Amber Dragon Ukraine Infrastructure Fund I announces its first closing of EUR 200 mln

The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC) from the World Bank Group, Swedfund and Impact Fund Denmark participated in the first closing of the EUR 200 million Amber Dragon Ukraine Infrastructure Fund I, managed by Dragon Capital and Amber Fund Management Limited, which has a target volume of EUR 350 million.

According to an Interfax-Ukraine correspondent, the relevant documents were signed at the Ukraine House in Davos on Wednesday.

"Dragon Capital has been investing for the past 12 months, and we have three projects in our portfolio: we attracted EUR 22 million from the EBRD for an energy project, as well as a terminal and a technology park," said Dragon Capital founder and CEO Tomas Fiala. He clarified that Dragon Capital is investing EUR 20 million of its own into the new fund.

A representative of Amber Fund Management Limited, part of Boyd Watterson Global Asset Management Group LLC, noted that the company's funds have invested EUR 1 billion in countries neighboring Ukraine, so they have extensive experience investing in the region and are optimistic about the new fund, created jointly with a local partner, Dragon Capital, in Ukraine.

An EIB representative noted that the bank is investing EUR 50 million in the new fund. He added that the bank currently has 500 projects in 149 different municipalities in Ukraine and is very interested in a potential partner like Amber Dragon Ukraine Infrastructure Fund I.

A Swedfund representative clarified that its contribution to the fund amounted to EUR 20 million.

Previously, the EBRD announced its decision to allocate EUR 60 million to the Amber Dragon Ukraine Infrastructure Fund I, and the IFC announced its decision to allocate EUR 40 million.

At URC2025 in Rome in July 2025, Dragon Capital Managing Director and Head of Infrastructure Yevhen Baranov announced that Dragon Capital and Amber had built a robust portfolio of projects over the past year that could absorb even more capital than the fund plans to raise. The fund's presentation at URC2025 noted that its strategy envisions investing in controlling stakes or co-investing with like-minded partners, with an average ticket size of EUR 20 million to EUR 50 million.

In December, he clarified that this primarily concerns energy projects, but also transport and digital infrastructure, as the war has created "enormous deficits."

"If we're talking about projects ranging in size from EUR 30 million to EUR 50-70 million, that's the point where we feel most comfortable. And starting in January-February of next year, we'll begin investing more actively," Baranov said late last year.

The Amber Dragon Ukraine Infrastructure Fund's first project, the Power One (Power 1 LLC) distributed energy project, was already announced at URC2025. The EBRD provided a EUR 22.3 million loan for a total project cost of EUR 41.8 million. It envisages the installation of 36.8 MW of gas piston units (GPUs) and 31.5 MW of energy storage systems (ESS) in Zakarpattia region.

Dragon Capital is one of the largest investment groups in Ukraine 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 Fiala, the group's investment portfolio includes nearly 50 different companies and real estate projects. Between 2015 and 2021, the company invested approximately $700 million in Ukraine, excluding reinvestments. In 2025, it invested almost $100 million, and plans to exceed this figure in 2026.