Amber Dragon Ukraine Infrastructure Fund I has announced a €200m first close against a target fund size of €350m. The fund is managed by Dragon Capital and Amber Fund Management Limited, with the relevant agreements signed at the Ukrainian House in Davos.
The first close attracted leading international development finance institutions and state-backed investment funds, including the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation (part of the World Bank Group), as well as Swedfund and Impact Fund Denmark. Previously, the EBRD stated its intention to invest €60m in the fund, IFC €40m, the EIB €50m, and Swedfund €20m. Dragon Capital is also committing €20m of its own capital, with a matching co-investment from Amber Fund Management.
Dragon Capital founder and CEO Tomas Fiala said the firm has effectively already begun investing under the fund’s strategy. Over the past 12 months, a portfolio of three projects has been assembled, including an energy project, a terminal, and a technology park. One of the energy projects has already secured €22m in financing from the EBRD.
A representative of Amber Fund Management Limited, part of Boyd Watterson Global Asset Management Group LLC, noted that the company’s funds have previously invested around €1bn in countries neighboring Ukraine, providing substantial regional experience and underpinning positive expectations for the new fund created jointly with local partner Dragon Capital.
For its part, the European Investment Bank said it is currently implementing around 500 projects across 149 municipalities in Ukraine and views Amber Dragon Ukraine Infrastructure Fund I as an important long-term partner in infrastructure recovery and development.
Earlier, at the URC2025 conference in Rome, Dragon Capital Managing Director and Head of Infrastructure Yevhen Baranov said that over the past year Dragon Capital and Amber had built a robust project pipeline capable of attracting even more capital than the fund’s planned size.
The fund’s strategy предусматривает investments in controlling stakes or co-investments with partners, with an average ticket size of €20–50m. Energy will be the core focus, while transport and digital infrastructure projects are also under consideration due to significant war-related deficits. The fund is most comfortable with projects in the €30–50m range, and in some cases up to €70m. A more active investment phase is planned to begin early next year.
The fund’s first announced project is the distributed energy project Power One (Power 1 LLC). Within this project, the EBRD provided a €22.3m loan against a total project cost of €41.8m. The project involves the installation of 36.8 MW of gas-fired generation and 31.5 MW of energy storage systems in the Zakarpattia region.
Dragon Capital is one of Ukraine’s largest investment groups, operating across investment banking, brokerage, private equity, and asset management. Founded in Kyiv in 2000, the group’s investment portfolio includes around 50 companies and real estate assets. According to Tomas Fiala, Dragon Capital invested approximately $700m in Ukraine in 2015–2021 excluding reinvestments, nearly $100m in 2025, and plans to exceed that figure in 2026.
