he delegation includes key decision-makers from The City and County of San Francisco Employees’ Retirement System, the Teachers Retirement System of Texas, The City of Philadelphia Board of Trustees (Philadelphia Board), and The City of Hartford Pension Commission, among others. The total assets under the management of members in the delegation represent over $1 trillion.

The trip will allow members to advance their understanding of the investment opportunities and pursue co-investment opportunities with Kenyan Pension Funds Investment Consortium (KEPFIC) members.  They will also share their extensive experience in U.S. financial markets with local peers and develop relationships with local financial market executives.

In his remarks, Mr. Ngatia Kirungie – KEPFIC Head of Secretariat noted, “Many indicators including the growing middle class and rapid urbanization show that Kenya, and Africa at large, is ready for impactful growth. Since our launch, we have made significant steps in building infrastructure investment capacity and closed several deals with the help of USAID, and we believe the new alliances will unlock our next level of investments. The rapid rate of urbanization exposes Kenya’s immense opportunities for investments in power, transportation, and urban development”.

Speaking at the event, the KEPSA Deputy CEO outlined KEPSA’s role in the development of the Public, Private Partnership (PPP) Act 2013, which sought to encourage the private sector to participate in public infrastructure projects. Ms. Cheruto explained KEPSA’s engagement model in supporting investors to showcase themselves in the country and the continent through business linkages and networking forums for example in taking advantage of the African Continental Free Trade Agreement (AfCFTA).

“As KEPSA, we encourage and guide the private sector on participation and dialogue with the government. Through training and capacity building we help investors to ensure their projects are climate-smart with inbuilt sustainability principles starting with project design, addressing policy challenges as well as legal frameworks while also capturing the Kenya Vision 2030 outlook and depending on the sector needs and concerns, the current United Nations Sustainable Development Goals discussions,” she said.

Also present at the event was Ms. Eva Warigia, CEO East Africa Private Equity & Venture Capital Association (EAVCA) and Vice-Chair of the KEPSA Public Finance Sector Board who chaired the speed networking sessions where fund managers made presentations to the delegates on their capabilities and potential investment opportunities to consider.

Others who attended the event included Mr. Sundeep Raichura, Chairman KEPFIC and Mr. Charles Mudiwa CEO Stanbic Bank.

It emerged during the meeting that some of the largest U.S. pension funds and foundations – represented in the delegation – intend to inject over $500 million (Approx. KES 60 billion) into the region. Kenya’s infrastructure, housing, and other high-impact local businesses have been earmarked for co-investment partnerships forged by KEPFIC.

KEPFIC is a consortium of twenty-four public and private sector pension schemes in Kenya that hold KES 500 billion in assets and have come together for the purpose of collaborating to make long-term investments in infrastructure, affordable housing, and energy, while providing competitive returns and diversification opportunities to members.

Since 2020, KEPFIC has evaluated big-ticket infrastructure projects with the goal to deploy more than KES 25 billion into transportation, energy, and affordable housing by 2025. Co-investments with U.S. pension schemes can help close Kenya’s infrastructure funding gap of KES 200 billion.