Ukraine’s prominent investment company Dragon Capital closed the first round of the Amber Dragon Ukraine Infrastructure Fund I (ADUIF) with London-headquartered Amber Infrastructure, raising €207 million ($240 million) for infrastructure.
The fund’s first close lands at a moment when Ukraine’s infrastructure – power generation, rail, and digital networks – has been systematically targeted by Russian strikes and will need finance for recovery.
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In a press release on Wednesday, Dragon Capital called the fund the “country’s first-ever dedicated infrastructure fund”.
ADUIF I will deploy capital to emergency energy supply, digital infrastructure and services, transport and logistics bottlenecks, and critical infrastructure modernization, the companies wrote. First deals are expected to be announced shortly, though no specific projects or transaction sizes were disclosed.
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The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), Sweden’s Swedfund, and Impact Fund Denmark became the anchor investors. A portion of the IFC’s investment will be backed by guarantees from the European Commission and the French government, the companies wrote.
“ADUIF I is not just a fund; it is a statement that serious institutional money is ready to work in Ukraine now, rebuilding the infrastructure that underpins the country’s economy and people’s daily lives,” the press release said, quoting Eugene Baranov, fund lead and head of infrastructure at Dragon Capital.
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The first close follows a signing ceremony at the World Economic Forum in Davos in January 2026, where anchor investors formally confirmed their commitments.
Dragon Capital, founded in 2000 by Tomash Fiala, manages $1 billion in assets and has deployed more than $700 million into Ukrainian private equity and real estate over the past decade alongside global institutional partners. The firm operates across six sector funds and investment vehicles, with a portfolio spanning real estate, machine building, food and beverage, e-commerce, pharmaceuticals, fintech and financial services.
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Amber Infrastructure, which co-manages the fund, is part of Boyd Watterson Global Asset Management Group, a diversified asset manager with more than $39 billion in assets under management across infrastructure, real estate, and fixed income.
Amber manages or advises nine funds and managed accounts, two public and seven private, with approximately £5 billion ($6.7 billion) in assets under management, and oversees more than 200 infrastructure investments totaling £14 billion ($18.8 billion) in assets globally as of Dec. 31, 2025.
“We are proud to be deploying capital in Ukraine at this time, alongside partners with unmatched on-the-ground expertise, and we are committed to the country for the long term,” the press release said, quoting Dominykas Tuckus, fund lead and senior investment director at Amber Infrastructure.
Dragon Capital and Amber Infrastructure have taken on significant co-investment commitments in ADUIF I as co-managers, the companies wrote.
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