAK Special Fund is managed by Faida Investment Bank — the same institution that partners with HISA for buying US stocks from Kenya. Launched in February 2024, OAK has quickly established a strong track record.
Strategy: OAK uses a leveraged asset allocation approach, investing across global equities, fixed income, and alternative assets. The leverage component means the fund borrows to amplify returns — which works brilliantly in bull markets but amplifies losses in downturns.
Performance:
| Period | Net Return |
|---|---|
| 2025 Full Year | 18.99% |
| 2024 Full Year | 29.38% |
| Q1 2025 | 4.73% |
| Q2 2025 | 4.16% |
| Q3 2025 | 3.92% |
| Q4 2025 | 8.25% |
Source: OAK Special Fund Factsheet 2025, Faida Investment Bank.
Key details: Minimum investment is KSh 500,000 (higher than Mansa X), with a 6% management fee and a mandatory 6-month lock-in period. Top-ups start at KSh 50,000. The fund delivered KSh 204,909 on a KSh 1 million investment over 2025 (Source: OAK Factsheet 2025).
OAK’s 29.38% return in 2024 was the highest among the best special funds in Kenya that year, though it moderated to 18.99% in 2025. The higher minimum investment and 6-month lock-in make it better suited for investors with larger capital and longer horizons.
If you are looking for the best special funds in Kenya with a tech-first investment experience, Kibaba deserves your attention. This is one of the newest special funds Kenya has seen, launched in March 2026 through the Ndovu Wealth platform.
What Is the Kibaba Multi-Asset Special Fund by Ndovu?
Kibaba is the newest entrant among Kenya’s special funds, launched in March 2026 by Ndovu Wealth — the same fintech platform known for making US stock investing accessible to Kenyans via M-Pesa.
Strategy: Kibaba tactically allocates capital across global equities, exchange-traded funds (ETFs), sovereign bonds, commodities, and real estate investment trusts (REITs). The multi-asset approach aims to balance growth with downside protection.
Key details:
- Minimum investment: KSh 250,000 (KES fund) or $2,500 (USD fund)
- Fund manager: Ndovu Wealth Limited (CMA-licensed)
- Custodian: Diamond Trust Bank (DTB)
- Trustee: Kingsland Court Trustee Services Limited
- Management fee: 5% (included in TER with trustee, custodial, and audit fees)
- Denominations: Both KES and USD
Why consider it: Kibaba’s main advantage is Ndovu’s user-friendly mobile app. If you already use Ndovu for US stocks or ETFs, adding Kibaba to your portfolio is seamless. The fund also benefits from Ndovu’s team with 90+ years of combined financial markets experience.
The catch: Kibaba has zero track record. Launched just weeks ago, there are no return figures to evaluate. You are betting entirely on the fund manager’s credentials and strategy, not on demonstrated performance.
For investors already on the Ndovu platform, Kibaba offers a convenient way to access a special fund in Kenya without opening a separate account. But the lack of performance history means conservative investors may want to wait 2–3 quarters before committing capital. In the meantime, grow your savings in treasury bills while the fund builds its track record.
For conservative investors comparing the best special funds in Kenya, Britam offers a fixed-income alternative. This special fund focuses entirely on bonds and fixed-income securities, making it the lowest-risk option on our list.
How Does Britam Special Fixed Income Fund Compare?
Britam Special Fixed Income Fund takes a fundamentally different approach from the three funds above. Rather than chasing equity returns in global markets, it invests primarily in Kenyan fixed income securities — government bonds, treasury bills, and corporate paper.
Strategy: The fund is designed for investors with predictable liquidity needs who want returns above money market rates but without equity market volatility. It operates on fixed tenors: 3, 6, or 12-month investment periods.
Key details:
- Minimum investment: KSh 100,000 (lowest of the four funds)
- Fund manager: Britam Asset Managers (one of Kenya’s largest)
- Lock-in period: Fixed tenor (3, 6, or 12 months) with 25% early redemption charge on income earned
- Performance fee: 20% on returns above hurdle rate
- Denominations: KES and USD options available
Ideal for: Investors who want better returns than a money market fund but cannot stomach global equity volatility. Also suitable for parking retirement proceeds, reserve funds, or short-term savings above KSh 100,000.
Limitations: Returns are lower than Mansa X or OAK because fixed income instruments inherently yield less than global equities. Britam does not publicly disclose exact return figures, which is a transparency concern. The early redemption penalty of 25% of earned income is steep.
