Horizon Capital, one of Ukraine’s leading private equity firms, has launched a fundraising campaign for its new Horizon Capital Catalyst Fund SCSp (“Catalyst Fund”), targeting €300 million in commitments. The initiative was officially announced in July 2025 at the Ukraine Recovery Conference 2025 in Rome, with the goal of attracting investors who want to support Ukraine during wartime, rather than waiting until after the war’s end. The fund aims to mobilize up to €3.5 billion of capital into domestically-oriented companies and projects, creating a 10x multiplier effect for strategic investment in Ukraine’s economy.
Investment Focus and Strategy
The Catalyst Fund is designed to provide minority equity investments primarily in mid-sized Ukrainian companies and capital-intensive projects, with typical investment tickets ranging from €20 million to €50 million. It will focus on sectors that are critical for Ukraine’s economic recovery — including energy, digital infrastructure, and construction — and invest in partnership with European strategic investors and global funds looking to enter or expand in the Ukrainian market.
First Closing and Institutional Support
In January 2026, the Catalyst Fund achieved a first closing at over €150 million, raising more than 50 % of its €300 million target in just six months since its launch — a record pace for such a Ukraine-focused vehicle. This milestone was marked at Ukraine House Davos during the World Economic Forum. Anchor investors committing to the first closing include the International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Proparco (France), Swedfund (Sweden), Norfund (Norway) and FMO (Netherlands), highlighting strong international institutional support for Ukraine’s long-term growth prospects.
The EBRD also formally confirmed plans to contribute €30 million in commitments to the fund, emphasizing private equity’s role in driving innovation, job creation, and competitiveness in Ukraine’s recovery.
First Investment — Renewable Energy Project
Shortly after the first closing, Horizon Capital Catalyst Fund announced its first investment: a €124 MW wind energy project in Odesa region developed by German renewable energy company Notus Energy. The fund is expected to take a 45 % equity stake in the project, which is anticipated to mobilize over €220 million in total investment — including structured debt financing — and will contribute to Ukraine’s energy security and clean energy transition. The project is projected to produce approximately 378 GWh of clean electricity annually, sufficient to power around 120 000 households, and to reduce CO₂ emissions by roughly 244 000 tons per year.
Long-Term Vision and Market Impact
Horizon Capital has stated that the Catalyst Fund is meant to complement other Ukraine financing vehicles, not compete with infrastructure or real asset funds. By acting as a value-adding minority shareholder, it seeks to crowd in additional capital, accelerate capital formation in Ukraine, and capitalize on the country’s expected EU accession over the medium term. The fund’s strategy also builds on Horizon Capital’s track record of successful transactions, such as the Datagroup-Volia-lifecell telecom deal — viewed as a model for catalyzing strategic foreign entry into the Ukrainian market.
About Horizon Capital
Founded over 30 years ago, Horizon Capital currently manages over $1.8 billion in assets across multiple private equity funds. Its portfolio spans more than 190 companies, collectively employing tens of thousands of people in Ukraine and the broader region. The firm has a long history of supporting growth in local businesses and attracting additional debt and equity financing for its portfolio companies.
