Independent thinking.
Disciplined investing.

Adar Asset Management is a CMA-approved Nairobi-based fund manager. Through regulated Alternative Investment Funds, we seek to give East African institutional and sophisticated investors access to differentiated investment strategies across global markets.

Our investment approach Discover Adar

CMA licensedKenya · Licence no. 268

Institutional focusGovernance-led platform

Global perspectiveKenya-based · International reach

Contemporary glass architecture in a global financial district

A global investment perspective, rooted in Nairobi

Built for institutional and sophisticated investors Regulated in KenyaIndependent oversightMulti-strategy capabilitiesGlobal opportunity set

01 / The firmLocally licensed.
Globally connected.

An investment platform with local foundations and international experience.

Adar Asset Management Ltd is a Kenyan company licensed as a fund manager by the Capital Markets Authority in June 2026. It is governed and regulated in Kenya, and its funds are constituted as Kenyan trusts.

Kenyan regulatory foundation

A Kenyan company holding CMA fund manager licence no. 268, with funds structured within the Kenyan regulatory framework.

Local leadership

Tembo Holdings, a development company that has been operating in Kenya since 2013. The Chairman, Chief Executive, Non-Executive Board Member and Chief Financial Officer are seasoned local experts in the financial sector.

International investment experience

Co-founded by portfolio managers and investment bankers with experience across Europe, the United States and Israel, including roles at Hayfin, Brevan Howard, Goldman Sachs, Morgan Stanley, Deutsche Bank and UBS.

Headquartered in Nairobi

Institutional infrastructure

International opportunity

Adar is developing a multi-fund platform, with a first Alternative Investment Fund in the approval process and further funds planned across distinct investment themes, subject to the applicable regulatory framework and allocation and conflicts-of-interest policies.

02 / Investment approachResearch-led.
Opportunity-driven.

Five investment themes.

We focus on markets and sectors where our partners have direct origination, structuring expertise and a differentiated information edge.

Global alternative strategies

Currencies · Rates · Equities · Commodities

Positions in currencies, rates, equities, commodities and sovereign bonds that seek to capture significant economic and political trends across developed markets.

Israeli economy

Public and private markets

Listed and unlisted equities and bonds in real estate, defence, technology, finance and energy, as well as co-investments alongside experienced local fund managers.

Technology start-ups

Cyber · AI · Fintech · Enterprise software

Growth-stage companies accessed through the partners’ networks in Israel, the United States and Europe.

European credit markets

Private debt · Bonds · Special situations

Senior and mezzanine private debt, sovereign and corporate bonds, real estate-backed lending and special situations, drawing on the partners’ credit and restructuring experience.

Impact investments in Africa

Energy · Food security · Digital infrastructure

Renewable energy, clean cooking, food security and digital infrastructure across Sub-Saharan Africa.

Sourcing and execution

A considered process from origination to approval.

Proprietary deal sourcing

Partners’ networks across the business, financial and technology sectors of Israel, Europe and the United States, supported by local presence.

Co-investment

Investing alongside established local fund managers in single assets or pools of assets, drawing on their expertise and track record.

Disciplined approval

Every opportunity is subject to Investment Committee approval and the firm’s allocation and conflicts-of-interest policies.

03 / GovernanceOversight built
into the platform.

Institutional discipline across investment, risk and operations.

Adar’s governance framework is designed to support transparent decision-making, independent oversight and disciplined risk management.

Board of Directors

Chaired by independent Chairman Kennedy Butiko, with Paul Orem, Mikhael Botbol, Raphael Khalifa and Independent Non-Executive Director Olivia Otieno.

Investment Committee

Unanimously approves every investment and divestment and monitors portfolio, concentration and risk limits.

Risk and compliance

Independent of the investment team, covering the CMA framework, anti-money laundering (POCAMLA) and the Data Protection Act 2019.

Fund accounting and reporting

NAV, fund accounting and investor registry maintained in-house, with automatic reconciliation against custodian and bank records. Regular reporting to investors, the trustee and the CMA.

Hosting and security

A secure, cloud-based, dedicated single-client environment (ISO 27001 and SOC 2).

Market data

Investment banking market data tools supporting investment analysis and portfolio oversight.

