The European Bank for Reconstruction and Development (EBRD) has committed €30mn to the Horizon Capital Catalyst Fund (HCCF), a private equity vehicle aimed at supporting Ukraine’s economic recovery through investments in domestic businesses, the bank said in a press release.

The commitment was made at the fund’s first closing, with HCCF securing more than €150mn in investor commitments, over half of its €300mn target. The milestone was marked with a signing ceremony at Ukraine House in Davos on the sidelines of the World Economic Forum’s annual meeting.

Other investors include the International Finance Corporation (IFC) and several European development and investment agencies, including Sweden’s Swedfund, France’s Proparco, Norway’s Norfund and the Netherlands’ FMO.

Launched at the Ukraine Recovery Conference in Rome in July 2025, the fund is designed to channel international capital into Ukraine at a time when private sector investment remains constrained by war-related risks. HCCF will focus on capital-intensive, domestically oriented mid-cap companies, primarily in the energy, digital infrastructure and construction sectors.

“The EBRD’s €30mn investment reflects its strategic focus on supporting private equity initiatives that drive innovation, job creation and competitiveness,” said Matteo Patrone, the EBRD’s vice president for banking.

Horizon Capital’s founding partner and chief executive, Lenna Koszarny, said the fund would enable capital to be deployed in Ukraine “immediately”, adding that it was the firm’s second Ukraine-dedicated fund launched since Russia’s full-scale invasion.

The EBRD, Ukraine’s largest institutional investor, has invested more than €9bn in the country since 2022, backing energy security, infrastructure and private sector resilience.