Kenya’s investment-fund market has a new heavyweight.

Money Market Funds still hold the most money, but Special Funds are now the fastest-growing major fund category in the country. Their assets jumped by KSh 49.2 billion in three months, rising from KSh 203.5 billion in March 2026 to KSh 252.8 billion in June.

That put more than a quarter of all collective investment scheme money in Special Funds.

Mansa-X created the scale behind this boom. Oak is emerging as the strongest challenger, while Madison, Britam, Old Mutual, Etica, Arvocap and a growing field of specialised funds are turning the category into a market of its own.

Here is what Special Funds in Kenya are, which funds are the largest and how to decide whether one belongs in your portfolio.

Special Funds in Kenya at a glance

Market measure Q2 2026 position
Total Special Funds AUM KSh 252.77 billion
AUM in March 2026 KSh 203.54 billion
Growth during Q2 24%
Share of Kenya’s CIS market 26.6%
Funds listed in the Q2 report 42
Largest fund Mansa-X Special Fund KES
Largest non-Mansa-X fund Oak Multi Asset Special KES Fund

The category grew six times faster than Money Market Funds during the quarter. MMF assets rose by 4%, while Fixed Income Funds grew by 15% and Special Funds grew by 24%.

What is a Special Fund?

A Special Fund is a regulated pooled investment with a strategy that goes beyond the standard retail fund categories.

An MMF normally focuses on short-term instruments such as Treasury bills, bank deposits and commercial paper. An equity fund mainly buys shares. A fixed income fund centres on bonds and other debt securities.

A Special Fund has a wider brief. Depending on its mandate, it can combine:

  • Local and global shares
  • Government and corporate bonds
  • Currencies
  • Commodities and precious metals
  • Derivatives
  • Private debt
  • Infrastructure investments
  • Shariah-compliant assets

This flexibility is the point. It lets a fund manager build a strategy around a particular opportunity rather than stay inside one traditional asset bucket.

The word special is a fund classification, not a promise of higher returns. The actual strategy sits in the fund’s information memorandum, fact sheet and risk disclosure.

The largest Special Funds in Kenya

The latest CMA quarterly report shows a market dominated by a handful of large funds.

Rank Special Fund Fund manager or scheme AUM at June 2026 Market share
1 Mansa-X Special Fund KES Standard Investment Trust Fund KSh 163.84B 64.8%
2 Mansa-X Special Fund USD Standard Investment Trust Fund KSh 20.55B 8.1%
3 Oak Multi Asset Special KES Fund Faida Unit Trust Funds KSh 19.02B 7.5%
4 Madison Wealth Fund Madison Unit Trust Funds KSh 10.40B 4.1%
5 Britam Special Fixed Income Fund Britam Unit Trust Scheme KSh 6.41B 2.5%
6 Old Mutual Special Fixed Income Old Mutual Unit Trust Scheme KSh 5.60B 2.2%
7 Etica Special Multi Asset Fund Etica Unit Trust Fund KSh 4.20B 1.7%
8 Mansa-X Shariah Special Fund KES Standard Investment Trust Fund KSh 3.63B 1.4%
9 Spearhead Africa Infrastructure Special Fund Spearhead Africa Infrastructure (Special) Fund KSh 3.39B 1.3%
10 Arvocap Multi-Asset Strategy Special Fund Arvocap Unit Trust Funds KSh 2.59B 1.0%

These ten funds hold KSh 239.6 billion, or 94.8% of the entire category. The other 32 funds share the remaining 5.2%.

That concentration explains why Mansa-X shapes almost every conversation about Special Funds in Kenya.

Mansa-X still defines the market

The four Mansa-X funds held a combined KSh 188.62 billion in June 2026:

  • Mansa-X Special Fund KES: KSh 163.84 billion
  • Mansa-X Special Fund USD: KSh 20.55 billion
  • Mansa-X Shariah Special Fund KES: KSh 3.63 billion
  • Mansa-X Shariah Special Fund USD: KSh 599.4 million

Together, they controlled 74.6% of all Special Fund assets in Kenya.

