Yesterday Horizon Capital, a Kyiv-based, US registered private equity manager investing in Ukraine and Moldova, announced the final closing of its fourth fund. Christened Horizon Capital Growth Fund IV (HCGF IV), the new fund has received $350 million in commitments — well above the initial $250 million target and the interim closing at $254 million in April last year.
“Horizon Capital’s team, strong track record and compelling strategy resonated with investors, who also backed raising the hard cap twice; first from $250 million to $300 million, then to $350 million,” the firm stated.
HCGF IV invests growth capital in leading “primarily tech and export-oriented companies, as well as select domestic champions.” It currently has a “pipeline of more than 80 companies.”
The fund has been backed by a bevy of international financial institutions: DEG, DFC, EBRD, EIB (through its EU for Ukraine Fund), Finnfund, FMO, IFC, IFU JICA, Proparco, SIFEM, Swedfund, WNISEF. Among LPs are also such private investors as ABRDN Private Equity, Blue Earth Capital and Zero Gap Fund as well as HNWIs Andy Kurtzig, George and Rayla Myhal and Marcin Zukowski, among others.
“This historic fund is dedicated to the visionary entrepreneurs of Ukraine. Your strength, courage and resilience in the face of adversity is inspiring, motivating our team to contribute our utmost at this critical time,” stated Lenna Koszarny, Horizon Capital’s Founding Partner and CEO. “We are truly honored that President of Ukraine Volodymyr Zelenskyy participated in two HCGF IV closings, commending our investors for backing the country at this pivotal moment, providing capital to support economic renewal and job creation when it is needed most, and signaling their firm belief in Ukraine’s future victory.”
In a previous statement, Horizon Capital pledged to “contribute to Ukraine’s ongoing resilience, including supporting growth and job creation, expanding the tax base, increasing availability of capital for SMEs, and promoting gender equality.”
The fund has already invested in three major Ukrainian IT companies: Preply in July last year, GoIT in November and Viseven in January 2024.
Horizon Capital touts itself as “the leading private equity firm in Emerging Europe with $1.6 billion in assets from investors with a capital base exceeding $730 billion, raising over $800 million in growth capital.” Its funds have already backed more than 170 companies in the region.
