The U.S. International Development Finance Corporation (DFC) has published a Request for Information (RFI) to identify a company that will provide administrative services for the U.S.-Ukraine Reconstruction Investment Fund—a joint initiative of the U.S. and Ukrainian governments aimed at attracting private investment into critical sectors of Ukraine’s economy.
The Fund Administrator will handle technical operations such as accounting, documentation, transaction processing, and regulatory compliance, while all investment decisions will be made solely by the Fund's Governing Board, composed equally of representatives from both countries.
The publication of the RFI is the first step in selecting a qualified partner and does not constitute the launch of a formal tender.
Qualified Ukrainian companies are also encouraged to submit proposals to DFC. The final selection of the service provider will be made unanimously by the Fund’s Governing Board, which will include three representatives each from the U.S. and Ukraine.
DFC invites qualified companies to submit information regarding their experience in:
- Accounting and reporting for investment funds;
- Ensuring regulatory compliance, including client due diligence and anti-money laundering procedures;
- Processing investment transactions and managing assets;
- Implementing modern technological platforms for fund administration, etc.
According to the RFI, the responsibilities of the investment fund administrator will include:
- Service Delivery: Fund accounting, managing relationships with Limited Partners (LPs), transaction processing, regulatory compliance, and cash management.
- Technology & Security: Using a reliable technological platform with strong security features, scalability, and reporting capabilities to support the fund’s operations.
- Team Expertise: Employing qualified team members with experience in private equity fund administration.
- Compliance & Risk Management: Establishing procedures to ensure regulatory compliance, including anti-money laundering protocols, client due diligence, and financial crime risk management.
- Fee Structure & Timeline: Developing a detailed compensation structure and conditions for administrative services, along with a project schedule with clear milestones.
The U.S.-Ukraine Reconstruction Investment Fund aims to finance projects in strategically important sectors of Ukraine's economy, including mining, hydrocarbons, and infrastructure. The Fund is expected to support Ukraine’s long-term economic growth and resilience.
The fund’s legal status, governance model, sources and terms of contributions by both governments, reinvestment rules, transparent audit procedures, and security safeguards are outlined in a commercial agreement between the U.S. and Ukraine. The key terms of this agreement are published with the consent of both parties.
Key parameters of the commercial agreement include:
- Partnership Structure: The Fund is established as a perpetual partnership between DFC (U.S. side) and the PPP Agency (Ukrainian side). The Governing Board consists of three managers from each country and operates through four committees: investment sourcing, investment, administrative, and audit.
- Capital Contributions: Initial capital includes 50% of Ukraine’s royalties from new and dormant hydrocarbon extraction licenses, as well as contributions from the U.S. via DFC and Ukraine’s initial input. Additionally, ongoing U.S. military aid will be counted as a conditional capital contribution through DFC. Either party may make further capital contributions.
- Income: All profits during the first ten years will be reinvested in Ukrainian projects (mining, energy, oil & gas, logistics). Income generated from Ukrainian licenses and royalties must also be reinvested before any distributions to limited partners are allowed. In any case, profit distributions may only occur after 2035.
- DFC Rights: DFC receives priority, but not exclusive, rights—such as first-look access to investments and offtake agreements, and the ability to bring in U.S. co-investors. Projects may also involve other investors in parallel.
- Auditing: Transparency is ensured through annual audits by the State Audit Office of Ukraine. The audit committee may involve international experts and verify correct contribution accounting.
Interested companies must submit their responses by July 27, 2025, at 12:00 p.m. Eastern Time (U.S.) via email to RFI@dfc.gov with the subject line:
"RFI response – Investment fund administration – [Company Name]"
The full RFI document with detailed requirements and submission procedures is attached.
