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Yesterday, at the Sheraton Kampala Hotel, Uganda’s financial sector gathered for what many described as a landmark moment: the 3rd Alternative Investment Conference, hosted by CFA Society East Africa.
What began three years ago as a quiet conversation among investment professionals has now matured into a continental platform for bold thinking, honest introspection, and structured action. With over 300 delegates, the 2025 edition focused on a timely and urgent theme: "Enhancing Investment Readiness."
From the very first remarks, it was clear this was no ordinary finance event. CFA Society East Africa President Francis Nasyomba, CFA, set the tone by affirming that “alternatives are no longer alternative—they are essential.” That framing reverberated throughout the day, as speaker after speaker called for Africa’s capital to be mobilised, not just safeguarded.
A national call to action: Government's investment vision
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Representing the Minister of Finance, Planning and Economic Development, Moses Kaggwa delivered remarks on behalf of the Permanent Secretary and Secretary to the Treasury (PSST).
He emphasised the government’s commitment to creating a thriving private sector powered by innovative capital strategies.
“Uganda is among the fastest-growing economies in Africa,” he noted. “But to harness this growth, we must channel investments into strategic sectors like agro-industrialization, oil and gas, tourism, technology, and infrastructure.”
Moses Kagwa - Director Economic Affairs - Ministry of Finance sharing the PSST's address in absentia
Kaggwa outlined the government’s 10-Fold Growth Strategy, aiming to expand the economy from UGX 53 trillion to UGX 500 trillion by 2040, supported by focused investment into what he termed the “ATMs”, Argo-processing, Tourism, Mineral Extraction and Science, Technology & Innovation (STI).
He also reiterated Uganda’s stable macroeconomic indicators: projected GDP growth above 7%, inflation below 4%, and a currency that has appreciated against the dollar over the past year.
Crucially, the PSST acknowledged the importance of investor confidence and highlighted upcoming reforms to improve the ease of doing business, address capital market inefficiencies, and attract both local and foreign direct investment.
Regulation as a catalyst
Also addressing the conference was Lyn Tukei, Communications & Public Relations Manager at the Capital Markets Authority (CMA) Uganda, who spoke passionately about the evolution of regulatory frameworks in Uganda.
L-R: Rob Langrick, CFA, David Ivan Wangolo, CFA, Francis Nasyomba, CFA, Alan Lwetabe, CFA and Lyn Tukei deliberating on the future of Alternative Investments & the CFA profession
She highlighted recent regulatory milestones, including:
The licensing regime for private equity and venture capital funds, opening new frontiers for capital formation.
Updated Limited Partnership Regulations, which allow GPs and LPs to structure more investor-friendly vehicles;
And forthcoming ESG disclosure requirements, ensuring sustainability becomes an investment standard, not a niche.
“This is no longer an ‘alternative’ space,” she noted. “It’s the future of capital markets. Regulation must be enabling, adaptive, and forward-looking.”
Her remarks stressed the importance of co-regulation, with CMA working alongside stakeholders to balance investor protection with innovation and access.
Investing with purpose: The NSSF model
No single presentation captured this ambition more clearly than that of Kenneth Owera, CFA, Acting Chief Investment Officer of NSSF Uganda. Speaking from both principle and performance, he described how Uganda’s largest pension fund, with UGX 26 trillion under managemen, has begun to intentionally invest in the country’s future, not just its debt.
Through the Hi-Innovator Program, NSSF has already supported over 500 small and growing businesses, trained 75,000 entrepreneurs, and created over 30,000 jobs, in partnership with the Mastercard Foundation.
Owera challenged the room with a powerful statement: “When social security funds invest with purpose, they don’t just secure retirements—they secure the nation’s future.”
The missing middle: Reaching what’s been ignored
Throughout the conference, a common thread emerged, the urgent need to build bridges between capital and innovation. From entrepreneurs building climate-tech startups to women-led agribusinesses and SME founders locked out of traditional finance, it was clear that opportunity abounds in Uganda and across East Africa, but readiness and capital access remain key barriers.
The conversations called for fund structures that can reach smaller enterprises, policies that de-risk private investment, and a cultural shift from “protection” to “possibility.” In a room filled with regulators, fund managers, pension trustees, and venture builders, this message resonated deeply.
Global lessons, local applications
Speakers from the CFA Institute, including Rob Langrick, CFA and Olivier Fines, CFA, offered a global perspective. They presented new research and updates from the institute, most notably the “Investment Case for Private Markets” report. Their message was clear: global capital is watching, but it will only follow if markets are transparent, trustworthy, and ready.
Langrick also unveiled the CFA Program’s updated curriculum, with a stronger emphasis on alternative investments, practical skills, and private markets, underscoring the need for professionals who can both manage and shape the future of finance.
Capital with a conscience: A future vision
What made AIC2025 different was not just who was in the room, but how willing they were to rethink assumptions. One speaker reminded the room that Africa cannot fund its development on donor grants or external loans.
“We must mobilize and deploy our own capital with purpose,” they said. “If we don’t, someone else will, and we’ll lease our future at a loss.”
Even a brief mid-afternoon downpour couldn’t interrupt the momentum. Participants stayed glued to their seats, umbrellas tucked under chairs, fully immersed in conversations that were shaping national policy, market structure, and generational opportunity.
By the time the final words were spoken, it was clear that AIC2025 had done more than share ideas. It had reignited urgency, built consensus, and reminded the investment community that alternatives are no longer fringe, they are fundamental to Africa’s future.