The Ukrainian Venture Capital and Private Equity Association (UVCA) has launched a $300 million Fund of Funds (FoF) to support the private equity, venture capital, and tech ecosystem in Ukraine.
- Founded in 2016 and managed by Ertan Can, the founder and managing partner of Multiple Capital, the Ukrainian Fund of Funds is designed to invest in local funds through an intermediary. The fund has taken years to overcome various challenges and has now reached a point of readiness.
- FoF aims to support Ukraine's private investment, venture capital, and technology ecosystem by becoming the first institutional anchor investor to provide 30%+ limited partners commitment, which is intended to help general partners (GPs) raise the remaining 70%.
- The Fund of Funds operates independently without government involvement, but there is potential for future state participation on equal terms with other participants.
- To date, 16 Ukrainian funds are raising capital, representing the Fund of Funds initiative, with potential investment of around $800 million, including AVentures Capital, ICU Ventures, Freedom One VC, Digital Future, Flashpoint, One Way Ventures, FfVC, Ukrainian Phoenix, ZAZ Ventures, Network VC, 3X Capital, Flyer One Ventures, SID Venture Partners, 1991 Ventures, Rada Capital, and Green Flag Ventures.
- Furthermore, around 50 foreign funds are based on, focused on, or express interest in the Central and Eastern European market.
