The European Bank for Reconstruction and Development (EBRD) is preparing to commit €30mn to the Horizon Capital Catalyst Fund, a new vehicle targeting medium-sized Ukrainian companies as the country seeks to draw long-term capital during wartime, reported Ukraine Business News.

The EBRD’s Board of Directors is scheduled to decide on the investment on 17 December. The Catalyst Fund SCSP aims to raise €300mn and will focus on mid-cap firms with significant assets or projects in Ukraine, typically requiring investments of between €20mn and €50mn. Key sectors include energy, digital infrastructure, construction services and construction materials — areas considered central to Ukraine’s economic resilience and reconstruction.

Horizon Capital, one of Ukraine’s leading private equity managers, launched fundraising for the fund in June. The firm said its goal is to bring together investors “who support Ukraine now, not after the end of the war,” and to mobilise €3.5bn in domestic market assets across varied investment themes. At launch, the fund was already reviewing more than 30 potential deals with combined capital needs exceeding €2bn. A first closing is planned for the fourth quarter of 2025. The EBRD remains a long-standing backer of Horizon Capital, having committed €40mn to its HCGF IV fund.

Separately, the EBRD said it is moving forward with efforts to create a new stock exchange in Ukraine, a project intended to modernise the country’s capital markets and attract international investors. All required legal amendments are expected to be completed by year-end, paving the way for a tender to select a strategic investor with experience in stock market infrastructure. The initiative is seen as a key step toward deepening Ukraine’s financial integration with Western markets and supporting its broader reconstruction plans.