Dragon Capital plans to increase assets under joint management with Amber to EUR 1.3 bln by late 2027

Investment company Dragon Capital has raised about EUR 600 million across three funds: Rebuild Ukraine Fund (REBUF), Amber Dragon Ukraine Infrastructure Fund I, and Amber Dragon European Fund for Ukraine, two of which it manages jointly with Amber Infrastructure, and plans to increase the amount to EUR 1 billion by the end of this year and to EUR 1.3 billion by the end of next year.

"We currently have a total of EUR 600 million. We hope that by the end of next year this amount will grow to EUR 1.3 billion, which we will invest, and have already begun investing, in the Ukrainian economy," Dragon Capital founder and CEO Tomas Fiala said at the Exim Talks 2026 conference organized by Ukreximbank this week.

He told Interfax-Ukraine that REBUF has so far raised $102.5 million, Amber Dragon Ukraine Infrastructure Fund I has attracted about EUR 200 million, and Amber Dragon European Fund for Ukraine (the name may still change) has secured EUR 260 million, including EUR 40 million invested directly by Dragon Capital.

According to Fiala, the next contributions to the Amber Dragon European Fund for Ukraine, the EU’s flagship fund announced at the Ukraine Recovery Conference in Rome last year (URC2025), are expected to be announced at URC2026 in Gdańsk at the end of June.

Although the initial target sizes for the Rebuild Ukraine Fund (REBUF) and Amber Dragon Ukraine Infrastructure Fund I were set at $250 million and EUR 350 million respectively, it was later decided that future fundraising would be concentrated in the flagship Amber Dragon European Fund for Ukraine, which has a target size of EUR 1 billion. The other two funds will enter into co-investment agreements with a 35:65 allocation structure, Fiala said.

At the conference, the Dragon Capital founder recalled that REBUF invests in private equity projects and medium-sized businesses, while Amber Dragon Capital Infrastructure focuses on infrastructure projects, including energy, transport, and digital infrastructure. The EU flagship fund, meanwhile, is positioned as a reconstruction fund for Ukraine.

"We do not need to wait until the war ends. On the contrary, we have a mandate from our investors, leading European and global international financial institutions and development funds from major European countries, to invest as quickly as possible in attractive Ukrainian projects," Fiala said.

He also emphasized the importance of the participation of Amber Infrastructure, a leading British-American asset management company that has been investing in infrastructure projects worldwide for the past 30 years, saying this makes it possible to bring not only capital to Ukraine but also investment expertise, which is crucial for projects of such scale.

The head of Dragon Capital said that around 65% of this pool of funds is expected to be directed toward infrastructure investments, with 70% of that amount allocated to greenfield projects – new facilities and new capacities requiring highly experienced Ukrainian specialists.

As an example, Fiala cited the first project of Amber Dragon Ukraine Infrastructure Fund I Power One, which is being implemented together with the team of former NPC Ukrenergo CEO Volodymyr Kudrytsky and his partners and has already recruited around 50 employees.

According to him, the project’s first phase provides for 70 MW of capacity, the connection of which began in January and is expected to be completed over the coming months. The second phase has already begun and will add nearly 200 MW of generation capacity over the next year and a half. Fiala added that a pipeline for the third phase is already being developed, which will include battery storage systems and gas peaking capacity.

He added that nearly 20 wind generation projects are also under consideration, and investments will likely be made in four or five of them.

Fiala explained Dragon Capital’s interest in the energy sector by citing macro drivers that emerged during the war: the destruction of 75% of generating capacity, synchronization with the European power grid with export/import opportunities, disconnection from the Russian and Belarusian power systems, and the transition toward distributed and renewable energy generation.

"If there had been no war, we probably would not have invested in Ukraine’s energy sector, but because of the reasons I listed, this market has become attractive," Fiala concluded, adding that he expects electricity prices to remain relatively high in the coming years.

He specified that since 2021, Dragon Capital has invested EUR 25 million of its own funds into the sector and attracted another EUR 25 million from the EBRD and the Norwegian government.

At the same time, the investment banker stressed that although energy is the largest investment area for these funds, it is far from the only one.

"I think that in any case less than half of this pool of funds will ultimately go to energy. There is transport, there is digital infrastructure, there is private equity: sectors such as the food industry and services, which remain underdeveloped in Ukraine. There is also such a macro driver as European integration, and that is also extremely important," Fiala said.