Ask Capiva Sahm Ventures Fund I · Mandate
Fund I$50mm target · $75mm hard cap · 2025 vintage · MENA-first · GP: Sahm Ventures GP Ltd · extracted from the LPA & PPM, every field cited
Investment periodYear 2 of 5ends Jun 2030 · 3 yr 10 mo left
Deployed$34.2mm of $75mm46% of the hard cap · reserves held 38% vs target 40%
Portfolio & pacing10 of 18–22 target5 deals YTD vs 6–8 a year · on track
Guardrails · 9 checked live1 pipeline deal needs an exception ↓
Policy vs legal ceiling vs where the fund stands today
Live guardrailsas of today · recalculated on every NAV and deal change · enforced on every deal and portfolio check
todayafter the what-if dealour policyLPA ceiling
Needs attention · 3
Max per sectorConcentration32% · fintech → 39% · fintech with the what-if dealPolicy 35% GP · tightenedCeiling 40% LPA §4.33pp leftwatch
Max per geographyConcentration47% · KSA → 52% · KSA with the what-if dealPolicy 50% GPCeiling — 3pp leftwatch
Reserve ratioCapital38% of fund held → 34% held with the what-if dealPolicy 40% of fund GPCeiling — 2pp under targetwatch
Within limits · 6
Max per company · Recycling · Initial check · Follow-on check · Portfolio size · Pacing
Pipeline check · what-if
Would this deal fit the mandate?Pick a deal; the affected guardrails above show where they would land.
Needs an IC exceptionTamweel Pay’s Series A ($8.0M) would take fintech to 39% (policy 35%, ceiling 40%) and KSA to 52% (policy 50%). Inside the legal ceiling, outside our operating policy — it needs an IC exception, and reserves would fall to 34%.
Read from the LPA & PPM · every field cited
Fund termsLPA § / PPM § = read from the fund documents, click to open the clause · GP = operating policy set or tightened by the GP, logged with who and when.
Fund term10 years + 2×1 yrLPA §3.1
Management fee2.0% committed → investedLPA §6.1
Carry · hurdle · catch-up20% · 8% · 100%LPA §7
WaterfallWhole-fund (European)LPA §7.3
GP commitment2% · $1.0mmLPA §5.1
Investment period5 years · to Jun 2030LPA §3.2
Fee offsets100% of transaction feesLPA §6.3
Organisational expensescapped at $0.75mmLPA §6.4
ClawbackGP clawback · 25% escrowLPA §7.5
Capital call notice10 business daysLPA §5.3
Defaulting LPforfeits 50% of accountLPA §5.6
Distributions in kindpermitted with LPAC consentLPA §9.2
Every change logged
Change log · 4
12 Mar 2026Sector limit tightened 40% → 35%Jane Doe · operating policy, inside LPA ceilingGP policy
2 Feb 2026Reserve target raised 35% → 40%Omar · approved at ICGP policy
18 Nov 2025Jordan added to target geographiesLPAC approved · side letter 2LPAC
1 Jul 2025Mandate extracted from LPA v2.1 and PPMCapiva · 33 fields cited · verified by Jane DoeExtracted