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 — Mubadala deck

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

Parent fit · ESG-aligned · G42 + Masdar anchored · quarterly parent-reporting cadence.

· Commitment: $800M Fund I + $200M Co-Invest· Called: $680M (68%)· Reviewed deck 3× this quarter · 47 min dwell
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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
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Najm
02 / 08
Bespoke
Why Najm
Parent reporting alignment
25 concentrated GCC + EM positions, $2.57B invested, gross 1.52x
G42 (1.62x mark) and Masdar (1.71x) anchor the AI + energy transition theses Mubadala flagged in 2024 strategic review
Co-invest sidecar deployed alongside Mubadala direct positions on G42 and Masdar follow-ons.
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 mark movers anchored by G42 1.45x → 1.62x (Microsoft partnership extension) and Careem realized exit 2.50x via Uber secondary tender at $145M IRR. Masdar 1.55x → 1.71x on COP28 mandate accretion supports the energy-transition thesis. 14 of 25 positions structured-preferred provide downside protection — full pack delivered with the Q1 Mubadala parent report.
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
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Najm
08 / 08
Bespoke
LP fit + relationship
Mubadala as parent: $800M Fund I + $200M Co-Invest
LPAC seat + priority co-invest + quarterly parent reporting at Mubadala HQ
Cross-holding governance addendum on G42 and Masdar filed on Mubadala timeline
Bespoke quarterly stewardship report on portfolio drift signals.
Fund V + Co-Invest · Q1 2026Confidential