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- EBRD commits €30 million to Horizon Capital Catalyst Fund (HCCF) at first closing
- HCCF secures over €150 million of its €300 million target, marked with signing at Davos; fund will invest in Ukraine’s economy to support reconstruction
- Partners include IFC and Swedish, French, Norwegian and Dutch international development agencies
The European Bank for Reconstruction and Development (EBRD) is making a €30 million commitment to Horizon Capital Catalyst Fund (HCCF), a fund that will invest in Ukraine to support reconstruction, marking a significant step in supporting private sector investments in Ukraine.
HCCF has secured over €150 million in commitments, more than 50 per cent of its target size, marking the achievement with a signing ceremony at Ukraine House Davos, in the context of the World Economic Forum’s Annual Meeting. Investors include the International Finance Corporation (IFC) and Swedish, French, Norwegian and Dutch international development and investment agencies Swedfund, Proparco, Norfund and FMO.
HCCF, launched with a €300 million target at the Ukraine Recovery Conference (URC) in Rome in July 2025, is designed to invest much-needed capital into Ukrainian businesses, fostering resilience and growth despite the challenges of today. The fund aims to channel investments from international players into Ukraine to facilitate their entry in the country and to foster recovery and long-term economic development.
HCCF will target capital-intensive, domestic-oriented mid-cap companies and projects primarily in the energy, digital infrastructure and construction sectors. Its focus on the energy sector will help improve energy security and resiliency in Ukraine.
Matteo Patrone, EBRD VP, Banking, said: “The EBRD’s €30 million investment reflects its strategic focus on supporting private equity initiatives that drive innovation, job creation and competitiveness. By backing HCCF, the EBRD reinforces its role as a key partner in Ukraine’s recovery, complementing its broader efforts in infrastructure, energy and financial sector reform.”
Lenna Koszarny, Horizon Capital Founding Partner and CEO, added: “Launching Catalyst Fund is a significant milestone for Horizon Capital during our twentieth anniversary year. It is the second Ukraine-dedicated fund that we have launched since the full-fledged invasion, propelling the firm to over $1 billion raised for Ukraine in the last decade. We are grateful to our esteemed investors for backing this asset-heavy, domestic-focused fund in record time to enable capital to be deployed in Ukraine immediately.”
Horizon Capital Catalyst Fund will continue to engage with investors to reach its €300 million target, ensuring robust support for Ukrainian enterprises and contributing to a sustainable, inclusive recovery.
The EBRD has a long-standing partnership with Horizon Capital, having invested in all the Horizon Capital-managed funds raised since 2017. Recent cooperation has included EBRD backing for funds such as Horizon Capital Growth Fund IV, which provided expansion capital to fast-growing technology and export-oriented companies.
The EBRD is Ukraine’s largest institutional investor. It has deployed over €9 billion in the country since the Russian invasion of 2022, supporting energy security, vital infrastructure, food security, trade and the private sector.