Investment company Dragon Capital is completing the creation of two new investment funds with a total volume of approximately $609 million, according to the company’s founder and CEO Tomas Fiala.
According to him, the first fund, worth $200 million, will focus on small and medium-sized businesses with a turnover of up to EUR50 million.
“Next month, we will have our first closing at just over $100 million, and the second in 2026, where we will reach $200 million. We are already working on a pipeline of several dozen projects, where we are selecting which companies to invest in, and we are mainly buying majority stakes in companies,” Fiala said at the Global Outlook: Strategic Momentum conference organized by the European Business Association (EBA) in Kyiv on Friday.
According to him, the second fund, worth EUR350 million, will focus on infrastructure investments. Its first project will be in the energy sector, where Dragon Capital has already invested its own funds.
By the end of the year, the company plans to launch 65 MW of generating capacity—batteries and gas piston stations—and is also preparing projects for another 200 MW, which are planned to be implemented by the end of next year.
Fiala also said that last month the company invested more than UAH 300 million in the capital of its bank through subordinated debt. In addition, Dragon Capital invested $30 million in the energy sector in 2025 and expects to attract a loan from the EBRD for EUR21 million by the end of the year to increase its investment in this sector to over $50 million.
At the same time, he noted that private investors are still cautious due to the risks of war, while the main participants in the funds are currently international financial organizations and Scandinavian sovereign wealth funds.
“There are those who are watching, but they will mostly be ready to make the investment itself, either if it is very cheap or after the war, after the truce, because the risks are high that something will fly in — we ourselves had about five of our assets destroyed at the beginning of the war, and even recently,” he added.
Dragon Capital is one of the largest investment groups in Ukraine in the field of investment and financial services, providing a full range of investment banking and brokerage services, direct investments, and asset management for institutional, corporate, and private clients. The company was founded in 2000 in Kyiv. According to founder and CEO Tomas Fiala, the group’s investment portfolio currently includes nearly 50 different companies or real estate projects. Between 2015 and 2021, the company invested approximately $700 million in Ukraine, excluding reinvestments, and plans to invest $100 million in 2025.
