Kyiv-based private equity firm Horizon Capital has announced the first closing of its reconstruction-focused Horizon Capital Catalyst Fund (HCCF), securing over €150 million within six months of launch. The fund, targeting a total size of €300 million, is designed to address Ukraine’s critical equity gap and catalyze large-scale investment into sectors essential for the country’s recovery and long-term economic growth.
Financing Ukraine’s Reconstruction
The Catalyst Fund was formally launched during the Ukraine Recovery Conference in Rome in July 2025 and reached its first close on January 20, 2026, at Ukraine House Davos, on the sidelines of the World Economic Forum. The initiative reflects growing international confidence in Ukraine’s economic resilience despite ongoing challenges and underscores the urgency of mobilizing private capital during, rather than after, the conflict.
Operational Details: Catalyst Fund Strategy
Horizon Capital’s Catalyst Fund focuses on minority equity investments alongside strategic partners, targeting capital-intensive and domestically oriented sectors such as energy, digital infrastructure, and construction. The fund is structured to provide €20 million to €50 million per transaction while enabling significant co-financing from global investors.
The firm aims to generate a tenfold multiplier effect, mobilizing up to €3 billion in follow-on equity and debt financing to accelerate project development and market entry across Ukraine.
Economic Impact and Capital Mobilization
With equity capital remaining scarce in Ukraine, the Catalyst Fund seeks to unlock bankable projects and stimulate investment momentum. Horizon Capital expects its first four transactions, valued at €110 million, to attract more than €1 billion in total capital inflows. The fund complements Horizon Capital’s existing Growth Fund portfolio, expanding its investment scope to include greenfield projects and infrastructure-critical sectors.
Strategic Significance for Ukraine’s Recovery
The first closing of the Catalyst Fund is backed by prominent institutional investors, including the International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Proparco, Swedfund, Norfund, and FMO. Their participation signals strong international commitment to Ukraine’s long-term economic reconstruction and institutional stability.
The fund builds on Horizon Capital’s track record, including landmark transactions in telecommunications and infrastructure that have attracted global strategic investors into the Ukrainian market.
Leadership Perspective and Vision
Horizon Capital’s leadership emphasized the fund’s role in accelerating recovery through partnership-driven investments. With more than $1 billion raised for Ukraine over the past decade, the firm positions the Catalyst Fund as a mechanism to support employment-intensive sectors contributing over 10% of Ukraine’s annual GDP and employing hundreds of thousands of people.
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