Policy framework

Formal policies and controls

Investment policyRisk managementValuationLiquidityCompliance manualAML/CFT and KYCConflicts of interestPersonal account dealingBusiness continuity

04 / PeopleExperienced leadership.
Complementary expertise.

The people behind Adar.

A combination of Kenyan market experience, international investment expertise and specialist operating capabilities.

Board & Executive Leadership

Kennedy Butiko

Independent Chairman of the Board

Economist, banker and financial consultant with more than 20 years’ experience, including at Bank of Africa and Crédit Agricole Indosuez. Director of the Postal Corporation of Kenya.

BA Economics and Business Studies, Kenyatta University; member of ICPAK.

Paul Orem

Chief Executive Officer · Member of the Board

More than 25 years in Kenyan capital markets. Co-founder of Chiromo Capital Partners, board member of the Kenya Deposit Insurance Corporation and former CEO of Dyer & Blair Investment Bank.

BCom (Hons) Finance, University of Nairobi; PG Diploma in Project Finance, Middlesex University; CFA Level II candidate.

Mikhael Botbol

Partner, Chief Investment Officer · Member of the Board

More than 20 years in distressed debt and real estate investing. Former Head of Distressed Investments at Hayfin Capital Management; earlier at Brevan Howard, HBK, Goldman Sachs and Morgan Stanley.

MBA, INSEAD; MSc, UCLA; Master of Engineering, ESTP Paris.

Raphael Khalifa

Partner, Chief Operating Officer · Member of the Board

Former Director at Deutsche Bank and UBS, structuring investment strategies for institutional investors. More than 15 years in credit, structured and real estate finance. Founder of Tembo Holdings.

Post-Master in Financial Markets, Université Paris-Dauphine; MSc International Economics, Université Aix-Marseille II.

Olivia Otieno

Independent Non-Executive Director · Member of the Board

Finance executive with more than 20 years in financial leadership, including fintech. Head of Finance, Africa, at Network International.

CPA (K); BBM (Finance & Banking), Moi University; MBA, African Nazarene University.

Executive Support

Jean-Carl Cohen

Partner, Senior Investment Officer

Entrepreneur with 20 years in renewable energy and digital innovation. Founder of Octopush and Colibri Solar, and a strategic investor in technology start-ups.

Master’s in International Business Law, Aix-Marseille University; MSc Business Law, University of Sheffield; DSCG, CNAM.

Humphrey Mulindi

Partner, Business Development

Renewable energy engineer specialising in carbon origination, development and trading in Sub-Saharan Africa. Founder of Global Sustainable Ltd.

BSc (Technology) and MSc (Renewable Energy Engineering), Kenyatta University.

Risk, Compliance & Operations

David Fundia*

Chief Financial Officer & Risk

CPA Fundia David is a finance and audit expert who has served as a consultant in audit, finance, strategy and governance. He has been Head of Internal Audit and Risk Assurance at the Postal Corporation of Kenya since 2016. He is a member of ICPAK and IIA.

CPA(K); BCom (Finance), KCA University; MBA, Kenya Methodist University; PhD in Business Management, KCA University (ongoing).

Vigilance Mbori

Compliance & AML Officer

Banking professional with experience in branch leadership, credit analysis, compliance and AML/CFT, including at Ecobank Kenya.

Lilian Okinyo

Internal Auditor

More than 11 years in finance, internal audit and compliance across East Africa and Mauritius, including at Centum Investment Company. CPA (K).

Celia Cohen

Legal

Lawyer specialising in international commercial and corporate law in Israel and Cyprus, and a mediator with the Israel Bar Association.

Bachelor of Laws (LL.B.), The Hebrew University of Jerusalem (2010); Mediator Course, Israel Bar Association (2021).

Lindah Nyage

Administration Manager

Lindah brings more than 10 years of experience in organisational leadership and administration. Before joining Adar Asset Management, she served for two years as Administration Manager at Global Sustainable Ltd. She oversees Adar’s day-to-day administration and coordination between the management team and investors, drawing on strong organisational, leadership, communication and client-service skills.

Bachelor of Arts, Kenyatta University.

* Joining December 2026.

