IFC plans to commit EUR 50 mln to Horizon Capital Catalyst Fund
The International Finance Corporation (IFC), part of the World Bank Group, plans to invest EUR 50 million in the equity of the new Horizon Capital Catalyst Fund SCSp (Catalyst Fund), which the investment company Horizon Capital launched this summer with a target size of EUR 300 million.
According to the IFC website, the corporation will also consider co-investing up to EUR 50 million alongside the new fund into its future portfolio companies.
The IFC Board of Directors is expected to review the project on January 7 next year.
According to publicly available information, the Luxembourg-registered Horizon Capital Catalyst Fund will focus on strategic domestic sectors critical to Ukraine's recovery, including digital infrastructure, energy, building materials, and selected industrial segments. The fund aims to act as a catalyst for Ukraine's reconstruction and investment inflows, mobilizing up to EUR 3 billion through partnerships with global strategic investors, international funds, and Ukrainian founders and operators.
The fund expects to invest EUR 20–50 million per project, primarily in equity, as well as quasi-equity and project financing, acquiring minority stakes in 8–10 mid-cap, actively operating Ukrainian companies and, where possible, in Moldovan firms that have strategic linkages with and direct benefits for Ukraine.
Earlier, the EBRD announced its intention to join the Catalyst Fund with a EUR 30 million commitment. The bank's Board of Directors is scheduled to review the project on December 17 this year.
As reported by Interfax-Ukraine, Horizon Capital, Ukraine's leading private equity fund manager, announced the launch of fundraising for the Catalyst Fund in June.
"Its goal is to unite investors supporting Ukraine now, not after the war, and raise at least EUR 300 million ($350 million) to mobilize EUR 3.5 billion ($3.5 billion) of capital, a 10x multiplier effect, for domestic-oriented assets and projects across various investment themes," the fund's presentation in the Ukrainian Investment Catalogue at URC2025 stated.
At the time, various investors were still in assessment and due-diligence phases, while the first close was planned for Q4 2025. More than 30 potential deals were already under consideration, with capital needs exceeding EUR 2 billion.
According to Horizon Capital's plans, the Catalyst Fund will primarily co-invest with European strategic companies and funds seeking to partner with Horizon Capital as a trusted minority shareholder to accelerate their entry into the Ukrainian market.
One example cited was Horizon Capital's telecommunications deal Datagroup-Volia-lifecell, which brought France's NJJ Group into Ukraine as a major European strategic investor during the war in December 2024, achieving a 30x equity multiplier on Horizon Capital's investment.
"Catalyst Fund is designed to complement, not compete with, infrastructure and real-asset buyout funds being raised for Ukraine. It aims to become a minority partner with added value for local and international operators with deep sector expertise, benefiting from Ukraine's expected accession to the European Union during the fund's lifecycle," the presentation stated.
Horizon Capital manages six private equity funds (more than 40 institutional investors) with a combined $1.6 billion in assets, including 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). These funds have invested in more than 170 companies employing over 80,000 people in Ukraine and Moldova.
The EBRD has also previously invested substantial amounts in Horizon Capital funds, including a EUR 40 million commitment to the latest HCGF IV.