Cedar Success Story 

Immediately after its incorporation in 2018, Cedar was named a consulting team awarded a United Nations project to conduct a study on the feasibility of pension funds in Africa, with a focus on leveraging resources for infrastructure investment.

Following the UN pension study, Cedar’s owner, Ms. Spencer, suspended operations in 2019 to join a start-up company that had received support from USAID. This move allowed the team to continue exploring the UN report's findings by conducting workshops and developing the framework for pension fund consortia in Kenya and South Africa, aimed at pooling resources to invest in infrastructure within these countries.

This initiative resulted in the establishment of two pension consortiums: the Kenya Pension Funds Investment Consortium Limited (KEPFIC) in Kenya and the Asset Owners Forum South Africa (AOFSA) in South Africa. KEPFIC attracted around 25 pension fund members, while in South Africa, 16 of the largest pension funds, including the Government Employees’ Pension Fund, joined AOFSA. This assignment lasted five years and successfully navigated the challenges posed by the COVID-19 pandemic.

As the framework was developed in both countries, a pipeline of investment opportunities was created for consideration by their respective investment committees. In Kenya, a Public-Private Partnership Road development project was selected for evaluation. This project involved a bond issuance to be fully repaid over 15 years, with a complete guarantee, alongside interest and principal payments beginning after the third year. After presenting this opportunity to individual pension funds, five of them chose to invest.

In South Africa, following the development of the investment pipeline and presentations to AOFSA members, over $400 million was invested with infrastructure fund managers.

At the end of 2023, the United Nations Economic Commission for Africa (UNECA) awarded Cedar and another consulting firm a project to conduct workshops for pension funds in the West African Francophone countries. The objective was to introduce the consortia concept and encourage resource collaboration for regional infrastructure development. Proceeds from this project were shared among consulting companies, including Cedar. The workshop was highly successful, thanks to support from the local government, the US embassy, and the participation of approximately 50 representatives, along with positive general feedback. However, the initiative is currently pending additional funding to proceed.

The year 2025 marked the end of major support from groups such as USAID. It also marked the beginning of a period of rebuilding and engagement with the industry, as Cedar now operates as an independent consultant, ready to provide technical support and capacity development services to fund managers and pension funds. Despite reporting very little revenue over the past few years, 2026 appears promising, thanks to the relationships and connections established, which are expected to lead to mutually successful collaborations.