Dragon Capital is a Ukrainian group of companies in the field of

investment Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

, offering a comprehensive range of products in equities and fixed income sales, trading and research, investment banking, private equity, and asset management to institutional, corporate, and private clients. It was founded in 2000 in

Kyiv Kyiv, also Kiev, is the capital and most populous List of cities in Ukraine, city of Ukraine. Located in the north-central part of the country, it straddles both sides of the Dnieper, Dnieper River. As of 1 January 2022, its population was 2, ...

. From 2016 to 2020, Dragon Capital invested more than $600 million in real estate in Ukraine. In 2022–2024, amidst the ongoing

Russian invasion of Ukraine On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...

, the firm invested over $100 ml in the economy of Ukraine, completing an industrial park in Lviv, which the

World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...

through its

Multilateral Investment Guarantee Agency The Multilateral Investment Guarantee Agency (MIGA) is an international financial institution which offers political risk insurance and credit enhancement guarantees. These guarantees help investors protect foreign direct investments against ...

has insured against military risks. It is also the owner of news media holdings in Ukraine —

Ukrainska Pravda ''Ukrainska Pravda'' is a Ukrainian socio-political online media outlet founded by Heorhii Gongadze in April 2000. After Gongadze’s death in September 2000, the editorial team was led by co-founder Olena Prytula, who remained the editor-in ...

, and The New Voice of Ukraine. In April 2017, the Security Service of Ukraine conducted a search at the firm's office. Then, former Prime Minister

Volodymyr Groysman Volodymyr Borysovych Groysman (; born 20 January 1978) is a Ukrainian statesman, politician, and businessman. He served as the 16th Prime Minister of Ukraine from 14 April 2016, to 29 August 2019. From 2006 to 2014, he was the mayor of Vinny ...

backed the company. In November 2024, Dragon Capital's subsidiary acquired 100% of the charter capital of Trade Solutions LLC, formerly part of DCH Investment Management. The acquired company owns and operates the Karavan Outlet shopping mall in Kyiv. In early 2025, Dragon Capital sold the Omega-1 Logistic Complex in the Kyiv region to Rush LLC, the owner of the EVA retail chain.

History

The firm was founded by a Czhech businessman residing in Ukraine Tomas Fiala in cooperation with partners in 2000 in

. From 2007 to 2017,

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

, one of the world's largest banks, owned a minority stake in Dragon Capital. In 2017 Dragon Capital bought back shares from Goldman Sachs, although the latter acquired a 25% stake in New Ukraine PE Holding Limited. In 2008, Dragon Capital, together with East Capital Bering Ukraine Fund, acquired 70% of Chumak's (one of the largest food companies in Ukraine) shares, but sold its stake in 2019. In July 2010, Dragon Capital established a regional private equity fund, Europe Virgin Fund, which has invested in some industry-leading companies in

FMCG Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG) or convenience goods, are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods, bevera ...

, advertising, pharma, online payments, and private security services. The fund was fully invested at the end of 2015, attracting investments from the

EBRD The European Bank for Reconstruction and Development, shortened to EBRD ( French: ''Banque européenne pour la reconstruction et le développement'' or ''BERD''), is an international financial institution founded in 1991 in Paris. As a multilat ...

, Swiss Investment Fund for Emerging Markets,

Black Sea Trade and Development Bank The Black Sea Trade and Development Bank (BSTDB) is an international development finance institution serving the eleven member founding countries of the Black Sea Economic Cooperation, a regional economic organization. It supports economic deve ...

, and other investors. Dragon Capital remains the largest LP, since 2016 the fund managed by a team, which spun off from Dragon Capital. Dragon Capital New Ukraine Fund was established in November 2015. Its anchor investors are Dragon Capital and the Ukrainian Redevelopment Fund, which is managed by

Soros Fund Management Soros Fund Management is a privately held American investment management firm. It is currently structured as a family office, but formerly was a hedge fund. The firm was founded in 1970 by George Soros and, in 2010, was reported to be one of th ...

. From 2017 to 2019, it acquired several of different commercial properties in

Lviv Lviv ( or ; ; ; see #Names and symbols, below for other names) is the largest city in western Ukraine, as well as the List of cities in Ukraine, fifth-largest city in Ukraine, with a population of It serves as the administrative centre of ...

Vinnytsia Vinnytsia ( ; , ) is a city in west-central Ukraine, located on the banks of the Southern Bug. It serves as the administrative centre, administrative center of Vinnytsia Oblast. It is the largest city in the historic region of Podillia. It also s ...

Zaporizhzhia Zaporizhzhia, formerly known as Aleksandrovsk or Oleksandrivsk until 1921, is a city in southeast Ukraine, situated on the banks of the Dnieper, Dnieper River. It is the Capital city, administrative centre of Zaporizhzhia Oblast. Zaporizhzhia ...

, Kyiv, and near Kyiv. In 2019, the company acquired a minority stake in Ciklum (an IT company). In December 2019, the company entered into an agreement to acquire 100% of Idea Bank for UAH 1.368 billion, but at the end of June 2020 terminated the agreement. In 2020, Dragon Capital acquired a 6 floors building for the

Kyiv School of Economics The Kyiv School of Economics (KSE) is an undergraduate and graduate school of economics and management in Kyiv, Ukraine, founded in 1996 by the Economics Education and Research Consortium (EERC) and the Eurasia Foundation. KSE has an agreement ...

. In September 2020, it started the industrial park near

Zhytomyr Zhytomyr ( ; see #Names, below for other names) is a city in the north of the western half of Ukraine. It is the Capital city, administrative center of Zhytomyr Oblast (Oblast, province), as well as the administrative center of the surrounding ...

. In December 2020, the firm bought the industrial park in Riasne-2. In 2023, EBRD invested US$24.5 million in developing M10 Lviv Industrial Park. The first phase of M10 Lviv Industrial Park was completed in May 2024 and leased to Aurora Multimarket. In 2021, Dragon Capital acquired a controlling stake in Treeum, a leading Ukrainian online financial supermarket that manages business media resources including minfin.com.ua and finance.ua. In April 2021, Dragon Capital acquired UnexBank. In May 2021, owner

Olena Prytula Olena Yuriivna Prytula (; ; born March 10, 1967) is a Ukrainian journalist, the former editor-in-chief, owner (and earlier co-founder) of the ''Ukrainska Pravda'', an influential online newspaper that focuses on news and political coverage in Uk ...

sold 100% of the corporate rights of Ukrainian

online newspaper An online newspaper (or electronic news or electronic news publication) is the electronic publishing, online version of a newspaper, either as a stand-alone publication or as the online version of a printed periodical literature, periodical. Goin ...

to Dragon Capital. Dragon Capital also supports the expansion of the

. In July 2024, Dragon Capital fully exited its shareholder position in Arricano, which owns shopping centers in Kyiv, Zaporizhzhia, and Kryvyi Rih, according to a statement from Dragon Capital's press service. In November 2024, Dragon Capital's subsidiary DK Kyiv Outlet LLC completed the acquisition of 100% of the charter capital of Trade Solutions LLC, formerly part of DCH Investment Management. The acquired company owns and operates the Karavan Outlet shopping mall in Kyiv, according to a statement from DCH's press service. In early 2025, Dragon Capital sold the Omega-1 Logistic Complex in the Kyiv region to Rush LLC, the owner of the EVA retail chain. In February 2025, Dragon Capital Property Management announced the sale of the Borychiv business center in Kyiv, with the asking price set at 340 million UAH.

References

{{Reflist Financial services companies established in 2000 Investment management companies of Ukraine