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/CPPIB
FundraisingCPPIB logo

CPPIB

In conversation
Toronto · $575B AUM · Lead: S. Al Mazrouei
Objective

Close a $300-500M commitment with CPPIB Direct team, leveraging co-invest opportunities on AlMutlaq Solar and AlMutlaq Solar pipeline. ESG + governance is the lead differentiator.

Intro path: Mubadala referral · warm · 2 calls in Q1
Key points · Najm angle for CPPIB
Co-invest pipeline: AlMutlaq Solar ($100M) · AlMutlaq Solar Series G · NEOM Hydrogen JV
ESG reporting exceeds CPPIB internal standards · carbon + governance disclosure
Direct-vs-fund-of-funds framing · Najm structure supports CPPIB’s direct mandate
Mubadala referral path · Deborah Orida already engaged
Deck preview · 8 slides · 3 bespoke
Compiled deck · CPPIB 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 · CPPIB
Why Najm · CPPIB fit
ESG-weighted · governance-forward
Direct-vs-fund-of-funds mandate fit
Co-invest opportunity framing (AlMutlaq Solar · NEOM Hydrogen JV)
Mubadala referral · warm relationship
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 · CPPIB
CPPIB fit
$300-500M commitment sizing
Co-invest pipeline: AlMutlaq Solar · NEOM Hydrogen JV · TAQA Renewables follow-on
ESG + governance reporting differentiation
Deborah Orida direct relationship
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 · CPPIB
Next steps · CPPIB
Follow-up with Orida · week of May 12
Co-invest memorandum drafted
ESG + governance diligence package ready
Fund II · Q1 2026Confidential
Prep checklist
Warm intro + framingConfirmed
LP research packUpdated after last call
Tailored deckDelivered · follow-up questions answered
Commitment discussionSizing + LPAC representation
Next stepFollow-up with Deborah Orida2026-05-12
Angle

ESG-weighted · direct vs fund-of-funds mandate · co-invest opportunity framing (AlMutlaq Solar + AlMutlaq Solar).