Britam’s fund is the most conservative option among the best special funds in Kenya. Think of it as a step up from a money market fund rather than a competitor to Mansa X. If you are still building your emergency savings, see our guide on how to build an emergency fund before locking money into any special fund.
What Are the Fees for the Best Special Funds in Kenya?
Fees can significantly erode returns over multiple years. Here is how the fee structures compare:
| Fee Type | Mansa X | OAK | Kibaba | Britam SFIF |
|---|---|---|---|---|
| Management Fee | Included in perf. fee | 6% | 5% | Not disclosed |
| Performance Fee | 10% above 25% hurdle | None stated | None stated | 20% above hurdle |
| Early Redemption | None | Penalty within 6 months | None stated | 25% of income earned |
| Min. Top-Up | KSh 100,000 | KSh 50,000 | Not stated | Not stated |
Source: Fund factsheets and offering documents, as of April 2026.
Key insight: Mansa X’s fee structure is unusually investor-friendly. The 10% performance fee only kicks in when the fund exceeds a 25% hurdle rate — meaning in a year where the fund returns 20%, you pay zero performance fee. OAK’s 6% flat management fee is charged regardless of performance.
When comparing the best special funds in Kenya, always look at net returns (after all fees) rather than gross returns. All the performance figures in this guide are net of fees, which gives you the true picture of what investors actually earned.
Before choosing any of the best special funds in Kenya, you need to understand the risks involved. While special funds Kenya investors can access have delivered strong returns, past performance does not guarantee future results.
What Are the Risks of Investing in Special Funds in Kenya?
Special funds offer higher return potential than money market funds, but they come with meaningfully higher risks:
1. Capital loss is possible. Unlike money market funds where your principal is virtually guaranteed, special funds can lose money. A global equity downturn, bad derivative trades, or leverage working against the fund can result in negative quarters.
2. Liquidity constraints. OAK has a 6-month lock-in. Britam charges 25% of earned income for early redemption. Even Mansa X takes T+5 business days for redemptions. Unlike your MMF, you cannot access your money instantly.
3. Currency risk. Funds investing in global markets are exposed to USD/KES fluctuations. If the shilling strengthens against the dollar, your KES returns could be lower than the fund’s actual performance.
4. Leverage risk. OAK explicitly uses leverage, and Mansa X’s long/short strategy involves borrowed positions. Leverage amplifies both gains and losses in severe market conditions.
5. Concentration risk. Mansa X controls over 95% of the special funds market by AUM. If SIB faced operational issues, the ripple effect across Kenya’s investment landscape would be enormous.
6. Regulatory risk. The CMA has mandated new compliance requirements by December 2026, including doubled paid-up capital (KSh 20 million) and monthly reporting. Smaller fund managers that cannot meet these requirements may exit, potentially disrupting their investors.
Despite these risks, the best special funds in Kenya have delivered impressive returns for investors willing to take a longer view. The key is only investing money you will not need for at least 2–3 years. For short-term savings, stick with a money market fund or treasury bills where your principal is protected.
With the risks understood, here is the bottom line on the best special funds in Kenya for 2026. Each special fund serves a different investor profile, so your choice depends on your goals, timeline, and how much risk you can tolerate.
The Verdict: Which Special Fund Should You Choose in 2026?
Choosing among the best special funds in Kenya depends on your specific situation. Here is our assessment:
Best for most investors: Mansa X Special Fund. The combination of 18%+ average annual returns since inception, the largest AUM in Africa, investor-friendly fee structure (no performance fee below 25% hurdle), and options for KES, USD, and Shariah make it the default choice. If you have KSh 250,000+ and a 2+ year horizon, Mansa X should be your starting point.
Best for aggressive investors: OAK Special Fund. OAK’s leveraged strategy delivered 29.38% in 2024, the highest of any Kenyan special fund that year. The 6-month lock-in and KSh 500,000 minimum filter for more committed investors. Expect wider swings but potentially higher peaks.
Best for tech-savvy investors: Kibaba (Ndovu). If you already use Ndovu for US stocks or ETFs and want a managed multi-asset fund within the same app, Kibaba is convenient. But with zero track record, treat your initial investment as a bet on the team rather than proven performance.
