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Horizon Capital
Horizon Capital was formed in 2006 when the investment team of the Ukraine-Moldova American Enterprise Fund (UMAEF), a $285 million vehicle established in...
Horizon Capital
Horizon Capital was formed in 2006 when the investment team of the Ukraine-Moldova American Enterprise Fund (UMAEF), a $285 million vehicle established in 1994, set out on its own. Founding Partners Lenna Koszarny, CEO, and Jeffrey C. Neal, Chairman of the Investment Committee and a former Merrill Lynch Global Investment Banking Chairman, built the firm around the conviction that local champions in Ukraine and Moldova could scale beyond their borders. The firm is backed by over 40 institutional investors whose combined capital base exceeds $700 billion. Horizon Capital invests growth capital, buyout, and expansion-stage equity in fast-growing, export-oriented companies. Its active portfolio spans enterprise software, consumer internet, edtech, digital health, and industrial tech. Confirmed positions include online language marketplace Preply, no-code platform Creatio, smart-security manufacturer Ajax Systems, edtech company GoIT, pharma-marketing platform Viseven, and e-commerce champion Rozetka-Evo. In January 2026 the firm anchored the first $150 million round for Preply at a $1.2 billion valuation (per the firm, January 2026). The geographic mandate centers on Ukraine and Moldova, with portfolio companies serving customers in more than 180 countries. Horizon Capital manages seven funds totaling over $1.8 billion in AUM. The flagship is Horizon Capital Growth Fund IV, which held a final close at $350 million in Tokyo in February 2024 and was designated a 2X Flagship Fund — one of roughly ten globally and one of two led by a woman Founding Partner and CEO. In January 2026 the firm launched the Horizon Capital Catalyst Fund, a €300 million reconstruction-focused vehicle that held its first closing at €152 million during the World Economic Forum in Davos; its inaugural investment backed a 124 MW Ukrainian wind-power project alongside Notus Energy (per the firm, January 2026). Earlier portfolios include the three-vintage Emerging Europe Growth Fund series and UMAEF, the $285 million predecessor fund that seeded the firm. The team has promoted Maksym Kuznetsov and Bohdan Svyrydov to Principal as of May 2026. Horizon Capital's architecture is shaped by its institutional-investor base of development-finance institutions and impact investors who require IFC Performance Standards, UN PRI signatory status, and EBRD Integrity Guidelines across every portfolio company. That embedded compliance machinery — rare among regional private-equity managers — functions as a structural moat, making the firm the default diligence partner for global allocators seeking exposure to Ukraine and Moldova.
General information
Firm type
Private Equity
Year founded
2006
AUM
Over $1.8 billion (per the firm, 2026)
Location
Region
Middle East
Country
Ukraine
City
Lake Forest
Corporate office
Kyiv, Ukraine
Principals
Lenna Koszarny
Founding Partner and CEO, Investment Committee Member
Jeffrey C. Neal
Founding Partner and Chairman of Investment Committee
Denis Tafintsev
Senior Partner, Investment Committee Member
Vasile Tofan
Senior Partner, Investment Committee Member
Dmytro Boroday
Partner, Investment Committee Member
Sector focus
Frequently asked questions
Who runs investment decisions at Horizon Capital?
The Investment Committee is chaired by Founding Partner Jeffrey C. Neal and includes Founding Partner and CEO Lenna Koszarny alongside Senior Partners Denis Tafintsev and Vasile Tofan, plus Partner Dmytro Boroday. Day-to-day execution runs through a team of Principals and Investment Directors based in Kyiv.
How is Horizon Capital related to the Ukraine-Moldova American Enterprise Fund?
Horizon Capital was founded in 2006 as a spin-out of UMAEF's investment management team. UMAEF was a $285 million US government-backed regional fund established in 1994; Horizon Capital's founders previously managed that pool of capital before building the independent firm.
What is the Horizon Capital Catalyst Fund and how does it differ from the growth funds?
The Catalyst Fund is a €300 million reconstruction-focused vehicle targeting minority investments in asset-heavy sectors critical to Ukraine's economy — energy, digital infrastructure, and construction. Unlike the growth-equity funds that target tech and export champions, the Catalyst Fund partners alongside lead investors to address Ukraine's post-war equity-capital shortage.
Does Horizon Capital invest outside Ukraine and Moldova?
The firm's mandate is concentrated on Ukraine and Moldova, but its portfolio companies generate revenue in more than 180 countries. Horizon Capital's thesis is to back locally headquartered companies with global export reach rather than to deploy capital outside Eastern Europe.
Which institutional investors back Horizon Capital?
The firm is backed by over 40 institutional investors — including development-finance institutions, international financial institutions, and global family offices — whose combined capital base exceeds $700 billion. Specific LP names are not publicly disclosed by the firm.
What responsible-investment standards does Horizon Capital apply?
Horizon Capital is a UN PRI signatory and applies IFC Performance Standards on Environmental and Social Sustainability plus EBRD Integrity Guidelines for anti-corruption compliance. Due diligence and post-investment action plans embed these standards from the start of each partnership, with dedicated ESG and compliance staff on the team.
What stage of investment does Horizon Capital typically target?
The firm targets growth capital, buyout, and expansion-stage equity. It writes meaningful minority or control positions in fast-growing companies, often at the point where a proven local business is ready to scale into export markets.
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