Dragon Capital investment company plans to increase the total assets of three investment funds created jointly with British-American infrastructure company Amber Infrastructure to €1.3 billion by the end of 2027. To date, around €600 million has already been raised for these funds, while by the end of 2026 the company expects to bring the total capital volume to €1 billion.
This was announced by Dragon Capital founder and CEO Tomas Fiala during the Exim Talks 2026 conference organized by Ukreximbank.
According to Fiala, the current structure of the raised capital is as follows: $102.5 million has been attracted to the Rebuild Ukraine Fund (REBUF), around €200 million to the Amber Dragon Ukraine Infrastructure Fund I, and €260 million to the Amber Dragon European Fund for Ukraine. Dragon Capital itself invested €40 million in the latter fund.
The flagship project of the partnership between Dragon Capital and Amber Infrastructure will be the Amber Dragon European Fund for Ukraine, a pan-European fund for Ukraine’s recovery, the creation of which was first announced at the Ukraine Recovery Conference 2025 in Rome. New investor commitments to this fund are expected at URC2026, which will take place in late June in Gdańsk, Poland.
Initially, the target sizes of REBUF and Amber Dragon Ukraine Infrastructure Fund I were $250 million and €350 million, respectively. However, it was later decided to concentrate further fundraising in the European flagship fund with a target size of €1 billion. At the same time, the two other funds will operate under a co-investment model, allocating investments in a 35% to 65% ratio.
Fiala noted that REBUF specializes in private equity investments in mid-sized businesses, Amber Dragon Ukraine Infrastructure Fund I focuses on infrastructure projects in energy, transport and digital infrastructure, while Amber Dragon European Fund for Ukraine is positioned as a large-scale reconstruction fund for Ukraine.
The head of Dragon Capital emphasized that investors do not intend to wait until the end of the war to start financing projects. According to him, the mandate of international financial institutions and European development funds acting as investors provides for the fastest possible deployment of capital into promising Ukrainian projects already today.
Fiala attaches particular importance to the partnership with Amber Infrastructure, one of the largest international asset managers in the infrastructure sector, which has been investing in infrastructure assets worldwide for more than 30 years. According to him, this cooperation makes it possible to attract not only capital to Ukraine, but also international expertise in the implementation of large-scale infrastructure projects.
Around 65% of the total investment pool is planned to be directed into infrastructure, with approximately 70% of these funds to be invested in greenfield projects — the construction of new facilities and the creation of new capacities.
As an example, Fiala cited the first project of the Amber Dragon Ukraine Infrastructure Fund I — the Power One energy project, which is being implemented jointly with former Ukrenergo CEO Volodymyr Kudrytskyi and his partners. Around 50 specialists have already been involved in the project.
The first phase of Power One provides for the commissioning of 70 MW of capacity. The connection of facilities began in January 2026 and is expected to be completed in the coming months. At the same time, the second phase of the project has already started, which will add almost 200 MW of generating capacity within a year and a half. In addition, the company is developing the third phase of the project, which will include energy storage systems and gas-fired balancing capacities.
In addition, Dragon Capital is considering around 20 wind generation projects and may invest in 4–5 of them.
Fiala explained the strong investor interest in Ukraine’s energy sector by the structural changes that have taken place during the war. Among the key factors, he named the destruction of around 75% of the country’s generating capacity, Ukraine’s integration into the European energy system with the ability to export and import electricity, the severing of energy ties with Russia and Belarus, and the transition toward distributed and renewable energy.
According to the head of Dragon Capital, without these changes, the company would hardly have invested actively in Ukraine’s energy sector. However, the current transformation has made the sector one of the most promising areas for investment. He also expects electricity prices to remain relatively high in the coming years.
Fiala said that since 2024 Dragon Capital has already invested €25 million of its own funds in the energy sector and attracted an additional €25 million from the European Bank for Reconstruction and Development and the Government of Norway.
At the same time, energy remains only one of the areas of future investment. According to Fiala, its share in the overall investment pool is likely to be less than half. Other priorities include transport and digital infrastructure, private equity projects in the food industry and services sector, as well as areas related to Ukraine’s European integration.
