UCVA Report: Stormy Decade – a ten year retrospective on the Ukrainian investment landscape

As a co-founder of the Ukrainian Venture Capital and Private Equity Association (UVCA), Wolf Theiss is proud to have contributed to and acted as the general partner of the Stormy Decade, an exclusive report offering a ten-year retrospective on the Ukrainian investment landscape.

Covering the period from 2014 to 2024, this in-depth study examines trends in private equity, venture capital, mergers and acquisitions (M&A) and privatisation. It captures a transformative decade marked by resilience, innovation and the impact of external shocks – including the full-scale war.

Drawing on UVCA’s extensive industry insights, the report highlights key trends and market developments: an estimated $9.4 billion in total investments, over 1,400 documented deals and a dominant 60% share in the tech sector. It also explores the growing shift towards defence and dual-use technology, green energy, agriculture and infrastructure – while analysing how many economic indicators have not only rebounded but surpassed pre-war benchmarks. Despite a relative scarcity of institutional capital, momentum is building – with around 30 Ukraine-focused funds now raising over $4 billion, including the $300 million Ukrainian Fund of Funds.

Stormy Decade offers a unique lens on the opportunities and challenges shaping the next chapter of Ukraine’s investment story.