The International Finance Corporation (IFC), part of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) intend to become key investors in the newly established Horizon Capital Catalyst Fund SCSP (Catalyst Fund). According to information published by IFC, the corporation plans to invest €50 million in the fund, while the EBRD’s contribution will amount to €30 million.
The investment decision was approved by the IFC Board of Directors in early 2026, and the parties are currently in the process of preparing and signing the necessary legal documentation. In addition, IFC, together with the fund, is prepared to co-invest up to an additional €50 million directly into future portfolio companies of the Catalyst Fund.
The European Bank for Reconstruction and Development, in turn, approved its €30 million equity investment in Horizon Capital Catalyst on December 17, 2025.
Horizon Capital announced the launch of the new €300 million fund in the summer of 2025. The fund is domiciled in Luxembourg and is focused on strategic domestic sectors of the economy that are critical to Ukraine’s recovery. Priority areas include digital infrastructure, energy, construction materials manufacturing, and selected industrial sectors.
The Catalyst Fund is designed as a catalytic instrument to support the country’s recovery and attract large-scale investment. Through partnerships with global strategic investors, international financial institutions, and Ukrainian founders and business operators, the fund aims to mobilize up to €3 billion in investment into Ukraine’s economy.
The fund is expected to invest between €20 million and €50 million per project, primarily in the form of equity, quasi-equity, and project finance. Investments will be made through minority stakes in 8–10 mid-cap, actively operating Ukrainian companies. In certain cases, investments in Moldova may also be considered, provided there is a strategic link to Ukraine and a direct economic benefit for the country.
Horizon Capital is one of the leading investment firms in Central and Eastern Europe. The firm manages six private equity funds backed by more than 40 institutional investors, with total assets under management of $1.6 billion. These include WNISEF ($150 million), Emerging Europe Growth Fund (EEGF, $132 million), EEGF II ($370 million), EEGF III ($200 million), HCGF II ($258.3 million), and HCGF IV ($350 million). These funds have invested in more than 170 companies, which currently employ over 80,000 people in Ukraine and Moldova.
IFC and the EBRD already have significant experience working with Horizon Capital. In particular, their investments in the previous HCGF IV fund amounted to $60 million from IFC and €40 million from the EBRD.