Mansa-X is a global multi-asset strategy. It can invest across equities, fixed income, currencies, commodities, precious metals and derivatives, with both conventional and Shariah options in shillings and dollars.

Our full Mansa-X Special Fund guide covers its returns, fees, KSh 250,000 minimum, six-month lock-in and KES-versus-USD decision in detail.

Oak is the clear number two

The Oak Multi Asset Special KES Fund held KSh 19.02 billion at the end of June, making it the third-largest individual Special Fund and the largest fund outside the Mansa-X family.

Add the Oak USD fund’s KSh 405.8 million and the Oak Special Fund holds KSh 19.42 billion, equal to 7.7% of the market.

That is still far behind Mansa-X, but it gives investors a genuine second large multi-asset name to investigate.

Etica and Arvocap are building broader line-ups

Etica and Arvocap are smaller by assets, but each is building several distinct Special Fund strategies.

Fund family Special Fund assets at June 2026 What is in the line-up
Etica KSh 5.37B Multi-asset, wealth and Shariah funds
Arvocap KSh 4.41B Multi-asset, global equity, Africa equity, fixed income and Shariah funds

The Etica Special Multi Asset Fund is the largest product in either line-up at KSh 4.20 billion. Etica also has a Special Wealth Fund and Shariah funds in KES and USD.

Arvocap’s largest is the Multi-Asset Strategy Special Fund at KSh 2.59 billion. Its other Special Funds target global equities, African equities, euro fixed income and Shariah strategies.

Investors are no longer choosing only between one Special Fund and an MMF. They can now choose among different currencies, asset classes and investment styles.

Special Funds are not all multi-asset funds

Mansa-X and Oak have made multi-asset the best-known Special Fund strategy, but there are many more options.

Strategy Examples in the Q2 2026 report
Multi-asset Mansa-X, Oak, Etica, Arvocap, Kibaba and GCIB
Special fixed income Britam, Old Mutual, NCBA, Arvocap Eurofix and SanlamAllianz
Global or regional equity NCBA Global Equity, Arvocap Global Equity and Arvocap Africa Equity
Infrastructure and private debt Spearhead Africa Infrastructure and Lofty Corban Private Debt
High yield Cytonn High Yield and Dry Associates Special High Yield
Shariah Mansa-X Shariah, Etica Special Shariah, Arvocap Mabruk and GCIB Shariah
Offshore and foreign-currency strategies NCBA USD funds, VCG offshore funds and Oak USD

Two funds can therefore share the Special Fund label while holding very different investments. Comparing them as if they were identical products produces a bad shortlist.

Special Fund vs Money Market Fund

Feature Special Fund Money Market Fund
Main purpose Growth, income or exposure to a specialised strategy Liquidity, cash management and short-term saving
Investments Varies widely by mandate Mainly short-term debt instruments and deposits
Return pattern Depends on market performance and strategy Daily variable yield from short-term instruments
Price movement Can be significant Usually more stable
Lock-in Common in some funds Usually none
Withdrawals Fund-specific Commonly one to three business days
Fees Can include management, financial-services and performance fees Costs are normally reflected in the quoted yield
Best use Money set aside for the fund’s stated time horizon Emergency funds, upcoming bills and short-term goals

At June 2026, MMFs still led the market with KSh 459.9 billion, or 48.5% of total CIS assets. Special Funds held KSh 252.8 billion, or 26.6%.

An MMF remains the practical home for money that must stay easy to reach. A Special Fund is for an investor deliberately choosing a broader or more specialised strategy.

Use the Kenya MMF Calculator to compare MMF returns for the liquid side of your portfolio.

How to compare Special Funds properly

Start with the job you want the money to do, then work through these six questions.

1. What does the fund actually invest in?

A multi-asset fund, a private-debt fund and a global-equity fund will react differently to the same market conditions.

2. Is the return figure genuinely comparable?

Compare net returns over the same dates. A one-month figure, a year-to-date result and an annualised number all lead to different outcomes.

