Nairobi, Sept. 7 -- In an earlier article, I set out perspectives on getting the basics right for Kenya's Sovereign Wealth Fund, based on comparisons with funds in other jurisdictions. This piece goes a layer deeper, examining how governance is shaped by the capital sources the 2026 Act assigns to the Fund.

Sovereign wealth funds worldwide tend to originate from two sources. The first, which applies to most nations, is natural-resource revenue. For instance, oil sustains Norway's and the UAE's funds, while diamonds fund Botswana's and copper underwrites Chile's. The second is when funds are sourced entirely from elsewhere. Singapore's Temasek, for example, was created to manage the government's shareholding in state enterprises, not to b...