DLA Piper advises on the launch of the Amber Dragon Ukraine infrastructure fund

Global law firm DLA Piper advised on the launch of the Amber Dragon Ukraine infrastructure fund, marking a significant milestone in mobilising investment into Ukraine’s future.

The fund which, raised approximately EUR207 million at first close, brings together Amber Infrastructure Group (Amber), an international investment manager focused on infrastructure, and Dragon Capital Group (Dragon), a leading Ukrainian investment firm. The fund will channel capital into critical sectors in Ukraine including energy, transport and digital infrastructure, supporting Ukraine’s reconstruction and long-term economic development.

A multidisciplinary and cross border team spanning the UK, Luxembourg and the US, led by London-based partner, Sam Whittaker, advised on the structuring and launch of the co-sponsored fund. Sam was supported by partners, Catherine Pogorzelski and Brad Phipps (both Investment Funds), Jacques Wantz and Michael Graham (both Tax), counsel, Marceau Visano (Investment Funds), legal director, Katie O'Hara (Litigation & Regulatory), senior associates Thomas Daley and Sarah Noville (Investment Funds), and associates, Mihir Joshi (Investment Funds) and Gonzalo Burgaleta Aza (Tax).

Commenting on the significance of the fund, Sam Whittaker said: “The Amber Dragon Ukraine infrastructure fund is a landmark initiative, both in its innovative structure and in its strategic importance. By bringing together leading international and Ukrainian sponsors, it reflects a thoughtful, partnership-driven approach to mobilising capital at a critical moment for Ukraine’s reconstruction. By using the power of our global platform, the sponsors benefited from a truly integrated, cross-border team, delivering a pragmatic and solutions-focused approach throughout. We look forward to seeing the fund generate meaningful, long-term impact across key sectors of the Ukrainian economy.”

Yurii Radko, Head of M&A and Transactions at Dragon Capital added: “Closing the infrastructure fund marks a significant milestone for Dragon Capital and for Ukraine more broadly, as we deploy capital into critical, long-term projects that will support the country during this difficult wartime period.”

“The DLA team provided invaluable structuring expertise and regulatory guidance, helping us navigate complex legal frameworks and ensure a successful and compliant fundraise.”

Laila Dickie, Managing Director – General Counsel at Amber Infrastructure, concluded: “We are delighted to have successfully reached the fund’s closing, marking an important milestone for Amber Dragon and making possible the delivery of much-needed investment into Ukraine’s infrastructure. DLA Piper played a critical role in helping us achieve this outcome, providing us with excellent advice throughout the process and supporting the transaction through to a successful close.”

The Amber Dragon fund is positioned to drive meaningful, real-world impact by directing capital into critical infrastructure where it is needed most. The transaction underscores DLA Piper’s market-leading capabilities in complex, cross-border fund formation and reinforces its position as a go-to adviser for sponsors executing innovative, high-impact investment strategies.

In January 2026, DLA Piper’s Investment Funds team supported Dragon Capital to establish its Rebuild Ukraine Fund which raised USD250 million.