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Horizon Capital Closes its Ukraine Fund IV at $350m, $100m above Target
KYIV, Ukraine, Feb. 23, 2024 /PRNewswire/ — Horizon Capital, a leading U.S. private equity firm, is pleased to announce that its latest Ukraine-focused fund, Horizon Capital Growth Fund IV (“HCGF IV”, the “Fund”), has reached $350 million in commitments at its Final Closing held in Tokyo on February 19, 2024, boosting AUM to $1.6 billion. The Kyiv-based firm exceeded its initial target size of $250 million by 40%, while also concluding three attractive investments during the fundraising process. 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 Fund invests growth capital alongside visionary entrepreneurs leading fast-growing primarily tech and export-oriented companies, as well as select domestic champions, in Ukraine and Moldova (the “Region”), with a pipeline of 80+ investments. HCGF IV has distinguished itself as a 2X Flagship Fund, and the first, largest and leading fund raised since the onset of the full-fledged invasion, delivering both returns and impact to its investors.
HCGF IV is backed by investors with a combined capital base of over $700 billion, including international financial institutions IFC, EBRD, EIB through its EU for Ukraine Fund, DFC, DEG, FMO, JICA, Proparco, SIFEM, Swedfund, Finnfund, WNISEF, IFU, joining forces with global institutional investors, foundations and family offices. These private investors include funds managed by abrdn Private Equity, Blue Earth Capital, Zero Gap Fund, an impact investing collaboration between The Rockefeller Foundation and the John D. and Catherine T. MacArthur Foundation, Marcin Zukowski, Co-Founder of Snowflake, Andy Kurtzig, Founder and CEO of JustAnswer, investors and philanthropists George and Rayla Myhal, and other esteemed Limited Partners.
The Fund has already concluded three investments to fast-growing, innovative tech companies, providing growth capital to expand their R&D platforms in Ukraine and enhance their international reach. This is particularly significant given the IT sector plays a crucial role in Ukraine’s economic resilience, furthering digitalization and increasing hard currency inflows to the country. The Fund’s first three investments are:
- Preply, transforming language learning by connecting learners with tutors via its online platform.
- GoIT, offering specialized IT education programs to address the tech industry’s skill shortage.
- Viseven, supporting pharmaceutical companies to accelerate their digital transformation.
Lenna Koszarny, Founding Partner and CEO of Horizon Capital, said: “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. 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. We extend our deepest gratitude to our esteemed investors – your trust and partnership have made this fund possible, and enabled our team to experience firsthand, the global support and admiration for Ukrainians who are defending their country, powering its economic resilience and using resources provided to maximum effect. From Washington to Tokyo, London to New York, Luxembourg to Copenhagen, Paris to Cologne, Bern to Helsinki, Stockholm to the Hague, Edinburgh to Toronto, this fundraising journey has enabled us to witness the steadfast support for Ukraine, and unwavering commitment to its future recovery, revitalization and renewal. With this successful closing behind us, we embark on a new chapter, focused on partnering with Ukraine’s entrepreneur-champions to accelerate their growth and bolster the realization of their bold vision”.
Horizon Capital (www.horizoncapital.com.ua) is the leading private equity firm in Emerging Europe with $1.6 billion in assets from investors with a capital base exceeding $700 billion, raising over $800 million in growth capital to back visionary entrepreneurs from Ukraine and Moldova (the “Region”) in circa 6 years. Horizon Capital-managed funds have invested in over 170 companies employing more than 80,000 people in the Region.
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CONTACT: Alona Kotsiubynska akotsiubynska@horizoncapital.com.ua +380 93 297 9487
