Portfolio

Sahm Ventures · Wisewell book (pipeline live) · Fair-value mark · as of 2025-05-31

LP report · Q3 2026Capiva drafts the quarterly report to the ILPA Reporting Template from these performance figures, the capital accounts and each holding's latest data. You edit the letter, approve, lock and send a personalised copy to every investor.Quarter closed 30 Sep · due to investors by 29 Nov · last sent: Q2 on 24 Jul

Past reports

Portfolio companies

live BioCypher / CapivaCalculator book · 1 portfolio company (Wisewell)

Active holdings1managing now

Portfolio health

6 on track · 1 watch · 1 at risk · 1 reporting

Runway watch2under 9 months

Reporting1overdue · 8 current

Follow-ons4pro-rata decisions pending

CompanyInvestedCurrent markMOICOwn %HealthΔ quarterTop priority

WWWisewellcleantech · equity · UAE/US$6.4mm$16.0mm2.48x62.6%● At risk▼ runwayCapiva score 58.4 · HOLDExplore

Fund I · LP reportingQ3 2026 quarterly report · draft

Q3 2026 LP reportBuilt to the ILPA Reporting Template and Quarterly Reporting Standards, with IPEV valuation disclosures. Capiva assembles every figure from Portfolio, Capital and Holdings; you review the words, approve, export and send.

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Sahm Ventures Fund I · quarter ended 30 Sep 2026 · due 29 Nov 2026 · 12 sections

Export ILPA template (CSV)

✓Draft generated · 8 Oct 2026. 12 sections and 64 figures pulled from Portfolio, Capital and Holdings, each tied to its source. Review the letter and the open check, then export or send to Omar.

Generated by Capiva · 8 Oct · done

Review · Omar H. · next

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Send to 11 LPs

Review the GP letter and the open check, then send it to Omar for review.

Checks before locking

✓NAV ties out
schedule of investments = capital accounts = $62.46mm

✓Valuation committee
marks approved 6 Oct 2026

!Barq re-mark
awaiting your approval in Inbox

✓Side letters
MFN and reporting terms applied for 4 investors

!GP letter
drafted by Capiva · read before sending

Cover

Sahm Ventures Fund I · Q3 2026

Sahm Ventures
Sahm Ventures Fund I, L.P.

Quarterly report
Q3 2026

Quarter ended 30 September 2026 · issued draft · not yet issuedPrepared for All investors · fund levelConfidential · unaudited

Contents

CCover 01Letter from the GP 02Fund at a glance 03Highlights 04Capital account 05Schedule of investments 06Portfolio updates 07Valuation 08Capital activity 09Fees, expenses & carry 10ESG & compliance 11Outlook 12Notes

01 · Letter from the GP

Dear partnersDrafted by Capiva from the quarter’s data, board notes and IC decisions. Edit it in your own voice before locking.

Dear partners,

The third quarter was steady for Fund I. Net asset value rose to $62.5mm, giving a net TVPI of 1.66× on $36.7mm paid in, and net IRR of 23.2% since our first close.

The main driver was Barq Mobility, which signed a $14mm Series A term sheet led by a regional growth fund. We have marked it up by $1.6mm, holding a discount to the headline price until the round closes. Against that, we marked down Athar Carbon and Sanad Health, where financing and competitive risks have risen. We are working with Athar’s founders on an insider bridge and will update you before the year end.

We called no capital and made no distributions this quarter. On 8 October we issued capital call #4 for $8.0mm to fund follow-ons in Rihla and Barq and two new investments approved by our IC, Tamweel Pay and Hakeem.

We look forward to seeing many of you at our annual meeting in Dubai on 26 November.

With thanks for your continued support,

Jane Doe, Managing Partner
Omar H., Partner & CFO

Draft by Capiva · edit in your own voice before sending

02 · Fund at a glance

Fund at a glance · 30 September 2026NAV is shown gross of accrued carry; net TVPI and RVPI deduct it. All figures tie to the schedule of investments and capital accounts.

Net asset value$62.5mm+$0.7mm vs Q2

Net TVPI1.66×+0.01× vs Q2 · after accrued carry

DPI0.13×no change

Net IRR23.2%−0.9 pts vs Q2 · gross 28.0%

Paid-in$36.7mm48.9% of $75.0mm

Distributed$4.6mmITD

RVPI1.54×after accrued carry

Gross MOIC1.96×on invested, incl. Falak

FundSahm Ventures Fund I, L.P.

