A stated by the IFC, the proposed project consists of:
(i) an additional IFC equity commitment of up to $30 million in Horizon Capital Growth Fund IV (HCGF IV or the Fund) in addition to an already existing commitment of up to $30 million in the Fund leading to a total commitment of up to $60 million; and
(ii) a co investment envelope of up to $30 million, on a delegated authority basis, to invest in select companies alongside Emerging Europe Growth Fund III (EEGF III) and HCGF IV. HCGF IV is a private equity fund with a target size of $250 million. The Fund will invest primarily in mid-cap fast-growing technology and export-oriented companies, primarily active in Ukraine (around 80% of Fund size) and Moldova benefiting from cost competitive local platforms with global reach.
The Fund is expected to increase access to private equity capital and value creation for companies in Ukraine (around 80% of Fund size) and Moldova, including furthering investments in women-owned/led companies.
The Project has been classified as category FI-2 according to IFC's Sustainability Policy.
A proposed IFC equity commitment of up to $30 million, resulting in an aggregate commitment of up to $60 million to the Fund.
Furthermore, IFC will set up a separate co-investment envelope of up to $30 million, on a delegated authority basis, to be invested in select companies alongside EEGF III and HCGF IV.
From the IFC's website:
The Fund will be domiciled in Delaware, USA and will be managed by Horizon Capital Associates IV, LLC (Horizon Capital or the Fund Manager), a management company registered in Delaware, which will be advised by Horizon Capital Advisors, LLC, also registered in Delaware, with a wholly owned subsidiary based in Kyiv, Ukraine, also Horizon Capital Advisors, LLC. Horizon Capital was founded in 2006 and has been investing in the Ukraine and Moldova for over 17 years, across five funds, pursuing its tech and export-oriented investment focus for over a decade.
IFC previously invested in Emerging Europe Growth Fund II (2008 vintage), EEGF III (2017 vintage) and invested in HCGF IV at Initial Closing in September 2022.
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Financial Intermediary - Horizon Capital:
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