Dragon Capital is a seasoned investor with a successful track record dating back to 2001 and over € 1.2 billion invested across private equity funds, principal investments, a range of co-investment vehicles and real estate funds in partnership with top-tier global investors, international financial institutions, and development finance institutions.

In 2015-2025, Dragon Capital successfully deployed over €700 million in various projects in Ukraine.

Dragon Capital’s Private Markets leadership has worked together since 2007, offering unmatched continuity, in-house growth, and deep local expertise. Recognized for its well-established reputation as one of the largest and most experienced in Ukraine, the Private Markets group brings hands‑on experience in sourcing, structuring, and executing investments across a wide range of sectors and market cycles. The team works closely with portfolio companies’ management in Ukraine to drive long‑term value creation through strategic guidance, governance, and operational support.

Based in Kyiv, the Private Markets team remains fully operational, with investor relations and asset management activities continuing without disruption despite the ongoing war in Ukraine.

Currently we focus on long-term investments across private equity, infrastructure, and real estate in Ukraine. 

Dragon Capital has been making private equity investments since 2010, backing companies with strong fundamentals, scalable business models, and experienced management teams. Over the years, we’ve partnered with ambitious Ukrainian business owners to support growth, modernization, and reconstruction across strategically important sectors of the economy – consumer goods and services, healthcare, pharmaceuticals, financial services, agriculture-related, building materials, retail and technology.

Rebuild Ukraine Fund (REBUF)

REBUF is a generalist private equity fund focused on unlocking substantial upside by financing and institutionalizing resilient Ukrainian businesses – helping them recover operations, scale, and attract strategic international investors. It is the first new fund successfully raised since the start of the large-scale war in 2022 to invest in real assets in Ukraine, providing capital to local companies operating under extraordinary conditions.

The Fund targets a market segment highly underserved by I/DFIs and other investors – SMEs and mid-cap companies – which represent over 75% of the national workforce and 60% of revenues of Ukraine but suffer from a critical equity capital deficit. By deploying fresh capital alongside providing strategic, operational, and governance guidance, REBUF seeks to build a more bankable and investable Ukrainian private sector, as well as to help Ukraine emerge from war with a modernized free market economy positioned for EU accession. 

With first close completed in January 2026, REBUF has investment operations underway.

In addition to its current investment activities, the Private Markets team has an established track record of managing and successfully deploying capital through earlier private equity funds, with investments spanning multiple sectors of the Ukrainian economy.

Dragon Capital New Ukraine Fund (DCNUF), 2015 vintage

Dragon Capital New Ukraine Fund (DCNUF) is a private equity fund launched in 2015 jointly by Dragon Capital and Ukrainian Redevelopment Fund (URF), a private investment vehicle that focused on special situations and private equity investments in Ukraine and a principal investment advisor to Soros Fund Management.

DCNUF invested in a range of sectors of the Ukrainian economy, focusing on IT, e-commerce, fintech and commercial real estate, aiming to provide businesses with capital and managerial support to enhance performance and ensure long-term growth.

In 2017, DCNUF was fully invested, with $ 95 million committed and $ 200 million deployed together with co-investors.

Europe Virgin Fund (EVF), 2010 vintage

In 2010, Dragon Capital launched the Europe Virgin Fund, its first institutional private equity fund. As a regional PE fund sponsored by Dragon Capital ($57 million of committed capital), the European Bank for Reconstruction and Development, the Swiss Investment Fund for Emerging Markets, the Black Sea Trade and Development Bank and other limited partners, EVF became the only private equity fund in Ukraine raised since the 2008 financial crisis.

EVF provided equity financing to selected private sector businesses with primary operations in Ukraine, particularly in fast-moving consumer goods, retail, industrial, telecom, media, technology, pharmaceuticals, construction materials and financial services sectors.

In 2015, the Fund was fully invested. While Dragon Capital remained the largest limited partner, EVF has been managed since 2016 by an independent team that spun out of Dragon Capital.

In 2025, Dragon Capital began actively expanding its infrastructure investment sleeve to support Ukraine’s long-term recovery and economic resilience. Together with Amber Infrastructure, the firm co-manages Amber Dragon Ukraine Infrastructure Fund I, focused on infrastructure and energy-related opportunities across the country.

Amber Dragon Ukraine Infrastructure Fund I (ADUIF I)

ADUIF I is the first-ever specialized infrastructure fund investing fully in Ukraine and co-managed by Dragon Capital and Amber Infrastructure.

ADUIF I focuses on greenfield, utility-scale energy projects aimed at replacing heavily damaged and technologically outdated power generation facilities with new renewable energy capacities, as well as system-balancing infrastructure to ensure a reliable and clean energy supply for the Ukrainian economy. In the transport sector, ADUIF I will prioritize investments into logistics centers, ports, and other infrastructure critical for Ukraine’s recovery. In the digital infrastructure area, the fund will target distributed telecommunications assets such as telecom towers, fiber networks, and data centers, supporting the growth of Ukraine's digital economy.

The Fund expects to play an essential role in the delivery of quality infrastructure services to the country, long-term value creation and further post-war reconstruction efforts. 

Following its first close in 2026, ADUIF I is in an active operational phase.

Dragon Capital has a successful track record of investments in the Ukrainian real estate market which comprises 25 years of experience in the development, construction, and management of large-scale residential, office, retail and logistics projects.

Commercial Real Estate

Since 2015, Dragon Capital has built one of Ukraine’s largest and most diversified commercial real estate portfolios, with a strategic focus on high-quality operating assets.

The portfolio currently comprises 25 properties across the office, retail, and logistics segments, with a total area exceeding 570,000 sq m.

With assets spanning key regions of the country, Dragon Capital is firmly positioned among Ukraine’s leading commercial real estate investors and asset managers.*

Residential Real Estate

Dragon Capital has a successful track record of investing in the Ukrainian real estate market: more than 20 years of experience in building and managing large-scale residential, office, commercial and warehouse projects.*

*Due to the challenges posed by martial law in Ukraine, the information in this section is temporarily unavailable. We are committed to restoring full access as soon as circumstances permit and appreciate your patience in the meantime.

Should you have any questions, please reach out at [email protected]