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

ADIA

Discovery
Hartford · $993B AUM · Lead: R. Al Hashimi
Objective

Land ADIA as a $500M+ anchor on Fund II via sovereign adjacency to existing Mubadala relationship. Leverage long-duration alts community alignment.

Intro path: Mubadala-adjacent · soft intro via a sovereign LP institution
Key points · Najm angle for ADIA
Sovereign adjacency: Mubadala is existing anchor · ADIA is institutional sibling
Energy & Infrastructure thesis: Stack · Alcazar Energy · Tabreed pipeline
Fund II size fits ADIA’s allocation bands for mid-market PE
a sovereign LP institution warm-intro path · long-duration alts community alignment
Deck preview · 8 slides · 3 bespoke
Compiled deck · ADIA variant8 slides · 3 bespoke · click a slide to expand
AP
Najm
01 / 08
Cover
Najm — Fund II
Late-stage growth + structured preferred
Concentrated · 20-25 positions
Miami + New York offices
Fund II target $5B · Q4 2026 first close
Fund II · Q1 2026Confidential
AP
Najm
02 / 08
Bespoke · ADIA
Why Najm · ADIA fit
Sovereign adjacency · Mubadala relationship
institutional deal flow
Fund II size fit for ADIA allocation bands
a sovereign LP institution introduction path
Fund II · Q1 2026Confidential
AP
Najm
03 / 08
Standard
Fund V + Co-Invest performance
Fund V: 1.52x gross MOIC · 24.5% gross IRR
Co-Invest sidecar: 1.48x · 139.9% IRR
$2.42B invested · 24 positions
Top movers: Phoenix 9.56x · BrainCo 3.27x
Fund II · Q1 2026Confidential
AP
Najm
04 / 08
Standard
Investment thesis
AI & Data Platforms
Financial Services Disruption
Take-Privates & Control
Energy & Infrastructure
Fund II · Q1 2026Confidential
AP
Najm
05 / 08
Standard
Case studies
OpenAI · $300B entry · 1.67x · structured protection
Databricks · $64B entry · 1.64x · FCF+ inflection
Phoenix Financial · 6.77x → 9.56x · listed re-rating
QXO · take-private · 1.28x · execution playbook
Fund II · Q1 2026Confidential
AP
Najm
06 / 08
Bespoke · ADIA
ADIA fit
$500M+ anchor commitment target
Regional deal flow · Mubadala + ADQ portfolio alignment
Co-invest on Energy & Infrastructure positions
LPAC representation as anchor
Fund II · Q1 2026Confidential
AP
Najm
07 / 08
Standard
Team + governance
Kushner · Naqvi · Videgaray · Key · Brekke (IC)
Value Add: Gen. Correa + Len Rosanoff
15-person team · institutional diligence
Fund II · Q1 2026Confidential
AP
Najm
08 / 08
Bespoke · ADIA
Next steps · ADIA
Initial framing meeting target July
sovereign LP warm intro sequencing
long-duration alts community alignment call
Fund II · Q1 2026Confidential
Prep checklist
Warm intro + framingConfirm introducer + set framing call
LP research packPriors, mandate, portfolio context
Tailored deck draftPull Fund V perf + case studies + bespoke slides
Schedule first callTarget 30-45 min with LP lead
Next stepInitial framing meeting · target July2026-07-08
Angle

Fund II size + institutional fit; sovereign adjacency to Mubadala relationship.