Horizon Catalyst (IFC-51834)

Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 7, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Horizon Capital Catalyst Fund
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Finance
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 58.04 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2025-12-01 exchange rate.
Project Cost (USD)
$ 3,482.22 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 3000
Converted using 2025-12-01 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 30, 2025

Disclosed by Bank Dec 1, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed project consists of (i) an IFC equity investment of up to €50 million in Horizon Capital Catalyst Fund, SCSp, and (ii) a co-investment envelope of up to €50 million, on a delegated authority basis. The Fund will target strategic domestic sectors that are critical to Ukraine’s reconstruction including digital infrastructure, energy, construction materials and select industrials. The Fund aims to play a catalytic role in Ukraine’s reconstruction by mobilizing up to €3 billion through partnerships with global strategic investors, international funds, and Ukrainian founders and operators. The Fund is expected to invest €20–50 million tickets, primarily in the form of growth equity, as well as quasi-equity as well as project finance, acquiring minority stakes in 8–10 mid-cap, asset-heavy domestic businesses in Ukraine and opportunistically in Moldova., where there is a strategic nexus with, and direct benefit to, Ukraine. The Fund will be domiciled in Luxembourg and has a target size of €300 million. IFC’s investment in the Fund is expected to be supported by Blended Finance contributors under the Economic Resilience Action Program (ERA) for Ukraine, as described in the Blended Finance Section.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project has been categorized as FI-1, according to the IFC's Sustainability Policy. Most of the Fund’s investments are expected to carry medium to high E&S risks, including some Category A sub-projects. The Fund's potential pipeline may include high E&S risk projects, which may involve impacts on biodiversity, vulnerable communities, involuntary land acquisition and/or resettlement, adverse community impacts, supply chain, and occupational health and safety among others. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The project is (i) a proposed IFC equity investment of up to €50 million in the Fund and (ii) a co-investment envelope of up to €50 million, on a delegated authority basis, to be invested in select investees alongside the Fund.

The Fund aims to play a catalytic role in Ukraine’s reconstruction by mobilizing up to €3 billion through partnerships with global strategic investors, international funds, and Ukrainian founders and operators.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by Horizon Capital, a leading private equity (PE) firm with over 30 years of track record, having raised five funds to date. Horizon is a strategic partner for IFC in Ukraine, with IFC having committed to three of Horizon’s prior PE funds. In addition, IFC has  completed two co-investments alongside funds managed by Horizon.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Horizon Capital
Lenna Koszarny
info@horizoncapital.com.ua
+380444905580

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works