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The European Bank for Reconstruction and Development (EBRD) plans to invest €30 million in the new investment fund Horizon Capital Catalyst Fund SCSP (Catalyst Fund), which was announced by Horizon Capital in the summer of 2025 with a targeted volume of €300 million.
This is reported by Finway
Investment Directions and Goals of the Catalyst Fund
The Catalyst Fund will focus its investments on mid-cap companies with significant assets, as well as promising projects in Ukraine. Special attention will be paid to the energy, digital infrastructure, construction services, and materials sectors. The main goal of the fund is to promote long-term capital growth and mobilize new resources for the development of the Ukrainian economy.
“The goal of the fund is to unite investors who support Ukraine now, rather than after the war ends, by raising at least €300 million, which will allow for the mobilization of €3.5 billion in capital for Ukrainian assets and projects, providing a tenfold multiplier effect.”
The EBRD Board of Directors’ decision regarding participation in the fund is expected on December 17, 2025. Horizon Capital has already announced plans to attract at least €300 million for the Catalyst Fund by engaging investors who are ready to support Ukraine today.
Investment Strategy and Previous Experience
The fund anticipates investments in mid-cap companies ranging from €20 to €50 million per project. At the time of launch, over 30 potential deals were already under consideration, with a total capital need exceeding €2 billion. The Catalyst Fund will typically operate in partnership with European strategic companies and investment funds, facilitating the attraction of international capital to Ukraine.
As an example of successful investments, Horizon Capital cites the telecommunications deal involving Datagroup-Volia-lifecell, which attracted the French strategic investor NJJ in December 2024. As a result of this transaction, a 30-fold multiplier effect on invested capital was achieved.
The fund’s presentation emphasizes that the Catalyst Fund does not compete but complements existing infrastructure and asset buyout funds for Ukraine. The fund aims to become a minority partner with added value for local and international operators, as well as to benefit from the anticipated accession of Ukraine to the EU during the fund’s duration.
Horizon Capital currently manages six private equity funds, involving over 40 institutional investors and assets totaling $1.6 billion. Among them are: WNISEF ($150 million), Emerging Europe Growth Fund (EEGF, $132 million), EEGF II ($370 million), EEGF III ($200 million), HCGF II ($258.3 million), and HCGF IV ($350 million). Funds from these funds have already been invested in over 170 companies, providing jobs for more than 80,000 people in Ukraine and Moldova.
Previously, the EBRD had already invested in Horizon Capital funds, including €40 million in the previous fund HCGF IV.
