Najm Capital
Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
Najm/LP & Capital

LP & Capital

4 anchor LPs · Q1 2026 reporting window · USD 2B from anchors · USD 6B total committed
Fund snapshot · mirrors LP deck top-lineQ1 2026 · net unrealized movement +USD 600,000,000
Najm Fund I
Gross MOIC1.61x
Gross IRR19.4%
InvestedUSD 3B
Co-Invest vehicle
Gross MOIC1.44x
Gross IRR88.2%
InvestedUSD 550,000,000
Top mover: G42 +USD 340,000,000 (1.52x → 1.78x) · Microsoft $1.5B strategic stake · UAE AI mandate validation · Huawei infra divestment 80% complete. Write-down: Etihad Rail (USD 48,000,000) — Freight volume -11% vs underwriting · Muscat port expansion delays logistics corridor.
Capital accountsLP balances with capital call, distribution, and NAV context
CommitmentUSD 6B
CalledUSD 4B
UnfundedUSD 2B
DistributedUSD 431,000,000
Net IRR: 18.7%TVPI: 1.42xDPI: 0.18xRVPI: 1.24x
Capital call workflowFrom committee approval to LP acknowledgement and cash reconciliation
Capital call #8 · AED/SAR ready
1/4
Prepare noticeUse of proceeds, LP allocation, LPA notice period, side-letter checks.
Draft ready
2/4
Personalize packArabic/English cover note, capital account, wire instructions, tax appendix.
QIA + PIF next
3/4
Send securelyPortal delivery, email backup, acknowledgement tracking within 48 hours.
2 pending
4/4
Reconcile cashMatch wires, currency impact, bank fees, partial payments, late escalation.
Ready for CFO
Capital workflowsThree flows · each self-contained
ReportingQuarterly packs · auto-assembled per LP
Q1 2026 cycle · 2 of 4 packs in flight
Marks pulled · 22 of 22 portcos
Mubadala parent pack · 14 slides · variances flagged
ADQ · QIA · KIA queued · deliver May 31
Open reporting →
DDQDue-diligence questionnaire tracker
Mubadala Q1 2026 in progress · §7 awaiting sign-off
1 active · 3 completed in last 12 months
40 questions · 38 auto-drafted (95% reuse)
§7 ESG awaiting sign-off · send by May 3
Open DDQ tracker →
FundraisingFund II target prep + LP outreach
Fund II discovery · 4 prospects warm
Temasek · GIC · CPPIB · CDPQ · 4 target LPs
Tailored decks drafting · Fund V case studies in
Next outreach window · mid-May post-PIF close
Open fundraising prep →
Anchor LPs4 primary relationships · Najm Fund I + Co-Invest
MU
Mubadala Investment CompanyAbu Dhabi, UAE
Commitment
Najm Fund IUSD 300,000,000
Co-InvestUSD 60,000,000
CalledUSD 248,000,000
Open asks1
· Masdar expanded mandate · co-invest term sheet for $45M tranche
Last touchpointJoint IC session · Masdar expanded mandate · Abu Dhabi2026-04-18
AD
ADQAbu Dhabi, UAE
Commitment
Najm Fund IUSD 250,000,000
Co-InvestUSD 50,000,000
CalledUSD 200,000,000
Open asks1
· Critical infrastructure memo · UAE utilities + logistics sector update
Last touchpointAbu Dhabi office · healthcare + food sector portfolio review2026-04-11
QI
Qatar Investment AuthorityDoha, Qatar
Commitment
Najm Fund IUSD 350,000,000
Co-InvestUSD 75,000,000
CalledUSD 285,000,000
Open asks1
· GCC digital economy thematic update · portfolio + pipeline mapping
Last touchpointDoha bilateral · Q1 portfolio review · G42 + Wio Bank2026-04-14
KI
Kuwait Investment AuthorityKuwait City, Kuwait
Commitment
Najm Fund IUSD 400,000,000
Co-InvestUSD 80,000,000
CalledUSD 330,000,000
Open asks2
· Q1 2026 DDQ · 40 questions · drafted · KIA board review May 5· Portfolio-level ESG report · KIA governance committee annual requirement
Last touchpointQ1 DDQ timeline · 40 questions · board review May 52026-04-16
Reporting calendar10 deliverables · next 90 days
Jan annual meeting prep · Feb Q4 close
AlMutlaq Solar deal update memoMubadalaIn progress
2026-04-30 · Maryam Al Falasi
18d overdue
Q1 2026 DDQ · 42 questions · 38 auto-draftedMubadalaReady for review
2026-05-03 · Tariq Al Suwaidi
15d overdue
Stack co-invest follow-on memoADQUpcoming
2026-05-07 · Khalid Al Rashidi
11d overdue
QIA G4 program review · NY officeQIAUpcoming
2026-05-12 · Khalid Al Suwaidi
6d overdue
Q1 2026 investor presentation · draftAll LPsUpcoming
2026-05-26 · Tariq Al Suwaidi + Ben Smith
1w
Q1 2026 deck delivery · KIA variantKIAUpcoming
2026-05-31 · Sara Al Mazrouei
1w
Q1 2026 deck delivery · Mubadala variantMubadalaUpcoming
2026-05-31 · Sara Al Mazrouei
1w
Q1 2026 deck delivery · QIA variantQIAUpcoming
2026-05-31 · Sara Al Mazrouei
1w
Annual LP meeting · NY HQAll LPsUpcoming
2026-07-12 · Tariq Al Suwaidi
1mo
KIA Annual DDQ 2026 · 46 questionsKIAUpcoming
2026-08-11 · Tariq Al Suwaidi
2mo
Open LP asks3 of 24 · most urgent
ANB PensionQ1 2026 performance report · capital call #7 schedule
Owner: Noura Al Kaabi·Due 2026-04-28·Triggered by: Apr 8 email request
ADPFUAE Vision 2031 alignment memo · portfolio mapping to national mandate
Owner: Sara Al Mazrouei·Due 2026-04-30·Triggered by: Mar 25 email thread request
MumtalakatQ1 2026 portfolio summary · Wio Bank + fintech holdings update
Owner: Noura Al Kaabi·Due 2026-04-30·Triggered by: Apr 10 email thread