# Public Services Superannuation Fund

Public Services Superannuation Fund is a Pension Fund based in Hamilton, Bermuda.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Hamilton, Bermuda
- **Region:** Africa
- **Address:** Hamilton, Bermuda
- **Founded:** 2021
- **Assets under management:** Undisclosed
- **Website:** psss.go.ke
- **LinkedIn:** https://ke.linkedin.com/company/public-service-superannuation-fund-pssf

## Regulatory record

- **Reports private funds:** No

## About

The Public Services Superannuation Fund (PSSF) launched in 2021 as the statutory pension vehicle for Kenya's civil service, registered under the Public Service Superannuation Scheme Act of 2012 and overseen by the Retirement Benefits Authority. Ambassador Tuneiya Hussein Dado chaired its Board of Trustees as of late 2025, succeeding Hon. Wycliffe Wangamati. The fund operates from Bermuda — a legacy of the scheme's cross-border registration architecture — but deploys overwhelmingly onshore in Kenya. PSSF's strategy concentrates on two domestic pillars: direct residential development and government paper. Its built portfolio spans at least seven specific Nairobi-area projects — Kileleshwa Gichugu I & II, Kilimani-Denis Pritt, Park Road, Jogoo Road, Kibera High Rise, Mukenia South B, and Shauri Moyo — placing it among the more hands-on public-sector real-asset owners in East Africa. The fund also holds Kenyan Eurobonds, Treasury bonds, and Treasury bills, maintaining a liability-matching sovereign-debt book. Documented co-investment patterns with the National Social Security Fund (NSSF) Kenya, particularly in major IPOs and state-directed initiatives, underscore a collaborative public-pension deployment model rather than a standalone allocator posture. The fund's leadership is anchored by CEO Dr. Jonah Aiyabei, a former chairman of the Institute of Certified Investment and Financial Analysts (ICIFA) who joined in November 2023. Trustee representation includes David William Okoth Ochiel from the Ministry of Public Service, reinforcing the scheme's direct government ties. PSSF also maintains a vehicle fleet as a balance-sheet asset. In late 2025, Ambassador Dado assumed the board chairmanship, signaling continuity in the fund's senior governance layer. Structurally, PSSF operates as a fully public contributory fund with a distinct Bermuda domicile — unusual among African national pension schemes and a potential sourcing differentiator for cross-border placements. The CEO's ICIFA network provides a professional-analyst recruiting channel that many regional peers lack. The fund's co-investment habit with NSSF Kenya further distinguishes it from more isolated government pension pools, creating concentrated bilateral deal flow in Nairobi's housing and state-backed issuances.

## Sectors

- Real Estate
- Government Bonds

## People

- Dr. Jonah Aiyabei — Chief Executive Officer
- Ambassador Tuneiya Hussein Dado — Chairman of the Board of Trustees
- Hon. Wycliffe Wangamati — Former Chairman of the Board of Trustees
- David William Okoth Ochiel — Trustee representing the Ministry of Public Service

## Questions

### Who runs investment decisions at the Public Services Superannuation Fund?

CEO Dr. Jonah Aiyabei leads investment execution as of November 2023, reporting to a Board of Trustees chaired by Ambassador Tuneiya Hussein Dado. Dr. Aiyabei's background includes chairing the Institute of Certified Investment and Financial Analysts, which brings a credentialed capital-markets perspective to the fund's predominantly direct-property and sovereign-debt book.

### Does the fund participate in fund commitments or only direct deals?

Available evidence shows only direct investments — residential property in Nairobi, Kenyan Eurobonds, Treasury bonds, and Treasury bills. No fund-of-funds commitments, external manager hires, or private-equity placements are documented in the sources consulted.

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Last updated: 2026-06-03T20:00:00.000Z

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