FMO is participating in the first closing of the Horizon Capital Catalyst Fund, a new investment fund focused on rebuilding key sectors of Ukraine’s economy amid the ongoing war. With EUR 152 million of its EUR 300 million target raised at first close in record time from reputable international investors such as IFC, EBRD, Proparco, Swedfund and Norfund, the fund signals continued international commitment to Ukraine’s resilience and long-term recovery.
Horizon Capital’s new fund will invest in energy, digital infrastructure and construction; sectors central to Ukraine’s reconstruction but facing a significant capital gap. With more than 30 potential investments in its pipeline, the fund enters the market with strong momentum. Its first investment, announced at first close, will be a 124 MW greenfield wind farm in the Odesa region, illustrating the type of reconstruction-focused projects the fund aims to support.
Designed to play a catalytic role, the fund addresses Ukraine’s acute shortage of equity financing. Horizon Capital’s local presence and strong track record in Ukraine provide other investors, including foreign strategics (i.e. sector corporates) and lenders, with the confidence to participate. This is expected to unlock substantial additional equity and debt financing, enabling the fund to mobilize up to ten times its capital in follow-on financing.
FMO is contributing EUR 10 million, made possible through a dedicated Ukraine allocation from the Dutch government’s Building Prospects fund, which FMO manages. By joining at first close, FMO sends a clear signal of confidence that helps draw other investors in. Such early commitments from trusted partners play a crucial role in accelerating capital mobilisation for Ukraine at a time when investment is urgently needed.
This is the second Horizon Capital fund FMO has supported since the start of the full‑scale invasion in 2022, following its investment in the Horizon Capital Growth Fund IV, which supports promising Ukrainian tech and export‑oriented companies generating jobs and securing much needed hard currency inflows. With this new commitment, FMO deepens a partnership that spans all six Horizon Capital funds raised since the firm was launched in 2006.
Huib-Jan de Ruijter, Co-CIO at FMO said: “We’re grateful to the Dutch government for enabling this investment, allowing us to continue backing our longstanding partner Horizon Capital as it drives Ukraine’s recovery. At a time when many investors remain cautious, FMO’s early participation helps reduce perceived risk and sets a benchmark for responsible capital entering the country.”
Aukje de Vries, Minister for Foreign Trade and Development, adds: “The Netherlands is committed to supporting Ukraine as it courageously defends itself against continued Russian aggression. The country needs rebuilding during this struggle, but also in the future. I see an important role for Dutch partners, including making Ukraine more resilient. This new FMO investment, supporting an innovative Ukrainian partner such as Horizon Capital, exemplifies how the Netherlands can make a difference together with international partners."
