Amber Dragon Ukraine Infrastructure Fund I Reaches First Close and Begins Deploying Capital into Ukraine’s Energy, Transport and Digital Infrastructure
Co-managed by groups, Dragon Capital and Amber Infrastructure, ADUIF I is the first-ever specialised infrastructure fund investing fully in Ukraine. Capital deployed through the Fund will help stabilise emergency energy supply, strengthen digital infrastructure and services, ease bottlenecks in transport and logistics, and modernise critical infrastructure that is essential to Ukraine’s long-term reconstruction and job creation. As co-managers, Dragon Capital and Amber Infrastructure bring complementary strengths and a shared long-term commitment to Ukraine's reconstruction - combining Amber's international infrastructure expertise with Dragon Capital's on-the-ground presence and track record in Ukraine.
The first close has been completed with robust backing from a strong group of anchor investors: the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund and Impact Fund Denmark. Part of IFC’s investment in the Fund will be covered by guarantees from the European Commission and the Government of France. The involvement of major financial institutions and development banks highlights strong confidence they place in Ukraine’s revival through institutional and private investment, and signals clear conviction in the long-term viability of Ukraine’s reconstruction and the strength of ADUIF’s investment strategy. Dragon Capital and Amber Infrastructure also make sizeable investment commitments to ADUIF I as co-managers, underlining their own conviction in the Fund’s goals.
Eugene Baranov, Fund Lead and Head of Infrastructure at Dragon Capital, commented: “Today marks the moment when commitment becomes action. We are deeply grateful to our anchor investors — institutions of the highest calibre — for their confidence in Ukraine and in our ability to deploy capital effectively on the ground. ADUIF I is not just a fund; it is a statement that serious institutional money is ready to work in Ukraine now, rebuilding the infrastructure that underpins the country’s economy and people’s daily lives. Together with our partners at Amber Infrastructure, we are proud to be leading this effort.”
Dominykas Tuckus, Fund Lead and Senior Investment Director at Amber Infrastructure, said: “What we see is a resilient country with extraordinary human capital, clear infrastructure needs, and a pipeline of strong projects developed by private market participants seeking equity investment. ADUIF I provides institutional investors with a credible, well-structured vehicle to participate in that opportunity, while offering private developers access to a reliable long‑term capital partner. We are proud to be deploying capital in Ukraine at this time, alongside partners with unmatched on-the-ground expertise, and we are committed to the country for the long term.”
About Dragon Capital
Dragon Capital is one of the most active independent private investment management and investment banking firms operating in Ukraine with $1 billion of assets under management. In the last decade, the firm has deployed over $700 million in private equity and real estate in Ukraine in partnership with major global investors. Founded in 2000 by Tomas Fiala, Dragon Capital leverages market-leading expertise of 200+ qualified local and international professionals.
Currently managing six industry-focused funds and investment vehicles, Dragon Capital has been an active and successful investor with a diverse portfolio focused on real estate, machine building, food and beverage, e-commerce, pharmaceuticals, fintech and financial services. Remaining in Kyiv during the large-scale war in Ukraine, the team continuously ensures seamless investor connectivity and investment operations on the ground.
About Amber Infrastructure
Amber is part of Boyd Watterson Global Asset Management Group LLC (‘Boyd’), a global diversified infrastructure, real estate and fixed income business with over $39 billion in assets under management and over 300 employees with offices in eight US cities and eleven countries.
Amber itself is a specialist international investment manager focused on investment, asset management and fund management. Amber currently manages or advises nine funds and managed accounts (two listed and seven private) with c.£5 billion in funds under management. With a presence across eleven countries, Amber manages over 200 infrastructure investments representing total assets under management (‘AUM’) of £14 billion (c.$19 billion) as of 31 December 2025. Amber’s core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand.