Najm CapitalNajm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
All positions
Tabreed
NYSE: TABREEDOn thesisDistrict Cooling·Energy & Infrastructure·Structured Preferred·Invested 2021·8% stake
Position
Mark1.42x
Gross IRR11%
Invested$160M
LatestNo recent touchpoints recorded.
Ownership + team
8% stake · 1 board seat1.0x liquidation preference · 5.5% PIK dividend
UAE national district cooling utility · 1.42x mark · ADX:TABREED · 100% contracted cooling capacity · regulated utility economics with growth optionality
Ask about Tabreed · pulls from SharePoint memos + Snowflake fund DB + firm memory
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Financial profileLatest as of 2026-03-31
Installed capacity1.5M RTRefrigeration tons · 100% contracted
RevenueAED 2.1BLTM Q1 2026 · +12% YoY
MOIC1.42x$1.6B entry → $2.27B mark (ADX price)
EBITDA margin52%Utility-grade infrastructure margin
Three-way benchmark
Installed capacitymeasured in M RT
Actual
Thesis target
VCP plan
Peer median
Performance update
ADX:TABREED share price AED 3.18 · up 42% since Najm entry · institutional demand strong
NEOM KSA concession 150,000 RT signed · first major non-UAE expansion · 25-year agreement
Installed capacity 1.5M RT · +85,000 RT added in 2025 · Masdar City Phase 4 connected
5.5% PIK dividend accruing on schedule · $8.8M added to structured position Q1 2026