USUBC and DFC in Warsaw: How the $150M U.S.-Ukraine Reconstruction Investment Fund Works

The U.S.-Ukraine Reconstruction Investment Fund is in Warsaw this week. On 12 November, USUBC and DFC discuss how the $150 million fund invests in Ukrainian companies — and what it has financed so far.

A Breakfast Roundtable on the First Day of ReBuild Ukraine

On Thursday, 12 November 2026, the U.S.-Ukraine Business Council (USUBC) hosts a breakfast roundtable in Warsaw. In addition, PwC co-hosts the event. The main topic is the U.S.-Ukraine Reconstruction Investment Fund, known as URIF, and its role in investment in Ukraine.

The roundtable takes place on the opening day of ReBuild Ukraine 2026, the reconstruction exhibition and conference at EXPO XXI in Warsaw. We covered the Swiss presence at the forum in our article on the Swiss Pavilion at ReBuild Ukraine.

The speakers represent the U.S. International Development Finance Corporation (DFC), the American partner in the fund:

Jonathan Taylor, DFC Associate General Counsel for Private Equity and Investment Funds
Anthony Pollak, DFC Country Officer for Ukraine
Lev Holubec, Partner at PwC Consulting Solutions and Vice-Chair of the USUBC Board, with welcome remarks
Amb. Geoffrey Pyatt, former U.S. Ambassador to Ukraine, and Irina Paliashvili, President and CEO of USUBC, as co-moderators

USUBC limits attendance to its members and partners, with one representative per company. Still, the questions on the table matter for every company that looks for capital in Ukraine.

What Is the Reconstruction Investment Fund?

The Reconstruction Investment Fund grew out of the U.S.-Ukraine minerals agreement of 2025. The two governments created it in April 2025 as a joint investment vehicle. In other words, it is not a grant programme. Instead, it takes stakes in projects and expects a return.

The fund has $150 million in capital. The United States contributes $75 million through DFC, and Ukraine contributes the same amount, according to the Ukrainian government. In addition, the fund receives part of the revenue from new licences and royalties for natural resources in Ukraine.

DFC declared the fund fully operational in December 2025. Moreover, its board includes representatives of both countries. Alvarez & Marsal acts as investment advisor.

Which Sectors the Fund Targets

URIF focuses on sectors that strengthen supply chains and Ukraine’s economic resilience:

critical minerals, both upstream and midstream
energy, including generation, transmission and hydrocarbon extraction
transport and logistics
information and communications technology
emerging and dual-use technologies

In its early years, the fund plans to focus on equity and equity-like investments. However, it can use the full capital stack, so debt financing is also possible.

How Companies Can Apply to the Reconstruction Investment Fund

In January 2026, DFC launched an online application portal. Companies submit project proposals at urifinvest.com. After that, the fund screens them against its sector priorities and investment policy.

Interest has been strong. In its first year, the fund received 282 applications from more than 15 countries. Notably, more than half came from Ukrainian companies. Energy accounted for over a quarter of all submissions, followed by transport and logistics, critical minerals and advanced technologies.

For applicants, the bar is high. The fund invests alongside a U.S. government agency, so it expects bankable projects, clear governance and strong compliance. Therefore, companies should prepare their corporate structure, financial reporting and ownership disclosure before they apply.

What URIF Has Financed So Far

The first investment came in March 2026. The board approved an equity stake in Sine Engineering, a Ukrainian company that develops communication and navigation components for drones. However, DFC did not disclose the amount.

On 2 October 2026, the board approved a further round of investments:

a joint platform with BGV Group Management for early-stage mining projects, with a focus on rare earths, uranium, beryllium and zirconium
an equity investment in a distributed combined heat and power platform to restore power and heat for communities
debt financing for DTEK’s 200 MW / 400 MWh battery storage system across six sites

The fund has not published the amounts of these deals. Even so, the direction is clear: energy security and critical minerals now dominate the portfolio.

Why the Warsaw Roundtable Matters for Ukrainian Business

For Ukrainian companies, the Reconstruction Investment Fund is one of the few instruments where a U.S. government investor puts capital directly into Ukrainian projects. As a result, the Warsaw discussion is practical rather than theoretical.

Key questions for the roundtable include how the fund selects projects, which deal sizes it prefers and how it works with co-investors. Another question, finally, is how quickly decisions move from application to signing.

The comparison with Switzerland is instructive. Under SECO’s programme, Swiss federal money finances Swiss companies that deliver projects in Ukraine. We analysed this model in our article on how Swiss reconstruction money returns to Swiss companies and in our Swiss Companies Rebuilding Ukraine series. URIF, by contrast, can invest in Ukrainian companies themselves. In short, both models bring capital, but they reach different beneficiaries.

What Comes Next for the Reconstruction Investment Fund

The fund aims to sign at least three investment agreements by the end of 2026. The October approvals bring it closer to that goal. Meanwhile, the Reconstruction Investment Fund expects revenue from licences and royalties to add to its capital over time.

Lighthouse attends ReBuild Ukraine 2026 in Warsaw. If you are preparing a project for URIF or another reconstruction instrument, we would be glad to meet during the forum.

Sources

Editorial note: Event details are based on USUBC’s Weekly Digest, Issue 118, dated 30 October 2026. Investment amounts for individual URIF deals have not been disclosed.