The announcement was made during the Ukraine Recovery Conference (URC2025) in Rome. The fund aims to attract investors willing to support Ukraine during wartime, create a 10x multiplier effect, and mobilize up to €3.5 billion in investments into domestically oriented companies and projects. The first closing is expected in Q4 2025.
The Catalyst Fund will focus on investments in mid-sized companies, with ticket sizes ranging from €20–50 million, primarily in partnership with European strategic investors. Over 30 potential projects have already been identified, representing funding needs exceeding €2 billion.
Horizon Capital emphasized that the fund will complement infrastructure and real asset vehicles by acting as a value-adding minority shareholder. A strong emphasis is placed on partnerships with investors seeking to capitalize on Ukraine’s potential EU accession in the medium term.
Partner Dmytro Borodai noted that Horizon Capital has been investing in Ukrainian businesses for over 30 years and currently manages $1.6 billion in assets. Since 2014, the firm has raised $900 million across three funds, while its portfolio companies have attracted an additional $3 billion in debt and equity financing. The firm’s post-2022 fund, HCGF IV, has already demonstrated an annual growth rate of 40%.
