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 — QIA deck

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

Sovereign diversification · GCC + EM origination · quarterly Doha review.

· Commitment: $500M Fund I + $150M Co-Invest· Called: $425M (65%)· Co-invest deployed: G42 $25M · Masdar $30M · Careem realized $50M
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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
Sovereign diversification
Najm positions in regional champions (G42, Masdar, Careem realized) match QIA strategic-allocation framework outside Qatar
Take-private cohort (Etihad Rail, Pure Health) provides duration to long-dated QIA mandates
Bespoke GCC + Egypt origination feed.
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 standout: Careem realized 2.50x — Uber secondary tender Q3 2023 returned $145M to Najm
G42 1.62x (Microsoft + Aramco joint venture)
Alcazar Energy 1.55x with $1.2B Saudi + Egypt + Jordan PPA pipeline contracted through 2032
Q1 mark deck and DPI ladder attached.
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
QIA as diversification anchor: $500M Fund I + $150M Co-Invest
LPAC seat + priority co-invest + quarterly review at Doha HQ
Tier-1 reporting packet (DPI + RVPI ladders + GCC + EM exposure breakdown)
Bespoke quarterly origination call covering Saudi + Egypt + UAE deal flow.
Fund V + Co-Invest · Q1 2026Confidential