Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Silkor
Churn upMedical Aesthetics·Specialty Consumer & Industrial·Growth Equity·Invested 2022·11% stake
Position
Mark0.55x
Gross IRR-19%
Invested$12M
Q3 movement:$-38M·EBITDA margin compressed 5.8pp YoY · clinic expansion pace exceeding revenue ramp
LatestNo recent touchpoints recorded.
Next board:2026-05-21
Ownership + team
11% stake · 1 observer seat1.0x liquidation preference
MENA medical aesthetics chain · 0.55x mark · laser hair removal and skin treatment clinics · competitive intensification from MedSpa roll-ups and Dubai premium clinics compressing margins
Ask about Silkor · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Revenue$38MLTM · -14% YoY · same-store sales declining
EBITDA margin8%Down from 22% thesis case
MOIC0.55x$0.12B entry → $0.07B mark
Clinics55UAE, KSA, Kuwait, Lebanon · -8 closures in 2025
Three-way benchmark
Revenuemeasured in $M
Actual
Thesis target
VCP plan
Peer median
Performance update
Mark $0.07B · -42% from entry · EBITDA margin 8% vs. 22% thesis case
Revenue $38M LTM · -14% YoY · 8 underperforming clinics closed in 2025 · right-sizing in progress
Board approved sale process for UAE + KSA clinic assets · investment bank appointed Q1 2026
1.0x liq pref floor at $12M · protected recovery exceeds current equity mark