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

Fund V + Co-Invest — ADQ deck

Synced with Q1 2026 marks · 3 of 8 slides rewrite per anchor LP
ADQ variant

Sister-vehicle fit · cross-holding governance · take-private + infrastructure concentration.

· Commitment: $600M Fund I· Called: $480M (80%)· Active diligence: Etihad Rail co-invest follow-on $40M
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Najm
01 / 08
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Cover
Najm Investment Fund I + Co-Invest Vehicle
Growth equity + infrastructure + strategic buyouts
GCC & EM
Q1 2026 Update.
Fund V + Co-Invest · Q1 2026Confidential
CP
Najm
02 / 08
Bespoke
Why Najm
Sister-vehicle synergy
ADQ holdings (Etihad Rail, Pure Health) are also Najm investments — joint board representation creates information advantage
Foodics + Tabby fintech positions complement ADQ digital-economy mandate
Quarterly cross-portfolio review with ADQ infrastructure team.
Fund V + Co-Invest · Q1 2026Confidential
CP
Najm
03 / 08
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Strategy
Five investment theses across GCC + EM: AI & Cloud Infrastructure
Financial Services Disruption
Take-Privates & Strategic Buyouts
Energy & Infrastructure
Fund V + Co-Invest · Q1 2026Confidential
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Najm
04 / 08
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Thesis focus
5 investment theses where Najm has operating depth + proprietary deal flow across GCC. Continuous monitoring across ~1,800 companies in the watchlist
~6 active theses-adjacent positions per partner.
Fund V + Co-Invest · Q1 2026Confidential
CP
Najm
05 / 08
Bespoke
Performance
Q1 marks anchored by realized Careem exit (DPI step-up) and G42 cross-holding step-up
Take-private positions (Etihad Rail 1.18x, Pure Health 0.94x) holding through rate environment per Q1 stress test
Capital-preservation posture maintained: 6 of 25 positions below 1.0x but all loss-protected via liq pref or sovereign guarantee.
Fund V + Co-Invest · Q1 2026Confidential
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Najm
06 / 08
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Team
CEO Khalid Al Rashidi (Director)
IC members Reem Al Hashimi
Mohamed Al Hashimi
Hessa Al Marri
Fund V + Co-Invest · Q1 2026Confidential
CP
Najm
07 / 08
Standard
Portfolio highlights
Select Fund I positions: Careem 2.50x (realized)
Masdar 1.71x
G42 1.62x
Alcazar Energy 1.55x
Fund V + Co-Invest · Q1 2026Confidential
CP
Najm
08 / 08
Bespoke
LP fit + relationship
ADQ as sister-vehicle anchor: $600M Fund I
LPAC seat + priority co-invest + monthly cross-portfolio review at ADQ HQ
Joint board representation on Etihad Rail and Pure Health
Active-management posture: all infrastructure co-invest opportunities surfaced first to ADQ direct team.
Fund V + Co-Invest · Q1 2026Confidential