Japan International Cooperation Agency (JICA) commits $20 million to Horizon Capital Growth Fund IV (HCGF IV), marking firm’s first Japanese backer

February 20, 2024

February 20, 2024 – Tokyo, Japan: Horizon Capital, a U.S. private-equity firm with $1.6 billion AUM investing primarily in fast-growing tech and export-oriented companies in Ukraine, announced that its latest fund, HCGF IV has accepted a $20 million commitment from JICA. The investment was announced during the «Japan-Ukraine Economic Reconstruction Promotion Conference» in Tokyo yesterday, with a signing ceremony held at JICA’s office. This is the first investment that Horizon Capital has attracted from Japan, joining the firm’s esteemed U.S. and European investor base with circa $700 billion in capital.

JICA’s investment will catalyze financing primarily to fast growing, asset light, exporting technology companies, a sector that has demonstrated extraordinary resilience following the onset of the full-fledged invasion two years ago. The Fund is the largest and leading fund raised over the past few years and is notable given its strategy of investing now, not when hostilities end, to maximize its contribution to Ukraine’s ongoing resilience, including supporting growth, creating high-value jobs, expanding the tax base, increasing availability of capital for SMEs, and promoting gender smart investing. HCGF IV is the first fund in Central and Eastern Europe (CEE) to be awarded 2X Flagship Fund status, 1 of circa 10 globally attaining the highest 2X Challenge designation for funds, and an estimated 1 of 2 such funds led by a female Founding Partner & CEO. 2X Challenge was launched as a bold commitment to invest in the world’s women and promote gender equality in finance.

Lenna Koszarny, Founding Partner and Chief Executive Officer, said: “We are thrilled to welcome JICA to our esteemed group of investors backing our latest fund. This significant commitment is a testament to the global success, recognition and resilience of the tech and export-oriented sectors in Ukraine. It reflects a strong vote of confidence in the visionary entrepreneurs we partner with, who are at the forefront of driving economic growth and innovation in the Region. We are grateful for JICA’s support, which expands our ability to deliver stellar returns, as well as amplifies our impact in delivering sustainable development, job creation and promote gender-smart investing, at a time when our Region needs it most.”

Mikio Hataeda, Senior Vice President of JICA, said: “We are pleased to announce our commitment to Horizon Capital Growth Fund IV, to support the transformative potential of Ukraine and Moldova’s tech and export-oriented sectors. This investment aligns with JICA’s mission to finance sustainable development and economic resilience in emerging markets, but also illustrates our staunch support for Ukraine in face of the brutal war led by Russia. We are confident that our partnership with Horizon Capital will contribute to the growth of innovative enterprises in the region, fostering job creation and advancing gender equality in line with the 2X Challenge standards.”


Horizon Capital is the leading private equity firm in Emerging Europe with $1.6 billion in assets from investors with a capital base of circa $700 billion, raising over $800 million in growth capital in just over six years. The firm’s investment strategy focuses on backing visionary entrepreneurs leading fast-growing, primarily tech and export-oriented businesses in Ukraine and Moldova. Its funds managed have backed over 170 companies employing around 80,000 people to date.

The Japan International Cooperation Agency (JICA) is an incorporated administrative agency in charge of administering Japan’s Official Development Assistance (ODA), is one of the world’s largest bilateral aid agencies supporting socioeconomic development in developing countries in different regions of the world. It supports developing countries in addressing their development challenges through flexible combination of various cooperation modalities, such as Technical Cooperation, Finance and Investment Cooperation, and Grants. JICA has 96 overseas offices and operates in approximately 140 countries and regions of the world.

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