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 — KIA deck

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

Long-duration fit · structured preferred + Energy & Infra ladder · semi-annual Kuwait cadence.

· Commitment: $450M Fund I + $100M Co-Invest· Called: $375M (68%)· Co-invest deployed: Masdar $35M · Alcazar Energy $25M · Tabreed $20M
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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
Long-duration mandate
14 of 25 positions in infrastructure or regulated industries with 10+ year hold profiles
Energy transition cohort (Masdar 1.71x, Tabreed, Alcazar Energy 1.55x) maps to KIA generational-savings mission
Realized exit on Careem 2.50x demonstrates DPI capacity.
Fund V + Co-Invest · Q1 2026Confidential
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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 reinforce Energy & Infra ladder: Masdar 1.71x, Tabreed (district cooling), Alcazar Energy 1.55x, Etihad Rail 1.18x
Combined Energy & Infra cohort up 9% QoQ on petrodollar-driven capex tailwind
Take-private cohort flat-to-up; no covenant pressure observed across UAE/KSA holdings.
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
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Najm
07 / 08
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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
KIA as duration-matched anchor: $450M Fund I + $100M Co-Invest
LPAC seat + priority co-invest + structured-preferred ladder visibility
Engagement cadence: semi-annual Kuwait visits + quarterly pack + monthly mark-to-market reporting (sovereign-required)
Long-duration mandate alignment on infrastructure cohort.
Fund V + Co-Invest · Q1 2026Confidential