European Investment Bank’s EU for Ukraine Fund finances its first project

On 4 December, the EU for Ukraine Fund, managed by the European Investment Bank (EIB), greenlighted the fund’s first project financing — an investment of €25 million in Ukraine’s equity growth fund Horizon Capital Growth Fund IV (HCGF IV) managed by Horizon Capital, a leading private equity manager in Ukraine.

Backed by institutional investors including the EIB, HCGF IV seeks to enhance the market presence of businesses in Ukraine and Moldova and support their expansion efforts, particularly in sectors such as IT services and products, e-commerce, innovative retail and consumer goods, and fintech. Currently, HCGF IV is in the process of raising at least €274 million ($300 million) to make growth equity investments, with a focus on tech and export-oriented small and medium-sized enterprises (SMEs) in Ukraine and Moldova. 

The EU for Ukraine Fund, initiated by the EIB in spring 2023, is part of the broader EU for Ukraine initiative, which aims to address Ukraine’s urgent needs and bolster economic stability. With over €400 million initially committed by 18 EU Member States, the Fund’s primary aim is to support public and private projects, mainly in municipal infrastructure and access to finance for Ukrainian entrepreneurs.

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Press release

EU for Ukraine Fund