Mansa X vs Oak Special Fund: What KES 1,000,000 Actually Produced (Official Data)
Official fact sheet figures: KES 1M in Mansa X since 2019 = KES 3,431,672. KES 1M in Oak since inception = KES 1,511,398. Here is the full breakdown.
The simplest question any investor asks: what would KES 1,000,000 actually become? Both Mansa X and Oak Special Fund have published official fact sheets with exact simulation figures. Here is what the real data shows — no estimates.
Data source: MansaX Special Fund Fact Sheet 2025 (Standard Investment Bank) and Oak Special Fund Fact Sheet September 2025 (Faida Investment Bank). All figures are from the official published documents. Past performance is not a guarantee of future returns.
The Official KES 1M Growth Figures
Mansa X KES Fund: KES 1,000,000 invested on 31st January 2019 grew to KES 3,431,671.87 by 31st December 2025 — after all fees. That is a 243% total return over 7 years, averaging 18.15% net per year.
Oak Special Fund: KES 1,000,000 invested on 1st January 2025 yielded KES 156,765.38 by end of September 2025 — 9 months, 15.68% absolute return, annualising at 18.20%. The fund's full 2024 return was 29.38% absolute.
Year-by-Year: What KES 1M Compounded in Mansa X
| Year End | Net Annual Return | Value of KES 1M (Compounded) |
|---|---|---|
| Dec 2019 | 19.01% | KES 1,190,100 |
| Dec 2020 | 18.75% | KES 1,413,344 |
| Dec 2021 | 15.45% | KES 1,631,978 |
| Dec 2022 | 15.59% | KES 1,886,582 |
| Dec 2023 | 18.01% | KES 2,226,413 |
| Dec 2024 | 19.53% | KES 2,660,844 |
| Dec 2025 | 20.74% | KES 3,213,183 (est.) / KES 3,431,672 (official) |
Note: Compounded figures are approximate due to intra-year compounding. The official published figure is KES 3,431,671.87 after all fees.
Oak Special Fund — Quarterly Growth Tracker
| Quarter | Absolute Return | Value of KES 1M (from Feb 2024) |
|---|---|---|
| Q1 2024 | 15.40% | KES 1,154,000 |
| Q2 2024 | 6.78% | KES 1,232,321 |
| Q3 2024 | 3.15% | KES 1,271,093 |
| Q4 2024 | 4.05% | KES 1,322,571 |
| Q1 2025 | 4.66% | KES 1,384,222 |
| Q2 2025 | 4.88% | KES 1,451,753 |
| Q3 2025 | 4.11% | KES 1,511,398 (official) |
Oak's official simulation confirms this: KES 1M invested at Oak's inception (February 2024) grew to KES 1,511,398.04 by September 2025 — a 51.1% total return in 19 months, annualising at approximately 29% from inception through that period. Note that this includes the exceptional Q1 2024 (15.40% in one quarter) which is unlikely to be representative of every period.
2025 Head-to-Head: The Current Race
| Period | Mansa X Net Return | Oak Absolute Return | Winner |
|---|---|---|---|
| Q1 2025 | 5.09% | 4.66% | Mansa X (+0.43%) |
| Q2 2025 | 6.05% | 4.88% | Mansa X (+1.17%) |
| Q3 2025 | 4.89% | 4.11% | Mansa X (+0.78%) |
| Q4 2025 | 4.71% | Not yet published | — |
| Full Year 2025 | 20.74% | ~18.20% annualised (9M data) | Mansa X (so far) |
2024 was Oak's year: Oak's 29.38% absolute return in 2024 significantly beat Mansa X's 19.53% net. That outperformance was driven by an exceptional Q1 2024 (15.40% in a single quarter). In 2025, with both funds showing similar quarterly patterns, Mansa X has held a modest edge each quarter. The comparison is genuinely competitive — neither fund dominates consistently.
Fee Impact on KES 1,000,000
| Fee Component | Mansa X | Oak Special |
|---|---|---|
| Annual management / financial services fee | 5% p.a. pro-rated | 6% p.a. pro-rated |
| Fee drag on KES 1M per year | KES 50,000 | KES 60,000 |
| Performance fee | 10% above 25% hurdle rate | Not separately disclosed |
| Redemption charges | 0% | 0% |
Over 5 years on KES 1,000,000, the 1% fee difference (5% vs 6%) amounts to approximately KES 50,000–70,000 in additional cost to Oak investors — before factoring in returns. If Oak consistently outperforms by more than 1% annually, the higher fee is justified. Based on 2025 data, it has not consistently outperformed by that margin.
The Practical Verdict
Both Funds Deliver. The Data Is Now Public.
The era of estimating Kenyan private fund returns is over — both Mansa X and Oak publish detailed, verifiable fact sheets. A KES 1M investment in Mansa X from 2019 is officially worth KES 3,431,672 today. A KES 1M investment in Oak from inception is officially worth KES 1,511,398 as of September 2025. These are real numbers from real documents, and they make the case for both funds far more compellingly than any marketing language could.
Contact Standard Investment Bank at clientservices@sib.co.ke or +254 777 333 000 for Mansa X. Contact Faida Investment Bank at oak@fib.co.ke or +254 743 552 341 for Oak Special Fund. Use PesaCalc's Passive Income and Investment Calculators to model what your specific investment amount would generate at these return rates over your target timeline.
This article is for informational purposes only. It does not constitute investment advice. Verify all figures with the fund managers directly before investing. Past performance is not a guarantee of future returns.