Professional biographies are provided for information purposes and do not constitute an endorsement or guarantee of investment outcomes.

05 / FundsPrivate placement.
Sophisticated investors only.

Our funds.

Information on Adar’s Alternative Investment Funds is restricted to sophisticated investors. Fund interests are offered only by private placement and subject to the applicable offering documents and regulatory approvals.

Important investor information

Sophisticated investors only

Adar’s funds are Alternative Investment Funds offered only by private placement to sophisticated investors, as defined in section 2 of the Capital Markets Act (Cap. 485A). This includes:

Persons licensed under the Capital Markets Act and collective investment schemes.
Banks and their subsidiaries, insurance companies, co-operative societies, statutory funds, and pension or retirement funds.
Individuals, companies, partnerships, associations or trustees subscribing for securities at or above the amount set by the Capital Markets Authority.

Nothing on this website is an invitation to the public to invest. Under the Capital Markets (Alternative Investment Funds) Regulations, 2023, an Alternative Investment Fund may raise money only by private placement.

I confirm that I am a sophisticated investor as described above, or that I act for one, and that I have read the important information at the foot of this page.

First fund · Approval pending

Adar Opportunity Fund I (KES)

An open-ended Alternative Investment Fund constituted as a Kenyan trust, investing in equity, credit and real estate-linked opportunities in Europe, the Middle East and the United States.

CMA application filed · Approval pending

Structure: Open-ended AIF constituted as a Kenyan trust under the Capital Markets (Alternative Investment Funds) Regulations, 2023.
Currency: Kenya Shillings (KES), with foreign-currency exposure hedged; subscriptions, redemptions and distributions in KES.
Target size: KES 40 billion by the end of 2027 (open-ended, no maximum).
Minimum subscription: KES 650,000,000 per investor.
Investors: Sophisticated investors, by private placement only; maximum 100 participants.
Liquidity: Quarterly dealing with three months’ notice and no lock-in; redemptions limited to 20% of NAV per year.
Fees: Management fee 4.25% p.a. of NAV; no initial, performance or redemption charge.
Valuation and reporting: Quarterly NAV validated by the trustee; quarterly independent valuation of illiquid holdings; audited IFRS accounts by 31 March.
Holding horizon: Four to five years on average per investment.
Status: Application filed with the CMA in November 2026; approval expected in mid-December 2026.

Investment objectives

Capital appreciation

Over the medium term, through a long-biased, opportunistic strategy.

Income generation

From credit and income-producing instruments.

Capital preservation

Through diversification and disciplined risk management.

Investment rationale

East African institutions face pressure on local returns: softening fixed-income yields and concentration in money-market and government-bond products. Actively managed offshore alternatives remain scarce within locally regulated structures.

Hard-currency assets

Global exposure through a KES-denominated fund, with FX hedges.

Decorrelated returns

Global private and public markets beyond local collective investment schemes.

Mispriced markets

Markets underexposed by international capital, notably Israel and the UAE.

Regulated structure

A CMA-approved Kenyan trust with an independent trustee and custodian.

Asset allocation framework

Equities

Listed shares on recognized exchanges and selected unlisted equities.

Fixed income

Sovereign and corporate bonds, with an investment-grade bias.

Private debt

Senior and mezzanine lending with negotiated covenants and security.

Real estate-linked

Listed real estate and secured lending at conservative loan-to-value ratios.

Co-investments

Pools of assets alongside experienced local fund managers.

Single issuer, single financial institution and single borrower exposure each limited to 25% of NAV. Derivatives for hedging only. Sector focus: real estate, financials, defence, technology and energy.

The fund is subject to CMA approval and is not yet open to subscriptions. Units will be offered only on the basis of the approved Placement Memorandum and Trust Deed. Eligible investors may request further information using the contacts below.

06 / ContactInstitutional and
investor enquiries.

Start a conversation.

For institutional enquiries and further information about Adar Asset Management.

Office

Nas Apartments, Ground Floor
3 Laikipia Road, Kileleshwa
P.O. Box 14543-00100
Nairobi, Kenya

General enquiries

contact@adar-am.com
+254 720 300 632

Independent thinking.Disciplined investing.