Dragon Capital raises $102.5 mln for Rebuild Ukraine Fund toward its $250 mln target, launches investment activity
Leading Ukrainian investment company Dragon Capital has announced the successful first closing of its new private equity fund, the Rebuild Ukraine Fund (REBUF), at $105 million, against a target size of $250 million, and the launch of investment activity across the country.
"Our company invested $20 million. The remaining five investors are international financial institutions – development finance institutions (DFIs) from European countries. Unfortunately, there are no private investors yet: many are watching, but are not ready to make such investments with a 10-year horizon while the war is ongoing," Dragon Capital founder Tomas Fiala said on Friday during a discussion hosted by the Centre for Economic Strategy on the key trends of the year for Ukraine's economy.
The release notes that this is the first fund since the start of the full-scale war that has been able to raise capital for investment in real assets in Ukraine.
"The fund's investment focus covers small and medium-sized enterprises (SMEs), as well as larger companies in Ukraine, in sectors critical to economic resilience and recovery," the document says.
These include, in particular, consumer goods and services, healthcare, pharmaceuticals, financial services, agribusiness-related sectors, building materials production, retail, and technology.
"Small- and medium-sized businesses form the backbone of Ukraine's economy, but due to the war they are facing a severe shortage of capital," said Andriy Nosok, Managing Director and Head of Private Equity at Dragon Capital.
The first closing was made possible thanks to strong support from leading development finance institutions, including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Norfund, BIO – the Belgian Investment Company for Developing Countries, among others, together with Dragon Capital.
Fiala noted that the actual amount of financing could be significantly higher, as the equity capital invested by the fund can be used as leverage to attract additional funding.
Nosok said at the Ukraine Recovery Conference in Rome in July 2025 that Dragon Capital has been engaged in private equity investments in Ukraine for 25 years and has managed private equity funds since 2010. REBUF is the third such fund, following the same strategy as its predecessors. According to the REBUF presentation, investment sizes per company range from $7 million to $30 million.
IFC and the EBRD previously announced they would each invest $25 million in the REBUF fund, while Norfund committed $15 million.
Dragon Capital is one of Ukraine's largest investment groups in the investment and financial services sector, providing a full range of investment banking and brokerage services, private equity, and asset management for institutional, corporate, and private clients.
The company was founded in Kyiv in 2000. According to its founder and CEO Fiala, the group's investment portfolio currently includes nearly 50 different companies or real estate projects. Between 2015 and 2021, the company invested about $700 million in Ukraine, excluding reinvestments.