Horizon Capital Raises €150m at First Close of Ukraine Reconstruction Catalyst Fund

New updates have been reported about Horizon Capital.

Horizon Capital has reached the initial close of its Horizon Capital Catalyst Fund (HCCF), securing more than €150 million—over half of its €300 million target—in six months, and positioning the Kyiv-based private equity firm at the center of Ukraine’s reconstruction capital formation. The reconstruction-focused vehicle, launched at the Ukraine Recovery Conference in Rome in July 2025, targets minority stakes alongside lead partners in energy, digital infrastructure, construction, and other asset-heavy, domestic-oriented sectors that are critical to Ukraine’s economy. With $1.8 billion in assets under management and a two-decade track record in Emerging Europe, Horizon Capital aims to leverage HCCF as catalytic capital to mobilize up to €3 billion—approximately a 10x multiplier—by crowding in global strategics, development finance institutions, and private funds into bankable projects in Ukraine.

The first closing, held at Ukraine House Davos during the World Economic Forum, is anchored by key development finance and impact investors including IFC, EBRD, Proparco, Swedfund, Norfund, and FMO, who are explicitly backing Horizon Capital’s strategy to invest now rather than wait for the end of the war. Horizon Capital plans to deploy €20–50 million per transaction from HCCF, offering significant co-financing opportunities and targeting over 30 deals in its current pipeline, with the first four transactions of €110 million expected to catalyze more than €1 billion of total capital inflows. CEO and Founding Partner Lenna Koszarny framed HCCF as the firm’s second Ukraine-dedicated fund since the full-scale invasion and a key instrument for directing equity into sectors that generate over 10% of Ukraine’s GDP and employ more than 650,000 people, while Partner and Catalyst Fund Lead Dmytro Boroday emphasized a partnership-driven model with global investors and leading Ukrainian entrepreneurs. Strategically, the fund extends Horizon Capital’s historic focus beyond tech and export-led growth companies to greenfield and reconstruction-critical projects, aiming to replicate landmark successes such as the Datagroup-Volia-Lifecell telecom transaction and further entrench the firm as the go-to local partner for institutional capital deploying into Ukraine’s recovery and long-term growth.