First step: €150 million — more than just a number
Horizon Capital announced the first close of the Catalyst Fund, raising over €150 million. This is about half of the fund's stated closing target, achieved in just six months after its launch at the Conference on the Recovery of Ukraine in Rome (July 2025). The information was published in the company’s official press release.
Fund structure and priorities
The fund is focused on minority investments in partnership with leading investors. Priority sectors are energy, digital infrastructure and construction — areas that face the largest shortfall of private capital and offer the highest multiplier effect for the economy.
Horizon Capital manages assets of over $1.8 billion and has prior experience raising capital for Ukraine: in 2023 the firm raised $254 million through Horizon Capital Growth Fund IV.
"Catalyst Fund was created to invest in key sectors of the Ukrainian economy with a multiplier effect of up to ten times"
— Horizon Capital press service
Why this matters now
Money during reconstruction is not only about direct transactions, but a signal of international trust. The fund's first close shows that some investors are ready to back projects with tangible assets and a focus on the domestic market. For Ukraine, that means more projects, jobs and the restoration of critical infrastructure.
Risks and what’s next
A positive start does not remove outstanding questions: whether the planned €3 billion can be mobilized in full, how quickly projects will pass risk assessment, and whether there will be sufficient government support to accelerate investment implementation. Much of the success will depend on how effectively private investors collaborate with the state and local companies.
Bottom line: the Catalyst Fund's first close is an important signal to investors and partners. The next step is to turn that vote of confidence into signed contracts and real infrastructure projects. Whether that succeeds is a question for investors, the state and the market together.
