About This Fund
Horizon Capital Catalyst Fund is a €300 million reconstruction-focused private equity fund managed by Horizon Capital, a leading Kyiv-based private equity firm with $1.8 billion in assets under management and a 25-year track record investing in Ukraine and Emerging Europe. The fund was established to address the critical equity capital shortage facing Ukraine's reconstruction effort, channeling institutional capital into private-sector assets that form the backbone of the country's economic recovery. At its first closing on January 20, 2026, the fund had secured over €152 million in commitments, representing more than 50% of its target.
The Catalyst Fund deploys minority growth capital alongside lead private-sector partners in asset-heavy, domestic-oriented businesses across Ukraine's energy, digital infrastructure, and construction sectors. Typical transaction sizes of €20–50 million are structured to generate a 10x multiplier effect, with the fund's €300 million expected to catalyze over €3 billion in total capital mobilization from co-investors. The fund's LP base is anchored entirely by development finance institutions and impact-oriented multilateral organizations, including the International Finance Corporation (IFC, up to €50 million), the European Bank for Reconstruction and Development (EBRD, €30 million), Proparco, Swedfund, Norfund, and FMO, providing the fund with both capital and DFI co-investment networks.
Horizon Capital launched the fundraising at the Ukraine Recovery Conference in Rome in July 2025 and reached first close in just six months, demonstrating strong institutional conviction in Ukraine's reconstruction investment case. The firm's prior funds — including Horizon Capital IV and earlier vehicles — have invested in over 100 Ukrainian companies across agriculture, food production, IT, and financial services, providing deep local deal-flow and operational networks for the Catalyst Fund's deployment strategy.