The U.S.–Ukraine Reconstruction Investment Fund is close to making its first investments and is exploring how to scale through partnerships with other development finance institutions, according to a senior fund official.
Conor Coleman, a board member of the fund and head of investments at the U.S. International Development Finance Corporation, said he is considering how to bring in “like-minded” DFIs.
"We are starting to think about ... how do we scale this investment platform," Coleman said during a panel discussion at Ukraine House Davos on Jan 20. "How do we partner with fellow, like-minded private sector DFIs to bring in additional vehicles, whether that be at the co-invest level, co-invest vehicles, or just bringing them in as preferred partners at the project level overall."
"We're going to partner with other kind of private sector DFI institutions that have some grant or concessional based financing overall," he added. "But this is going to be a fund that is targeted making returns, and both has a catalytic portfolio and a commercially driven portfolio."
Fund to make 3 investments in 2026
Ukrainian Economy Minister Oleksii Sobolev said at the same panel that the fund plans to make three initial investments this year.
“The whole structure has been set up already to be able to do the investments,” Sobolev said, adding that the first deals “should be profitable to people and to the fund.” He said the fund will invest directly in Ukraine and will not acquire properties or mineral licenses, with a mandate covering critical minerals, energy, infrastructure, and IT solutions supporting critical infrastructure.
Coleman said the fund will consider greenfield projects, brownfield or M&A-style expansions, and growth or venture investments, and is preparing to hold its first prospecting committee meeting in late January or early February, followed by an initial investment committee meeting within the next few months.
Clip of Conor Coleman on partnering with DFIs
Event Metadata
Panel: Partners in Prosperity: Ushering in a New Era of U.S.-Ukraine Economic Partnership
Time: Jan 20
Format: Panel discussion (90 minutes)
Location: Ukraine House Davos
Moderator:
- Andy Hunder – President, American Chamber of Commerce in Ukraine
Speakers:
- Oleksii Sobolev – Minister of Economy, Environment and Agriculture of Ukraine
- Conor Coleman – Head of Investments, U.S. International Development Finance Corporation (online)
- Sergii Koretskyi – Chairman of the Board and CEO, Naftogaz of Ukraine
- Geoffrey Pyatt – Senior Managing Director, Energy and Critical Minerals Practice, McLarty Associates
- Dennis A. Johnson – Chairman of the Board, Ukraine-Moldova American Enterprise Fund
- Lenna Koszarny – Founding Partner and CEO, Horizon Capital
- Ernesto Torres Cantú – Head of International, Citi
