On June 24, 2026, Gdańsk hosted the official Ukraine Recovery Conference side event — “Investing in Ukraine at Scale: The Private Capital Equation for Ukraine”, organized by KPMG and Horizon Capital.
The event brought together international investors, representatives of international financial institutions, business leaders, and public sector stakeholders around a central question: how to turn growing interest in Ukraine into real investment deals today.
The discussion highlighted a clear shift in focus—from general assessments of Ukraine’s potential to practical aspects of execution, deal structuring, and risk management. Investor interest is becoming increasingly pragmatic: rather than expressing general interest, stakeholders are now seeking concrete solutions, reliable partners, and a clear understanding of how to operate in the market.
The panel — Structuring Investability: Capital Deployment in Ukraine — focused on the practical aspects of executing investments. It featured representatives from Dragon Capital, FinPoint, BGK, EBRD, Unimot Group, KUKE, UK Export Finance, and JICA, and was moderated by KPMG in Ukraine.
The discussion centered on project investability, alignment with investor requirements, availability of war risk insurance instruments, the role of international financial institutions and export credit agencies, and the use of blended finance in structuring investments.
As highlighted during the panel, investment activity continues despite the full-scale invasion. However, the primary barrier is not the lack of opportunities, but rather the quality of project preparation and structuring. Particular emphasis was placed on the need for effective risk allocation among stakeholders to enable private capital participation even in a complex environment.
In practice, investors are actively leveraging instruments provided by export credit agencies and international financial institutions, including guarantees, war and political risk insurance, and blended finance solutions. These mechanisms increasingly allow for substantial risk mitigation and support deal execution across sectors.
Participants identified energy—particularly generation recovery and decentralization—as a leading investment area, alongside logistics and infrastructure projects, as well as resilient segments of the private sector that continue to adapt and grow under wartime conditions.
At the same time, investors emphasized that key investability criteria include clear risk allocation, a transparent revenue model, strong execution track record, investor commitment to the project (skin in the game), and alignment with ESG standards.
It was also noted that transactions are already taking place both through direct investments and M&A, including deals in the financial sector and infrastructure, where international partners play a key role in de-risking market entry.
A panel — The Role of Private Capital in Ukraine’s Reconstruction, moderated by a representative of the KSE — focused on the practical mechanisms required to scale private capital participation. The discussion brought together representatives of IFC, EIB, MIGA, EIFO, Greenvolt, Impacta Law, Ukreximbank, and INGO Insurance.
Participants emphasized that the core financial instruments are already in place and increasingly operate in combination: debt financing, equity investments, and risk-sharing mechanisms. Cooperation with the banking sector and the use of risk-sharing programs are enabling the scaling of business support and expanding access to financing, while equity investments and fund structures help channel additional capital into projects.
At the same time, participants noted that a significant number of initiatives continue to face an equity gap, which often remains a critical constraint to their implementation.
The event concluded that strong investor interest in Ukraine not only remains but is steadily increasing, with private capital gradually moving from observation to more active engagement. However, the conversion of this interest into real deals largely depends on project preparation quality, effective risk-sharing mechanisms, and the ability to execute.
Summarizing the discussion, participants agreed that key success factors include early market entry, deep understanding of the local environment, strong local partnerships, and close collaboration between government, business, and international institutions.
“Investing in Ukraine at Scale: The Private Capital Equation for Ukraine” is an official side event of the Ukraine Recovery Conference 2026, organized by KPMG and Horizon Capital, bringing together key investment market players to discuss practical approaches to mobilizing private capital in Ukraine.
