Rebuild Ukraine Fund Completes First Close and Launches Investment Operations in Ukraine

This is the first new fund raised since the start of the war to invest in real assets in Ukraine, providing crucial capital to businesses operating under extraordinary conditions.

The fund targets small and medium-sized enterprises (SMEs) and larger businesses in Ukraine across sectors critical to economic resilience and recovery, including consumer goods and services, healthcare, pharmaceuticals, financial services, agriculture-related, building materials, retail and technology. These companies provide essential goods and services, preserve jobs, and contribute to growth amid ongoing conflict. REBUF aims to expand to $250 million, channeling this capital into businesses that drive economic activity during wartime and are positioned for long-term scaling.

The first close was made possible thanks to the strong support of leading development finance institutions (DFIs), including the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Norfund, BIO - the Belgian Investment Company for Developing Countries and others, alongside Dragon Capital. Their participation underscores the critical role DFIs play in enabling private sector investment in Ukraine during wartime, providing confidence and catalytic capital to mobilize further resources.

“Small and medium-sized companies represent the backbone of Ukraine’s economy, yet they continue to face severe capital constraints due to the war,” said Andrii Nosok, Managing Director, Head of Private Equity at Dragon Capital. “Our first close validates investor confidence and enables us to begin supporting the businesses driving Ukraine’s economic resilience already now.”

“We see exceptional entrepreneurial strength in Ukraine. Companies are launching, scaling and adapting — often under extraordinary pressure,” said Tomas Fiala, Founder of Dragon Capital. “Investing through REBUF is a direct way to support these efforts and contribute to a country fighting for its future.”

About Dragon Capital
Dragon Capital is one of the largest investment groups in Ukraine, operating in the investment and financial services sector since 2000. The company has over 20 years of successful experience in direct investments in leading Ukrainian manufacturing and service companies, as well as in landmark residential and commercial real estate projects.