Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
NH
NMC Health
GM driftPrivate Healthcare·Take-Privates & Control Platforms·Take-Private·Invested 2023·12% stake
Position
Mark0.88x
Gross IRR-6%
Invested$85M
LatestNo recent touchpoints recorded.
Next board:2026-05-27
Ownership + team
12% stake · 1 board seat1.0x liquidation preference · first-lien secured
UAE private hospital network take-private post-restructuring · 0.88x mark · revenue recovery slower than underwritten · debt overhang from prior fraud episode limiting growth capex
Ask about NMC Health · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue$1.35BLTM Q1 2026 · +8% YoY
EBITDA margin16%Up from 13% at entry · still below 20% target
MOIC0.88x$1.2B entry → $1.06B mark
Facilities210+Hospitals + clinics + day surgery
Three-way benchmark
Revenuemeasured in $M
Actual
Thesis target
VCP plan
Peer median
Performance update
Revenue $1.35B LTM · +8% YoY · below plan of $1.6B · medical tourism recovery slower than expected
EBITDA margin 16% · improved from 13% but 400bps below thesis target
Doctor headcount +280 vs. 2023 entry · talent pipeline rebuilding post-fraud reputation repair
Management exploring partial asset sale (Oman clinics) to fund UAE hospital capex