Kestrel Capital Turns a New Page as Leadership Takes Ownership
A management-led acquisition ushers in a transformative era for one of Kenya’s oldest investment firms
Kestrel Capital East Africa Limited has entered a new chapter in its three-decade journey with a management buyout by Theo Capital Holdings Ltd. The milestone, the first of its kind in Kenya’s capital markets, was officially revealed during the firm’s 30th anniversary celebration.
The deal marks both continuity and renewal. Long-serving Chief Executive Officer Francis Mwangi will continue to lead Kestrel Capital, ensuring stability and driving the company’s next phase of expansion. He will be supported by Eric Ruenji, Chairman of Theo Capital Holdings Ltd, who will provide strategic guidance.
“This transition reflects confidence in our people, our markets, and the future,” said Mwangi. “We’re building on a strong legacy while positioning the firm for broader client access and long-term growth.”
Ruenji echoed this sentiment, emphasizing Theo Capital’s commitment to innovation and inclusion. “This is the beginning of a bold future for Kestrel. We’re preserving the firm’s heritage of trust and professionalism while deepening its reach across Africa’s capital markets,” he noted.
From Market Pioneer to Modern Innovator
Founded in 1994 by Charles Field Marsham, Kestrel Capital has been instrumental in shaping Kenya’s capital markets. The firm introduced fundamental research and became the first broker to trade on the Nairobi Securities Exchange’s Unquoted Securities Platform, setting a benchmark for innovation and integrity.
Over the years, Kestrel has played a central role in key financial transactions, from advising on major equity raisings for companies like KCB, DTB, and the Nairobi Securities Exchange IPO, to structuring private deals worth tens of millions of dollars.
Reflecting on the milestone, Field Marsham said, “Kestrel has always been a platform for connecting Kenya to global investment opportunities. I am proud to see its future in capable hands, ready to blend tradition with innovation.”
Under the new leadership, Kestrel plans to introduce new digital investment solutions, expand access to financial markets, and strengthen partnerships across the region. The company remains focused on research-driven insights and customer-centered growth.
As Kestrel Capital marks 30 years of leadership and trust, the management buyout symbolizes more than a business transition, it represents a new era of ambition, resilience, and growth for Kenya’s financial sector.
