The European flagship fund for Ukraine's reconstruction (UFF, the Fund), managed by Amber Infrastructure and Dragon Capital, the European Union's main instrument for channelling equity capital toward Ukraine's reconstruction, has announced that it has secured financing commitments totalling approximately EUR 260 million, according to an Interfax-Ukraine correspondent.
As specified by the Fund, of this amount, EUR 220 million consists of subordinated equity capital financed by the European Commission and the four founding states – France, Germany, Italy, and Poland – through national development banks (DFIs) and the European Investment Bank (EIB) as a catalyst for mobilizing private capital.
The fund's sponsors – Amber Infrastructure and Dragon Capital – are also making their own contributions as co-managers.
The relevant agreements and subscription documents were signed on Thursday in Gdańsk on the sidelines of the URC2026 Ukraine Recovery Conference by the EIB, Germany's KfW, Italy's Cassa Depositi e Prestiti (CDP), Poland's Bank Gospodarstwa Krajowego (BGK), and France's Proparco, which serve as limited partners of the Fund.
It is noted that Amber Infrastructure, a member of Boyd Watterson Global Asset Management Group LLC, has a proven track record in international infrastructure investments and a strong presence in Central and Eastern European markets, where the company has made investments totaling approximately EUR 1 billion.
Boyd has total assets under management of over $39 billion, a team of more than 300 employees, and offices in eight U.S. cities and 11 countries, while Amber manages or advises nine funds and managed accounts (two public and seven private) with approximately GBP 5 billion in assets under management. Its portfolio includes over 200 infrastructure investments.
Founded in 2000 by Tomas Fiala, the investment firm Dragon Capital, in turn, has invested over EUR 1.2 billion in the Ukrainian economy since then, of which nearly EUR 200 million was invested after Russia's full-scale invasion began in 2022. Dragon Capital currently manages $1 billion in assets.
For approximately two years, Amber Infrastructure and Dragon Capital have been closely building their partnership, and this collaboration culminated in the recent successful first closing of the Amber Dragon Ukraine Infrastructure Fund (ADUIF1) – the first specialized infrastructure fund focused on Ukraine's reconstruction. At the same time, Dragon Capital also completed the first closing of the Rebuild Ukraine Fund (REBUF) – a private equity fund whose goal is to mobilize capital for small and medium-sized enterprises, as well as larger companies in strategic sectors that are key to Ukraine's recovery and further development.
As previously reported, European Commission President Ursula von der Leyen announced the creation of the European Flagship Fund for the Reconstruction of Ukraine at the Ukraine Recovery Conference (URC2025) in Rome in July 2025. It was noted that the fund aims to mobilize EUR 500 million by the end of 2026 by making strategic, results-oriented investments, primarily in equity.
Dragon Capital, together with Amber Infrastructure, was selected as the winner of the fund management competition from among 12 applicants, four of whom advanced to the final round.
