Green Recovery Fund Advisors is an investment manager focused on sectors of the Ukrainian economy relevant for recovery and alignment with EU accession.
In 2021, SD Capital founders Andrey Stavnitser and Philipp Grushko whose family office manages an infrastructure portfolio of more than €1 billion, including the private port operator TIS and the charitable rehabilitation and prosthetics initiative Superhumans Center – brought together industry professionals, including Konstantin Magaletskyi, Yuri Kubrushko, and Mike Merkulov, to initiate Ukraine’s first real-sector-oriented investment fund.
Following the full-scale invasion in 2022, the Manager`s strategy was adapted to the changed environment. The GRFA team was expanded with additional professionals from Ukraine and abroad.
The team has advised IFIs on financing frameworks in Ukraine’s electricity sector and completed exits to strategic investors, including DP World, Cargill, P&O Maritime, Stada, and Sarantis.
The current team comprises 20 specialists, split between the investment team and the back office. Collectively, they bring extensive experience in energy, logistics, infrastructure development, and private equity transactions. The headquarters is in Kyiv, with an additional office in Odesa.
GRFA is structuring investment vehicles designed to channel capital into large-scale, EU-aligned infrastructure and growth projects once fundraising is completed. The platform is intended to provide robust governance and investor protections.
Strategy
& Sectors
GRFA’s mandate covers greenfield, brownfield, and growth-stage companies in sectors essential for sustainable recovery, modernisation, economic growth, and Ukraine’s EU accession process.
The objective is to accelerate alignment with EU standards, strengthen cross-border connectivity and trade, and contribute to reconstruction and long-term resilience.
Investments will be structured to deliver both financial returns and measurable development impact — supporting job creation, regional development, and innovation. This dual focus benefits Ukrainian society while reinforcing the EU’s vision of a prosperous, stable, and sustainable neighbourhood.
Sector
priorities
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Energy & Renewables
Renewable energy generation, BESS, flexible generation, bioenergy, electricity distribution, energy solutions and service companies, energy efficiency projects.
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Logistics
Diversified logistics, specialised and multi-modal logistics, including, multitemperature, grain, pharma and other logistics facilities.
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Transport Infrastructure
Passenger and cargo terminals, mobile assets, railway infrastructure and modernisation, urban mobility, intermodal connections, smart infrastructure, and projects aligned with TEN-T corridors.
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Manufacturing & Industry
Upgrades to EU and CBAM standards to expand export capacity and attract European strategic investors, including manufacturing plants, agro-processing facilities, industrial parks, and construction material factories.
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Digital Infrastructure
Towers, fibre networks, data centres, smart-city systems supporting digital sovereignty and EU connectivity.
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Public–Private Partnerships
Concessions and privatisations of ports, airports, stations and industrial assets with EU-aligned governance.
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Other Industries
Selected opportunities in mining, healthcare, education, environmental services, and additional sectors relevant to Ukraine’s sustainable recovery.
Investment
Parameters
GRFA is structuring investment vehicles with the following indicative parameters (subject to final fund documentation):
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Capital Vehicles:
blind-pool fund, pledge fund, and other
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Ticket Size:
€10–50 million per deal
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Stake:
majority or significant minority with governance rights
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Instruments:
equity and equity-like (including shareholder loans)
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Holding Period:
6–10 years
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Project Types:
greenfield, brownfield, expansion, and growth
Core
Team
Andrey Stavnitser
Core Team
Philipp Grushko
Core Team
Konstantin Magaletskyi
Core Team
Yuri Kubrushko
Core Team
Mike Merkulov
Core Team
Zbigniew Prokopowicz
Core Team
Michal Kozlowski
Core TeamLocal Investment Team
GRFA is structuring investment vehicles designed to channel capital into large-scale, EU-aligned infrastructure and growth projects once fundraising is completed. The platform is intended to provide robust governance and investor protections.
TIS Container Terminal, Port Pivdennyi
Developed since 2009; in 2020, a majority stake was acquired by DP World.
Superhumans Center
Non-profit prosthetics, reconstructive surgery and rehabilitation initiative; first Ukrainian project to receive DFC political-risk insurance post-2014 ($25m). Over $100m raised from donors; centres in Lviv and Dnipro operational, Odesa centre planned for 2026.
Private Equity Exits
Ergopack (household goods) exited to Sarantis in 2018; Biopharma generic business acquired by Stada in 2019.
Neptune Grain Terminal
Developed with IFC and EBRD senior debt; in 2021 majority stake was acquired by Cargill.
These transactions demonstrate the team’s capacity to originate, finance, and execute large CAPEX-intensive projects, and to deliver exits to international strategic investors even under challenging conditions such as the COVID-19 pandemic and wartime disruption.