Vintage · first close2025 · Jul 2025

Size$75.0mm · final close

StrategySeed–Series A · GCC, Egypt, Levant

Investment periodto Jul 2029

Term10 years + 2 × 1-year

Fees · carry · hurdle2.0% · 20% · 8%

Investments9 active · 1 realised

NAV bridge · Q2 → Q3 2026

US$ millions, gross of accrued carry · axis starts at $59mm

03 · Highlights

What happened this quarter

NAV up to $62.5mm (+1.1%) as Barq Mobility's Series A term sheet supports a $1.6mm re-mark, partly offset by mark-downs at Athar Carbon and Sanad Health.
No capital called or distributed in the quarter. Capital call #4 for $8.0mm was issued on 8 October, due 22 October, to fund two follow-ons and two new investments.
Two new investments approved by IC: Tamweel Pay (embedded SME payments, KSA, $2.5mm) and Hakeem ($1.6mm), both closing in Q4.
Two holdings need attention: Athar Carbon has 3.5 months of runway and an insider bridge is under discussion; Zahra Health is 40 days late with Q2 accounts.
Portfolio revenue grew 14% quarter on quarter on a weighted basis; 6 of 9 companies have at least 12 months of runway.

04 · Capital account

Capital account statementILPA Reporting Template layout. Pick an investor at the top to see their own statement; each investor only ever receives theirs.

All investors · fund levelSahm Ventures Fund I, L.P. · 100% of commitments

US$Quarter (QTD)Year to dateInception to date

Beginning NAV, net of carry$55,900,000$35,830,000—

Contributions—$8,700,000$36,700,000

Distributions—($4,600,000)($4,600,000)

Management fees($375,000)($1,125,000)($2,575,000)

Fee offsets———

Partnership expenses($70,000)($210,000)($370,000)

Net realised gain—$9,800,000$9,800,000

Net change in unrealised gain$1,100,000$12,100,000$23,500,000

Change in accrued carried interest($170,000)($4,110,000)($6,070,000)

Ending NAV, net of carry$56,385,000$56,385,000$56,385,000

Commitment$75.00mm

Paid-in to date$36.70mm

Unfunded$38.30mm

Share of fund100.0%

05 · Schedule of investments

Schedule of investments

Fair values at 30 September 2026 against 30 June 2026, US$ millions. Unrealised positions are Level 3 under IFRS 13 and valued under the IPEV Valuation Guidelines.

CompanySector · countryFirst inCostFV 30 JunFV 30 SepChangeMOICValuation basis

Barq MobilityMobility · KSAMar 2025$3.50$9.80$11.40+1.603.26×Recent round · Series A term sheet

RihlaTraveltech · KSAJul 2025$8.00$14.40$14.40—1.80×Recent round, calibrated

Noor AIAI infra · UAEAug 2025$3.00$8.40$8.40—2.80×Recent round, calibrated

Wasl LogisticsLogistics · EgyptSep 2025$3.50$6.10$6.10—1.74×Revenue multiple of listed peers

Zahra HealthHealthtech · UAEOct 2025$4.00$5.20$5.20—1.30×Revenue multiple · Q1 data

Mizan ComplianceRegtech · KSANov 2025$3.00$4.50$4.50—1.50×Recent round

Sanad HealthHealthtech · EgyptDec 2025$2.50$2.30$2.10−0.200.84×Revenue multiple, competitor-adjusted

Qamar RetailRetail tech · JordanJan 2026$1.50$1.50$1.50—1.00×Cost · under 12 months, no trigger

Athar CarbonClimate · UAEJan 2026$2.20$1.40$1.10−0.300.50×Scenario-weighted · bridge expected

Total unrealised · 9$31.20$53.60$54.70+1.101.75×

Falak Foods · realisedFood tech · KSAJul 2025$2.00—$11.80 proceeds—5.90×Exited Feb 2026 · trade sale

Cash and other net assets$8.20$7.76−0.44fees and expenses paid in the quarter

Net asset value, gross of carry$61.80$62.46+0.66

% of NAV for each company is shown in the portfolio updates. MOIC = fair value ÷ cost.

06 · Portfolio updates

Portfolio company updates

Barq MobilityOutperforming

Signed a $14mm Series A term sheet led by a regional growth fund. Rides up 41% year on year; contribution margin positive in Riyadh.FV $11.4mm · 18.3% of NAV

RihlaOn track

Series B in progress, $2.0mm pro-rata reserved. Gross bookings up 12% quarter on quarter after the Hajj season.FV $14.4mm · 23.1% of NAV

Noor AIOutperforming

Two enterprise contracts with GCC banks; ARR $3.1mm. Seed extension planned for Q1 2027.FV $8.4mm · 13.4% of NAV

Wasl LogisticsOn track

Opened Alexandria hub; on-time delivery 96%. Burn down 15% after route optimisation.FV $6.1mm · 9.8% of NAV

Zahra HealthReporting

Q2 management accounts 40 days overdue. Held at Q1 data; follow-up with the CFO scheduled.FV $5.2mm · 8.3% of NAV

Mizan ComplianceOn track

SAMA sandbox graduation; 18 paying institutions. Series A prep for H1 2027.FV $4.5mm · 7.2% of NAV

Sanad HealthWatch

A competitor raised $40mm in August. Pricing pressure in Cairo; marked down 9%.FV $2.1mm · 3.4% of NAV

Qamar RetailEarly

Pilot with two Amman retail chains; product-market fit not yet proven. Held at cost.FV $1.5mm · 2.4% of NAV

Athar CarbonAt risk

Runway 3.5 months. Insider bridge of $1.5mm under discussion; marked down 21% to reflect financing risk.FV $1.1mm · 1.8% of NAV

07 · Valuation

Valuation policy and changes in marks

Investments are carried at fair value under IFRS 13, using the IPEV Valuation Guidelines (December 2022). Marks were proposed by the deal teams, reviewed against comparables and recent transactions, and approved by the valuation committee on 6 October 2026.

