Raising the bar in fund management.
Meridian Asset Management is an independent, CMA-licensed fund manager delivering superior long-term returns through rigorous research and model-driven multi-asset strategies across Kenyan and regional markets.
The Selective Alpha
Multi-Asset Special Fund
The Core Asset Mandate
The Selective Alpha Multi-Asset Special Fund
A CMA-regulated special fund under the Meridian Asset Management Umbrella Scheme, built for sophisticated investors seeking KES-denominated absolute returns. It is the same strategy, run by the same two people, that has delivered superior net returns since April 2017.
The Selective Alpha Multi-Asset Fund
The Selective Alpha Multi-Asset Special Fund goes where the opportunity is: Kenyan and regional government bonds, listed equities, currencies, and derivatives, long or short, concentrated where conviction is highest. No benchmark hugging, no fixed weights, no obligation to be invested when nothing is compelling.
Trustee & Custodian
NCBA Bank Kenya PLC
Auditor
Grant Thornton Kenya
Structure
Unit Trust (CIS) — Special Fund
Lock-in Period
6 months
Liquidity
Monthly
Investment Terms
The Selective Alpha Multi-Asset Special Fund charges no management fee. Meridian is paid only a share of the returns the fund actually delivers, in months where net income is positive. If the fund does not perform, we are not paid. The fund is open to sophisticated investors who share our long-term horizon.
Minimum Investment
KES 10,000,000
Minimum Top-up
KES 1,000,000
Management Fees
0.0%
Performance Fees
20.0%
Redemption Notice
30 Calendar Days
Our History
Nine years of disciplined investing.
What began as a private partnership between two career investors has become one of Kenya’s most consistent investment track records. For the first time in five years, its flagship strategy is open to new investors.
2017
Spring Hill Partners LLP
Raj Shah and Joel Mittelstadt founded Meridian Partners and launched Spring Hill Partners LLP, an exclusive investment partnership seeded with their own capital. Open to a small group of high-net-worth individuals at a minimum of KES 25 million, it was built to pursue Kenya’s market opportunities with focus and flexibility.
2021
Spring Hill closed to new investment, having established a track record of exceptional, consistent returns.
2026
Meridian Asset Management
Meridian Partners became Meridian Asset Management and launched the Selective Alpha Multi-Asset Special Fund, opening its strategy to a broader base of investors for the first time. Spring Hill Partners was wound up and its capital rolled into the new fund.
Today
Raj and Joel remain among the fund’s largest investors, as they have been from the very first day.
Our Track Record
Performance Since Inception
22.01%
Annualized Net IRR Since Inception
44.07%
Highest Annual Net Return
9/9
Years of Positive Double-Digit Net Returns
Cumulative NAV Growth
NAV growth from inception (net of fees and expenses)
Annual Returns Since Inception
(Net of Fees and Expenses)
Wealth Simulator
Estimate the projected value of an investment in the Selective Alpha Multi-Asset Special Fund, based on your initial investment, top-ups, and an assumed annual return. All figures shown are net of performance fees.
Projected Ending Capital
KES 0
Your Capital Input
KES 0
Net Income
KES 0
Track record figures reflect the returns of Spring Hill Partners LLP, the private partnership through which the fund’s managers have run the same strategy since April 2017. Returns are shown net of fees, calculated by deducting Spring Hill’s fees from gross returns. The partnership’s accounts were audited annually throughout by leading global accounting firms, and from the fourth quarter of 2019 monthly gross returns were verified by an independent fund administrator and reported directly to investors. Figures are shown through December 2025, the most recent complete calendar year.
"We build concentrated portfolios around our highest-confidence ideas, not diversification for its own sake."
How to Invest
Your path to investing with Meridian.
01
Written Inquiry
Write to us at invest@meridian.co.ke telling us a little about yourself and your investment objectives. We work in writing and respond to every serious enquiry.
02
Due Diligence
Review our Information Memorandum and Fund Documentation. Complete the required KYC and onboarding forms. Our team will guide you through the process.
03
Subscription
Submit your completed Application Form and transfer funds to the designated fund account ahead of the next Dealing Day. The minimum investment is KES 10 million.
04
Ongoing Reporting
Receive monthly NAV statements, fund reports, and market commentary. Your investment is valued and reported monthly.
