Ukrainian Venture Capital Association launches $300M Fund of Funds

The Ukrainian Venture Capital Association is launching the Ukrainian Fund of Funds (FoF) aiming become the first institutional anchor investor to provide 30%+ of Limited partners commitments. The initial size of the fund is $300 million, according to

  • The fund was designed back in 2016, but it took years “to harness difficulties and reach a point of readiness”. It allows to invest capital in local funds through an intermediary. This is not a donor or charity program.
  • FoF plans to launch an ongoing program aiming to strengthen the private investment, venture capital, and technology ecosystem in Ukraine. The main goal is to become the first institutional anchor investor to provide 30%+ Limited partners commitment, so that general partners have more chances to attract the remaining 70%.
  • Currently, there are 16 Ukrainian funds that are actively raising money and are the main goals of the Fund of Funds. Together, they have a total investment potential of about $800 million.

Among them are:

  • 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;
  • Green Flag Ventures;

The FoF structure is fully independent, without government involvement. In the future, however, a state may invest in FoF on par with the rest of the participants. The Ukrainian Fund of Funds is led by Manager Ertan Can, a venture capital fund of funds pioneer in Europe, and Founder and Managing Partner of Multiple Capital.