Dragon Capital, a key player in Ukraine’s investment landscape, has announced a $20 million commitment to its own direct investment vehicle — Rebuild Ukraine Fund LP (REBUF). The fund’s first closing is expected in September 2025, according to Andriy Nosok, Managing Director and Head of Private Equity at Dragon Capital.
Nosok noted that REBUF has received strong backing from international financial institutions and development organizations, which are also committing capital to the fund. He highlighted Dragon Capital’s 25+ years of experience in private equity, including managing direct investment funds since 2010. REBUF is the firm’s third fund under this strategy.
REBUF has a broad investment mandate, with priority sectors including consumer goods, healthcare, pharmaceuticals, fintech, and construction materials. The fund will primarily target small and medium-sized enterprises (SMEs) with annual revenues of up to $50 million — a vital yet underfinanced segment of the Ukrainian economy. Due to size and transparency constraints, these businesses often fall outside the scope of traditional banks and international financial institutions.
“We are investing our own capital and have continued to support Ukrainian businesses since the summer of 2022. This demonstrates to our partners our long-term commitment and responsible approach,” Nosok emphasized.
He also commented on the EU’s proposed €500 million flagship recovery fund for Ukraine, noting concerns over potential access imbalances. He urged the introduction of a first-loss guarantee mechanism applicable to all funds, to broaden investor participation.
According to REBUF’s presentation, the fund targets a total size of $200–250 million, with individual investments ranging from $7 million to $30 million. The European Bank for Reconstruction and Development (EBRD) has already approved a $25 million commitment to the fund.
Founded in 2000, Dragon Capital offers a full range of investment banking, brokerage, and asset management services. Its portfolio includes around 50 businesses and real estate projects. Between 2015 and 2021, the firm invested approximately $700 million in Ukraine (excluding reinvestments), and it plans to deploy an additional $100 million in 2025.
Additionally, the EBRD and the European Investment Bank (EIB) intend to invest €60 million and €40 million, respectively, into the Amber Dragon Ukraine Infrastructure Fund I, which is targeting a total fund size of €350 million. The EBRD board is expected to review the project on September 24.
