Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
G42
On thesisAI & Cloud Infrastructure·AI & Data Platforms·Growth Equity·Invested 2021·4% stake
Position
Mark1.62x
Gross IRR14%
Invested$280M
Q3 movement:+$340M·Microsoft $1.5B strategic stake · UAE AI mandate validation · Huawei infra divestment 80% complete
LatestNo recent touchpoints recorded.
Next board:2026-05-20
Ownership + team
4% stake · 1 board seat1.0x liquidation preference
Abu Dhabi AI conglomerate · 1.62x mark · cloud + AI compute buildout anchored by Cerebras + Microsoft partnership · regional AI champion thesis intact
Ask about G42 · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue (est.)$2.1BLTM Q1 2026 · +38% YoY
MOIC1.62x$8B entry → $13B mark
Entry valuation$8.0B2021 growth equity round
Data-center capacity800 MWLive + committed Abu Dhabi + KSA
Three-way benchmark
Revenuemeasured in $B
Actual
Thesis target
VCP plan
Peer median
Performance update
Q1 2026 mark $13.0B · 1.62x on $280M invested · Microsoft partnership deepening
Falcon 3.0 LLM released Q4 2025 · top Arabic-language benchmark score in independent evals
Abu Dhabi government extended G42 AI city mandate to cover 12 new smart-city deployments
KSA expansion: Riyadh data-center JV with Saudi Aramco signed Q1 2026 · 200MW capacity
Board approved IPO preparation process · target ADX listing H2 2027