Kyiv-Based Horizon Capital Holds First Closing of Reconstruction-focused Catalyst Fund, Raised >€150m of €300m Target in 6 Months; Aim to Mobilize €3bn for Key Sectors in Ukraine
DAVOS, Switzerland, Jan. 20, 2026 /PRNewswire/ -- Horizon Capital, a leading private equity firm in Emerging Europe with $1.8 billion under management, held an Initial Closing today of reconstruction-focused Horizon Capital Catalyst Fund ("HCCF", "Catalyst Fund"). The firm has secured over 50% of its €300 million target in a record six months since officially launching fundraising at Ukraine Recovery Conference in Rome last July. Focusing on minority investments alongside lead partners, Catalyst Fund was formed to address the critical equity capital shortage in Ukraine for essential sectors of Ukraine's economy, including energy, digital infrastructure, and construction.
Horizon Capital intends to mobilise €3 billion for Ukraine – a 10x multiplier effect - by providing first, reputable, catalytic capital to asset-heavy, domestic-oriented companies and projects alongside world-class global strategics and funds to accelerate their market entry to Ukraine and/or alongside visionary Ukrainian partners. With this new fund, Horizon Capital intends to replicate the success of its landmark Datagroup-Volia-Lifecell telecom transaction – the largest M&A deal in Ukraine in the last decade - catalyzing market entry of global tech and telecom visionary Xavier Niel to Ukraine and remaining his local minority partner in-country. Catalyst Fund joins Horizon Capital's flagship Growth Fund family of funds, expanding the firm's investment reach from tech, export-oriented and fast-growing domestic companies to greenfield projects and companies in sectors that are essential to Ukraine's future economic growth and prosperity.
Catalyst Fund's first closing was held on January 20, 2026 at Ukraine House Davos alongside the World Economic Forum joined by Oleksii Sobolev, Minister of Environment and Agriculture of Ukraine. Catalyst Fund is backed by esteemed institutions, including the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), Société de Promotion et de Participation pour la Coopération Économique (Proparco), Swedfund International AB (Swedfund), the Norwegian Investment Fund for Developing Countries (Norfund) and the Dutch Entrepreneurial Development Bank (FMO). In anchoring the first closing of the Catalyst Fund to enable investing in asset-heavy sectors now, not when the war is over, these esteemed investors send a powerful signal of confidence in Ukraine's long-term growth and economic prosperity. Their commitment to the Catalyst Fund will enable Horizon Capital to move quickly to advance its robust pipeline of over 30 transactions, with the first four deals of €110 million expected to attract over €1 billion in capital for Ukraine.
"Launching Catalyst Fund is a significant milestone for Horizon Capital during our twentieth anniversary year. It is the second Ukraine-dedicated fund that we have launched since the full-fledged invasion, propelling the firm to over $1 billion raised for Ukraine in the last decade, and enables investing in high-impact, labor and capital-intensive sectors that generate over 10% of Ukraine's annual GDP and employ over 650,000 people while equity capital remains scarce," said Lenna Koszarny, Founding Partner and Chief Executive Officer of Horizon Capital. "On behalf of Catalyst Fund Lead Partner Dmytro Boroday, myself and our entire Horizon Capital team, we extend our immense gratitude to our existing and new investors for committing to Catalyst Fund in record time thus enabling capital to be deployed in Ukraine immediately, as well as for their steadfast belief in our vision, investment strategy, team, track record, and for this strong signaling effect to the market."
Dmytro Boroday, Partner at Horizon Capital and Catalyst Fund Lead continued: "Catalyst Fund is built for partnerships. We intend to partner with global investors, accelerating their market entry to Ukraine alongside Horizon Capital as their local partner, as well as partner with Ukraine's leading entrepreneurs and management teams in building scalable, world-class businesses in strategic sectors of Ukraine's economy with Horizon Capital beside them every step of the way as they invest and grow. We intend to invest €20–50 million in growth capital per transaction from Catalyst Fund, while providing significant co-financing opportunities to its investors. By deploying catalytic equity, we aim to increase the number of bankable transactions in Ukraine, accelerate capital mobilization, and crowd in up to €3 billion of follow-on equity and debt into critical sectors of Ukraine's economy that will power recovery and reconstruction."
Horizon Capital is the leading private equity firm in Emerging Europe with over $1.8 billion in AUM from investors with a capital base exceeding $700 billion. The firm's investment strategy focuses on backing visionary entrepreneurs leading fast-growing businesses in Ukraine and Moldova. Horizon Capital-managed funds have invested in over 190 companies employing over 56,000 people. HCCF aims to reach its €300 million target fund size and stands as a testament to institutions uniting in support of Ukraine's promising future.
This press release is provided for information purposes only. Horizon Capital is not hereby providing investment advice or providing any person with any right to rely on the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy limited partnership interests in Horizon Capital Catalyst Fund (the "Interests") or any other security in any jurisdiction and shall not, in any circumstance, constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. There is no public offering of the Interests. The Interests are being offered by means of a private placement to suitable investors.
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SOURCE Horizon Capital
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