Horizon hits $200m cap for third Ukraine fund

The vehicle was launched in June 2016 with a target of $150m and has already completed six investments.

The close marks the largest private equity fund raised for Ukraine in a decade, according to a statement.

Horizon Capital launched its first iteration of the EEGF funds in 2006, closing on $132m with a $25m investment from Western NIS Enterprise Fund (WNISEF). The company's second fund, EEGF II, closed on $390m in 2008, surpassing its $300m target.

EEGF has made 11 investments in the CEE region, exiting six companies to date, including food processors Natur Bravo from Moldova and Ukrainian cheese maker Shostka City Milk Plant, according to Horizon Capital's website. EEGF II has made 13 investments and five full exits to date, according to the website.

Investors
EEGF III was launched with an anchor commitment from WNISEF and also attracted investments from the European Bank for Reconstruction & Development (EBRD), Netherlands Development Finance Company, International Finance Corporation, Proparco, Deutsche Investitions- und Entwicklungsgesellschaft and Institut für Unternehmenskybernetik with more than a third of capital raised from institutional investors, foundations, family offices and other private investors, according to a statement. Around 55% of total commitments came from existing investors, and European and US-based LPs contributed roughly 35% each.

EBRD made a $30m commitment to the latest fund, while US government agency OPIC committed $37.5m, according to Unquote Data.

Investments
The vehicle will focus on investing in Ukrainian export-orientated companies and IT firms, as well as in local fast-moving consumer goods and agriculture. Investments will range from $5-20m and will be made over the next two to three years. The fund has already closed six deals, according to Unquote Data.

People
Horizon Capital – Lenna Koszarny, Jeffrey Neal (founding partners); Denis Tafintsev (senior partner).

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• Topics
• Funds
• Buyout
• CEE
• Ukraine