Ukraine’s largest dollar-style retail chain, Aurora Multimarket, and private equity firm Horizon Capital are about to launch an investment program targeting fast-growing Ukrainian retail businesses, Aurora Next, Forbes Ukraine reported.
The fund’s idea signals a new player for Ukraine’s still-thin private equity market. The new fund plans to deploy $10-20 million this year in two to three pilot deals.
The initiative, announced by Aurora co-founders Lev Zhydenko and Taras Panasenko, alongside Horizon Capital senior partner Vasyl Tofan, aims to acquire controlling stakes in retail chains with 25 branches and annual revenues of $5-50 million, with annual growth of at least 30%, according to the Forbes Ukraine article.
Aurora Multimarket operates 1,817 stores in Ukraine and 65 in Romania as of Feb. 20, 2026, having opened 235 Ukrainian locations last year while closing 56. Horizon Capital acquired a stake in Aurora in 2021.
Rather than a straightforward acquisition, Aurora Next offers what the company described as “smart money” – equity capital with access to Aurora’s logistics, IT infrastructure, supplier network of over 600 manufacturers, and the newly built Westgate Logistics hub, which cost tens of millions of euros to construct.
Aurora Next does not plan to acquire the business outright immediately. The base scenario involves acquiring more than 50% of the company, with the option to buy out the partners’ shares in a few years.
This mechanism allows the founder to remain at the helm of the business while ensuring a transparent, guaranteed exit strategy.
The fund plans to target retail in pet supplies, food retail, and other mass-market formats, but Aurora Next founders aim first and foremost at the owners’ ambitions, entrepreneurial drive, and a willingness to scale up. Horizon Capital estimated the volume of the retail market in Ukraine to be at $60 billion.
Aurora Next’s launch is also tied to Aurora’s longer-term IPO ambitions. Panasenko said in September 2025 that a public offering is unlikely in 2026. When it does happen, having a portfolio of fast-growing partner businesses would bolster the company’s growth narrative for potential investors.
Previously, Diligent Capital Partners (DCP) senior partner and chief operating officer (COO) Dan Yakub said Ukraine needs more private equity funds to spark the investment ecosystem – especially for businesses where traditional banking cannot provide loans due to regulatory constraints. Speaking with Kyiv Post in an interview, he said the sooner more private equity players appear, the better. Yakub added that building a successful business in wartime conditions is hard, but it “requires a higher level of stamina, hunger, and inspiration than 90% of founders would never go through in stable geographies abroad.