The US–Ukraine Reconstruction Investment Fund has formally opened the intake of investment proposals and is preparing to close its first three transactions within the year. The launch of the operational phase was announced by Ukraine’s Ministry of Economy, Environment and Agriculture.
The Fund was established as a long-term instrument to attract private capital into Ukraine’s reconstruction, with the participation of the state and international financial institutions. Its launch marks the transition from a preparatory phase to the practical implementation of investments.
Focus on structured projects and international investors
According to Oleksii Sobolev, Minister of Economy, Environment and Agriculture of Ukraine, the Fund’s priority is well-prepared, scalable projects capable of delivering tangible economic impact and being clearly understood by international investors.
“Our goal for this year is to sign the first three investment agreements. These should be strong, well-structured projects in priority sectors that can deliver practical results for Ukraine’s recovery,” he said.
The Fund expects its first investments within the coming months, making 2026 the starting point of its active investment phase.
Online portal and selection process
The Ministry of Economy, together with the U.S. International Development Finance Corporation (DFC), has launched an online portal for submitting investment proposals. Companies and investors can use this platform to apply for consideration.
The selection process includes:
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preliminary screening of applications by the Fund’s team;
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requests for additional materials (financial models, project structure, implementation readiness, partner information);
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risk assessment and mitigation analysis, taking into account the sector, project stage, and financing instrument.
Priority investment sectors
At the initial stage, the Fund will focus on projects in sectors of strategic importance to the economy:
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critical minerals (upstream and midstream);
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energy, including generation, transmission, and hydrocarbon extraction;
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transport and logistics;
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information and communication technologies;
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advanced and deep technologies.
During the early years of operation, the Fund will prioritize equity and quasi-equity investments, in line with a long-term reconstruction and business scaling strategy.
Fund structure and capitalization
The United States–Ukraine Reconstruction Investment Fund was established under an intergovernmental agreement between Ukraine and the United States. Its initial capitalization amounts to $150 million, formed on a parity basis:
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$75 million contributed by the United States through DFC;
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$75 million contributed by the Ukrainian side.
The Fund’s governance structure includes a Steering Board and four specialized committees: investment, audit, administrative, and project sourcing. Alvarez & Marsal has been appointed as the Fund’s key operational partner and investment adviser.
Investment horizon and scale
According to government estimates, the Fund’s size could increase to approximately $200 million by the end of 2026. With co-investment from private investors, additional hundreds of millions of dollars could be mobilized into Ukraine’s economy.
The Fund forms part of a broader framework of joint US–Ukraine development instruments. Earlier, President Volodymyr Zelenskyy announced the creation of several funds, including a reconstruction fund, a development fund, and a growth and opportunity fund for Ukraine.
Context for InVenture investors
The launch of the project intake signals the practical entry of institutional US capital into active deal-making in Ukraine. For Ukrainian companies, this is a signal to prepare:
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mature financial models;
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clear ownership structures;
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transparent corporate governance;
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partnership configurations with international investors.
For investors, the Fund represents an anchor instrument with a strong political and institutional mandate, focused on long-term investments in Ukraine’s reconstruction and structural economic transformation.
