Dragon Capital has launched Rebuild Ukraine Fund, a Luxembourg-structured private equity vehicle targeting post-war-shock recovery opportunities in Ukraine and aiming to raise $250m in total capital, with international development finance institutions providing equity commitments at first closing.
DLA Piper said it advised Dragon Capital on the establishment and structuring of the fund, as well as negotiations with the development finance institutions participating at the first closing.
The fund has been set up as a special limited partnership in Luxembourg and is mandated to invest in equity and equity-related instruments in Ukrainian small and medium-sized enterprises as well as larger companies, focusing on sectors tied to economic resilience and longer-term recovery.
Target sectors include consumer goods and services, healthcare and pharmaceuticals, financial services, agriculture-related industries, building materials, retail and technology, according to the information released on the fund.
The fund is intended to channel capital into businesses sustaining economic activity during wartime and positioned for long-term growth, while also signalling continued investor interest in Ukraine and the potential role of private equity in reconstruction and sustainable growth.
“This transaction demonstrates how Luxembourg fund structures can be used to mobilise capital for Ukraine’s reconstruction,” said 
The DLA Piper team on the deal also included Marianna Spyropoulou, senior associate in investment funds, José Elias, associate in investment funds, and tax partners Luis Muñoz and Matteo Pogliani, senior associate in tax.