3. What will the fees remove?

Check the annual management or financial-services charge, performance fee, hurdle rate, entry fee and redemption fee. A strong gross return can look very different after charges.

4. When can you withdraw?

Record the initial lock-in, notice period and payment timeline. A fund that pays after several days or locks the first investment for months should not hold emergency money.

5. Which currency matches the goal?

A USD fund fits a future dollar expense more naturally than a KES fund. Converting shillings into a dollar fund also introduces exchange-rate gains or losses when the money comes back to KES.

6. Is the fund and manager on the CMA register?

Confirm both through the CMA licensee register and use the manager’s verified website for application and payment details.

The risk is in the strategy

CMA regulation gives Special Funds a formal structure. It does not make every strategy low risk or guarantee a return.

The main risks come from what the fund is allowed to do:

  • Global shares, commodities and currencies can move sharply.
  • Derivatives and leverage can magnify gains and losses.
  • Private debt and infrastructure assets can take longer to sell.
  • Foreign-currency funds move with both the investment and the exchange rate.
  • Lock-ins and notice periods limit access to cash.
  • Performance fees can reduce the investor’s share of a strong year.

The right document to read is the current information memorandum or key investor information document. It shows the investment limits, fees, withdrawal rules and the specific risks the fund can take.

The market is still expanding

The Q2 report listed 42 Special Funds at June 2026, and the shelf has already grown since then.

In July, the CMA approved additional multi-asset and special fixed-income funds under Cinemark, Karsis, Absa, Dry Associates and Madison. That points to more competition across currencies and strategies rather than a market built around one dominant fund forever.

The bottom line

Special Funds have moved into the mainstream of Kenyan investing. They grew to KSh 252.8 billion by June 2026, captured 26.6% of the CIS market and posted the strongest quarterly growth of any major fund category. Mansa-X remains the centre of the story with a 74.6% share, while the Oak Special Fund has established a clear second position and providers such as Etica and Arvocap are widening the choice.

The next step is not to ask which Special Fund has the loudest return. It is to match the strategy, currency, fees and withdrawal terms to the job your money needs to do.

Keep emergency and near-term money liquid. Use a Special Fund for the part of the portfolio that can stay invested and follow a clearly understood strategy.

FAQs

What are Special Funds in Kenya?

Special Funds are CMA-regulated collective investment schemes built around strategies that do not fit neatly into the standard Money Market, Fixed Income, Equity or Balanced Fund categories. They can invest across several asset classes, currencies and markets, depending on the fund mandate.

How big are Special Funds in Kenya?

Special Funds held KSh 252.8 billion at the end of June 2026, equal to 26.6% of all assets in Kenya's collective investment schemes. Their assets grew by 24% during Q2 2026.

Which is the largest Special Fund in Kenya?

Mansa-X Special Fund KES was the largest at June 2026, with KSh 163.84 billion in assets and 64.8% of the Special Funds market.

Which Special Fund comes after Mansa-X?

Oak Multi Asset Special KES Fund was the largest non-Mansa-X Special Fund at June 2026, with KSh 19.02 billion in assets and a 7.5% market share.

Is a Special Fund the same as a Money Market Fund?

No. An MMF mainly holds short-term instruments and is designed around liquidity and capital stability. A Special Fund can use a wider strategy that may include global shares, currencies, commodities, derivatives, private debt or longer-term fixed income.

Are Special Funds regulated by the CMA?

Yes. Special Funds are collective investment schemes regulated by Kenya's Capital Markets Authority. Investors should confirm the specific fund and manager in the CMA licensee register.

Can a Special Fund lose money?

Yes. Special Funds can hold assets whose prices move sharply, and some use derivatives, leverage, foreign currencies or private-market investments. The exact risk depends on the individual fund mandate.

What is the minimum investment in a Special Fund?

There is no single minimum for all Special Funds. Each manager sets its own entry amount, top-up amount, lock-in period and withdrawal rules.

How do I compare Special Funds in Kenya?

Compare the investment strategy, currency, net returns over the same period, fees, lock-in period, withdrawal time, risk disclosures and the assets actually held. Do not rank funds by headline return alone.