Amber Dragon Ukraine Infrastructure Fund I (ADUIF I), established by Ukrainian investment company Dragon Capital together with international infrastructure investor Amber Infrastructure, has announced a first close at €207 million and the effective launch of investments in Ukrainian infrastructure. The fund’s capital will be directed toward projects in energy, transport, and digital infrastructure, with the first deals expected to be announced in the near term, according to the fund managers.
The launch of ADUIF I has become one of the most notable investment developments for Ukraine in 2026, as it represents the first dedicated infrastructure fund focused exclusively on Ukrainian projects. The fund was designed as an instrument for the country’s long-term recovery and modernization, and its first close marked the next stage following the signing of agreements at the World Economic Forum in Davos in January 2026.
The fund’s anchor investors include major international financial institutions and state development institutions. Participants in the financing include the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation of the World Bank Group, Sweden’s Swedfund, and Denmark’s Impact Fund Denmark. It had earlier been reported that the EBRD would invest €60 million in the fund, the EIB €50 million, IFC €40 million, and Swedfund €20 million. An additional confidence factor for the project is that part of IFC’s investment is backed by guarantees from the European Commission and the Government of France, reducing the risk of investing in Ukraine during wartime.
The fund managers themselves — Dragon Capital and Amber Infrastructure — are also committing their own capital to ADUIF I, underscoring their confidence in the prospects of the Ukrainian market and the country’s infrastructure recovery potential. Yevhen Baranov, Head of Infrastructure at Dragon Capital, said that Ukraine is now moving from the stage of international commitments to real investment action.
The fund plans to focus on projects that are critical to the resilience of the Ukrainian economy. The main priority will be energy, where demand for distributed generation, backup capacity, and energy storage systems has risen sharply following large-scale destruction of infrastructure. The fund’s first known project is Power One, an energy project in Zakarpattia region presented at the Ukraine Recovery Conference 2025 in Rome. The project provides for the installation of 36.8 MW of gas piston units and 31.5 MW of energy storage systems. Its total cost is estimated at €41.8 million, of which the EBRD is providing a €22.3 million loan.
In addition to energy, the fund intends to invest in transport and logistics infrastructure, the modernization of which has become particularly important after Ukraine’s export routes changed due to the war. This includes improving logistics chains, developing transport assets, and removing infrastructure bottlenecks for Ukrainian exports. Another focus area will be digital infrastructure, including telecommunications, data centers, and digital services, whose resilience has gained strategic importance for the country.
Dominikas Tuckus, Fund Manager and Senior Investment Director at Amber Infrastructure, noted that Ukraine has strong human capital and a large number of private infrastructure projects that need access to long-term equity financing. According to him, the fund is intended to become a reliable long-term investment partner for Ukrainian developers.
The creation of ADUIF I is viewed as part of a broader system for attracting international capital to Ukraine’s recovery. Dragon Capital founder Tomas Fiala said that the fund had initially been planned to grow to €350 million, but it was later decided to develop an even larger initiative — the Amber Dragon European Fund for Ukraine, with a target size of around €1 billion. That fund will co-invest alongside ADUIF I and the Rebuild Ukraine Fund, forming a new platform for financing the recovery of the Ukrainian economy.
For Dragon Capital, the launch of the fund marks a further expansion of its presence in Ukraine’s recovery investment projects. Founded by Tomas Fiala, the company has invested more than $700 million in Ukrainian real estate and private equity over the past decade and currently manages assets of around $1 billion. Amber Infrastructure, which is part of Boyd Watterson Global Asset Management Group, manages infrastructure assets worth approximately $19 billion and has experience in more than 200 infrastructure investments worldwide. The involvement of such an international partner is expected to strengthen foreign investor confidence in Ukrainian infrastructure projects and facilitate the attraction of new capital into the country.