Why Meridian
Built on trust and transparency
Unlike fund managers that prioritize asset aggregation, Meridian values performance above all. We succeed only when you do. Our fees, our reporting, and our governance are all built to keep our interests aligned with yours.
CMA Licensed
Authorised and regulated by the Capital Markets Authority of Kenya.
Audited Accounts
Annual audited financial statements prepared by a leading audit firm, in accordance with IFRS standards.
Independent Trustee
NCBA Bank Kenya PLC serves as independent Trustee and Custodian, providing institutional oversight and safeguarding of fund assets.
Skin in the Game
Our principals commit significant personal capital to the funds they manage, alongside investors. Our success is directly tied to yours.
Frequently Asked Questions
Common questions about working with Meridian
Who is Meridian Asset Management?
Meridian Asset Management Limited (MAM) is an independent, Nairobi-based fund manager licensed by the Capital Markets Authority of Kenya (CMA). The firm manages the Meridian Asset Management Umbrella Scheme, under which the Selective Alpha Multi-Asset Special Fund is constituted.
How long has Meridian been managing money?
Meridian has been managing capital since April 2017 through Spring Hill Partners LLP, a private fund with a macro, multi-asset, long-short investment approach. Since inception, the fund has achieved a net IRR of approximately 22% per annum, navigating multiple market cycles across bonds, equities, and foreign exchange. The Selective Alpha Multi-Asset Special Fund carries forward this same investment philosophy within a CMA- regulated collective investment scheme structure.
Is my investment regulated?
Yes. Meridian Asset Management Limited is licensed by the Capital Markets Authority of Kenya (CMA) as a fund manager, and the Selective Alpha Multi-Asset Special Fund has been approved by the CMA as a collective investment scheme under the Capital Markets (Collective Investment Schemes) Regulations, 2023.
Who are the key people managing my investment?
Raj Shah: Raj holds a First Class BSc in Mathematics and Economics and an MSc in Finance and Economics, both from the London School of Economics. He spent seven years at RBS in London and Stamford, Connecticut, heading the US Inflation Derivatives desk. He has co-managed the Spring Hill Partners portfolio since 2017.
Joel Mittelstadt: Joel holds a BA in Economics from Washington University in St. Louis. He held senior fixed income derivatives roles at Deutsche Bank, Barclays Capital, and RBS Greenwich Capital in New York. He returned to East Africa as Regional Head of Structured Products at CFC Stanbic Bank before co-founding Meridian in 2017.
What is the Selective Alpha Multi-Asset Special Fund?
The Selective Alpha Multi-Asset Special Fund is a CMA-approved special fund constituted under the Meridian Asset Management Umbrella Scheme. It is a KES-denominated, open-ended fund designed for sophisticated investors seeking superior absolute returns over the long term.
The fund pursues a flexible, multi-asset, long/short trading strategy, drawing on fundamental, technical, and relative value analysis to generate returns across varying market conditions. Its dual objective is capital appreciation and income generation, with equal emphasis on both.
What asset classes does the fund invest in?
The fund invests across a broad range of asset classes, including:
- Equities and equity indices
- Fixed income securities (government and corporate bonds)
- Cash and cash equivalents
- Currencies and foreign exchange instruments
- Derivatives (including futures, options, swaps, and forward contracts)
- Commodities, including precious and base metals
- Mutual funds, collective investment schemes, and exchange-traded funds (ETFs)
Asset allocation is actively managed and adjusted in response to market conditions, with no fixed strategic weights. Concentration limits apply at the asset class, issuer, and instrument level in accordance with the fund’s investment and risk limits and the CIS Regulations 2023.
What is the fund’s benchmark?
Performance is evaluated on the basis of absolute net returns delivered to investors over time, consistent with the fund’s capital preservation mandate.
Are returns guaranteed?
No. As required by CMA regulations, Meridian does not guarantee investment returns. The value of your investment and the income it generates will fluctuate with market conditions, and you may receive back less than you invested.
Get in Touch
Write to us.
If you are a sophisticated investor and would like to request fund documentation or learn more about Meridian, write to us. Every serious enquiry receives a considered reply, in writing.
ADDRESS
Suite 504, Lumen Square, Nairobi, Kenya
invest@meridian.co.ke
REGULATED BY
Capital Markets Authority of Kenya · Licence No. 226
