Leading private equity firm in Emerging Europe, with over $1.1 billion AUM

Over 27 years of operations with more than 150 companies backed

We support visionary entrepreneurs, transforming the business landscape in the region

Horizon Capital is a leading private equity firm in Emerging Europe, backed by over 40 institutional investors. We have a tenure of over 27 years in the region and manage five funds with assets under management of over $1.1 billion.

We are known for our strong team, high integrity and governance, value creation and track record of successful investments.
Our investment strategy focuses on fast-growing, export-oriented companies that leverage CEE’s cost competitive advantage to generate global revenues.

1.1 billion

assets under management

>$2.2 billion

capital attracted to the region

>27 years

tenure in the region

5 funds


Our mission

We transform local leaders into regional and global champions.


  • Identify the strongest companies led by visionary entrepreneurs
  • Back them with capital and expertise


  • Generate superior returns
  • And help transform the region

Our principles

  • We are a model of transparency and integrity
  • We stand firmly for the interests of our investors
  • We are committed to excellence and continuous growth
  • Our relationships are based on trust and mutual respect
  • We leave no stone unturned in achieving success


Horizon Capital was founded in 2006 as a spin-out of the investment management team of WNISEF, a $150m fund focused on Ukraine and Moldova and established in 1994. Today, the firm has two Founding Partners, Lenna Koszarny, CEO, over 25 years based in Ukraine and Jeffrey C. Neal, Chairman of the Investment Committee, 30 years at Merrill Lynch, former Chairman of Global Investment Banking.

Horizon Capital has launched three funds under the Emerging Europe Growth Fund brand. EEGF I (launched in 2006) with $132m raised, and EEGF II (in 2008) with $370m raised. Both EEGF I and EEGF II provided buy-out and expansion capital for domestic-focused businesses. EEGF III, the firm’s latest fund, closed in December 2018 with a hard cap of $200m, far surpassing its original target of $150m. EEGF III is focused primarily on IT and export-oriented companies, and select domestic champions.

Backed by U.S. and European investors with a combined capital base of over $570 billion


  • Creatio

    Global software company providing low-code BPM and CRM solutions

  • Rozetka-Evo

    E-commerce champion

  • Ajax

    Leading smart security systems manufacturer

  • Avrora

    Leading dollar store player

  • Makeup

    Niche e-commerce champion: beauty products

  • Genesis

    Top 100 global IT product company

  • Intellias

    Fast-growing IT outsourcing

  • Liki24

    E-commerce platform for medicine delivery

  • Purcari

    Leading wine producer in CEE

  • MAIB

    #1 commercial bank in Moldova

  • Jooble

    #2 global job search engine

  • Datagroup

    #1 B2B fixed telecom operator in Ukraine

  • Yarych

    Fast-growing confectionary exporter

  • Exited

    Tinkoff (IPO)

    Online bank

  • Exited


    Leading wine producer in CEE 

  • Exited


    Leading IT outsourcing company

  • Exited


    Leading pharma manufacturer

  • Exited


    Household goods producer

  • Exited


    Leading Belarusian bank

  • Exited


    Leading Moldovan glass company

Our team

Strong team of investment professionals with top US and European business schools education and operational experience at blue chip companies globally.

Meet our team

Latest news

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Investment funds

Join us

If you are interested in being a part of the Horizon Capital team, please send your CV to: [email protected]