Best for conservative investors: Britam Special Fixed Income Fund. If equity volatility keeps you up at night and you just want something better than your MMF, Britam’s fixed income approach is the safest special fund option. The KSh 100,000 minimum is the most accessible.
Our overall take: For most Kenyan investors looking to move beyond money market funds, Mansa X remains the gold standard among special funds in Kenya. Its consistent 18–21% net returns over multiple years, massive AUM providing liquidity comfort, and unique 25% hurdle fee structure make it the fund to beat. Start with the KES fund, invest KSh 250,000, and plan to stay invested for at least 2–3 years.
Whichever special fund you choose, make sure your financial basics are in order first. Follow the 50/30/20 budget rule, build an emergency fund covering 3–6 months of expenses, and ensure you are already investing regularly. Special funds are for your wealth-building allocation, not your safety net. For international equity exposure without the special fund minimum, see our guide on how to buy US stocks from Kenya.
Here are the most common questions Kenyan investors ask about the best special funds in Kenya, including minimum investments, fees, and how to get started with special funds Kenya regulators have approved.
Frequently Asked Questions About Special Funds in Kenya
Here are the most common questions Kenyans ask about investing in the best special funds in Kenya.
What is the minimum investment for special funds in Kenya?
The minimum varies by fund: Britam starts at KSh 100,000, Mansa X and Kibaba require KSh 250,000, and OAK requires KSh 500,000. Most funds also accept top-ups of KSh 50,000–100,000 after your initial investment.
Are special funds in Kenya safe?
All four funds in this guide are regulated by the Capital Markets Authority (CMA). Your money is held by independent custodians (not the fund manager), and the CMA requires regular reporting and compliance audits. However, special funds carry investment risk — your returns are not guaranteed and you can lose capital, unlike money market funds.
How do special funds compare to money market funds in Kenya?
Money market funds typically return 10–16% annually with virtually no risk to your principal, and you can withdraw any time. Special funds target 17–25%+ but carry higher risk, may have lock-in periods, and require larger minimum investments (KSh 100,000–500,000 vs. KSh 100–1,000 for MMFs). Think of MMFs as your savings account and special funds as your wealth-building engine.
Can I withdraw my money from a special fund at any time?
It depends on the fund. Mansa X processes redemptions within T+5 business days with no penalty. OAK has a 6-month lock-in, after which redemptions settle at T+2. Britam locks your money for your chosen tenor (3, 6, or 12 months) and charges 25% of earned income for early withdrawal.
Which special fund in Kenya has the best returns?
In 2025, Mansa X led with 20.74% net return, followed by OAK at 18.99%. Over a longer period, Mansa X has averaged 18.18% since inception. OAK delivered 29.38% in 2024, the highest single-year return among the best special funds in Kenya. Mansa X has the most consistent multi-year track record.
Are special fund returns taxed in Kenya?
Yes. Investment income from CMA-regulated Collective Investment Schemes is subject to withholding tax. Interest income is taxed at 15%, dividend income at 5% for residents, and capital gains at 5%. The fund handles most tax obligations internally, so reported returns are typically net of fees but before personal tax.
Can I invest in special funds via M-Pesa?
Ndovu’s Kibaba fund can be accessed through the Ndovu app, which supports M-Pesa deposits. For Mansa X and OAK, the primary deposit methods are bank transfers and cheques — M-Pesa is not directly supported for the initial investment due to the high minimums. Some investors use M-Pesa to transfer to their bank account first, then invest.
Should I move all my money from MMFs to special funds?
No. Keep your emergency fund (3–6 months of expenses) and short-term savings in a money market fund where you can access them instantly. Only allocate money you will not need for 2–3+ years to the best special funds in Kenya. A common approach is to keep 40–60% in MMFs and T-bills for safety and liquidity, and allocate 40–60% to special funds for growth.
Ready to invest in special funds? Start by ensuring your financial foundation is solid. Read our guide on how to start investing in Kenya with KSh 1,000, build your emergency fund, and once you have KSh 250,000+ available for long-term investing, compare the best special funds in Kenya using the tables above and choose the one that matches your risk tolerance.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in special funds involves risk, including the possible loss of principal. Past performance does not guarantee future results. Always do your own research and consider consulting a licensed financial advisor before making investment decisions. Sarafu is not affiliated with SIB, Faida Investment Bank, Ndovu Wealth, Britam, or any platform mentioned in this article.
