Kyiv-based private equity firm Horizon Capital has secured a total of EUR 152 million ($181 million) in commitments from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), France's Proparco, Swedfund, Norfund, and Dutch FMO at the initial closing of its Ukraine reconstruction-focused Catalyst Fund.
Since launching fundraising for the Catalyst Fund in July 2025, Horizon Capital has secured over 50% of its EUR 300 million target, and plans to mobilise EUR 3 billion for Ukraine's key sectors, including energy, digital infrastructure, and construction.
The Catalyst Fund enables investing in high-impact, labour and capital-intensive sectors that generate over 10% of Ukraine's annual GDP and employ over 650,000 people, Horizon Capital CEO Lenna Koszarny said following the first closing at the World Economic Forum in Davos.
"We intend to invest EUR 20–50 million in growth capital per transaction from Catalyst Fund, while providing significant co-financing opportunities to its investors," said Catalyst Fund lead Dmytro Boroday.
Horizon Capital has a pipeline of over 30 transactions, with the first four deals of EUR 110 million expected to attract over EUR 1 billion in capital for Ukraine.
The biggest individual investor in the Catalyst Fund's initial closing, the IFC, which has committed EUR 50 million, said it has also set aside a EUR 50 million co-investment envelope to invest alongside the fund in selected companies.
"Equity capital is vital to Ukraine's recovery. In a high-risk environment, it provides the patient capital companies need to withstand shocks, rebuild, and grow. IFC's investment in the Horizon Capital Catalyst Fund helps absorb risk, catalyze additional private investment, and restore the critical infrastructure that businesses and communities rely on. This is how private capital can move – even under the most challenging conditions," said IFC Managing Director Makhtar Diop.
Horizon Capital has over $1.8 billion in assets under management from investors with a capital base exceeding $700 billion. Its investment strategy focuses on Ukraine and Moldova. Horizon Capital-managed funds have invested in over 190 companies employing over 56,000 people.