Recent round, calibrated58%of unrealised fair value

Revenue multiples28%listed and private comps

Cost or scenario-weighted14%early or distressed

Marks changed this quarter

Barq Mobility · +$1.6mm (+16%)Signed Series A term sheet at a 2.3× step-up; marked at a 30% discount to the headline price until close.

Athar Carbon · −$0.3mm (−21%)Runway 3.5 months; weighted scenarios of bridge, down-round and wind-down.

Sanad Health · −$0.2mm (−9%)Peer multiples down 12%; competitor's $40mm raise adds pricing pressure.

08 · Capital activity

Calls, distributions and pacing

EventDateFund totalFundStatus

Capital call #4notice 8 Oct · due 22 Oct 2026$8.00mm$8.00mmIssued after quarter end

Distribution #212 Jun 2026$0.80mm$0.80mmPaid · Q2

Distribution #128 Feb 2026$3.80mm$3.80mmPaid · Q1

Capital call #315 Jan 2026$8.70mm$8.70mmPaid · Q1

Capital call #23 Oct 2025$10.00mm$10.00mmPaid

Capital call #120 Jul 2025$18.00mm$18.00mmPaid

The fund has called 48.9% of commitments in its first 15 months, in line with the pacing plan in the Mandate (45–55% by end of year two). $6.0mm is reserved for follow-ons, of which $5.2mm is earmarked.

09 · Fees, expenses & carry

Fees, expenses and carried interest

Presented in the ILPA Reporting Template format. Management fees are charged quarterly in advance on commitments during the investment period. 100% of transaction, monitoring and director fees from portfolio companies offset the management fee.

US$QTD · fundYTD · fundITD · fundQTD · Fund

Management fee, gross$375,000$1,125,000$2,575,000$375,000

Less: fee offsets (100%)————

Management fee, net$375,000$1,125,000$2,575,000$375,000

Fund administration$30,000$90,000$160,000$30,000

Audit and tax$20,000$60,000$100,000$20,000

Legal$10,000$40,000$80,000$10,000

Insurance, bank and other$10,000$20,000$30,000$10,000

Partnership expenses, total$70,000$210,000$370,000$70,000

Carried interest accrued (unpaid)$170,000$4,110,000$6,070,000$170,000

Carried interest paid————

Carried interest is accrued as if the fund were liquidated at NAV on 30 September 2026. None has been paid. The GP clawback applies.

10 · ESG & compliance

ESG, compliance and governance

Compliance & governance

LPA and Mandate guardrailsAll within limits

Largest single companyRihla · 10.7% of commitments (limit 15%)

Conflicts of interestNone this quarter

Key-person eventNone

LPACMet 18 Sep 2026 · minutes on portal

KYC / AML refreshAll investors current

ESG & impact

Companies with an ESG policy7 of 9

Female founders or C-suite3 of 9 companies

Jobs in the portfolio412 · +38 this quarter

Climate-positive revenueAthar Carbon · Wasl EV fleet

Exclusion list breachesNone

Incidents reportedNone

11 · Outlook

Outlook and next quarter

GCC venture funding recovered in the quarter, with KSA leading on deal count and later-stage rounds pricing back toward 2022 levels for strong companies. We expect continued selectivity at Series A, which favours our existing leaders and gives us better entry prices on new seed deals.

Q4 priorities: close Tamweel Pay and Hakeem; lead the Athar Carbon bridge decision by 12 November; secure Zahra Health's Q2 and Q3 accounts.
Pipeline: 2 IC-approved, 5 in diligence, 31 screened this quarter. See the pipeline.
Reserves: $5.2mm of $6.0mm earmarked; we expect to call a further 10–15% of commitments over the next two quarters.
Annual meeting: 26 November 2026, Dubai, with a portfolio CEO panel.

12 · Notes

Notes and disclosures

Figures are unaudited and in US dollars. Audited annual financial statements follow within 120 days of the year end.
Fair values are the GP's estimates under IFRS 13 and the IPEV Valuation Guidelines, and may differ from values realised on exit.
Net IRR uses daily cash flows between the fund and its investors, net of management fees, fund expenses and accrued carried interest, from the first capital call on 20 July 2025. Gross IRR uses investment-level cash flows before fees, expenses and carry.
TVPI, DPI and RVPI are calculated on paid-in capital. Net multiples deduct accrued carried interest.
Each investor's capital account is their pro-rata share by commitment, adjusted for any side-letter terms.
This report is confidential and prepared only for the limited partners of Sahm Ventures Fund I, L.P. Forward-looking statements are not guarantees of future results.