The U.S. International Development Finance Corporation (DFC) has issued a Request for Information (RFI) to help inform the identification of a company that will provide investment fund administration services to the U.S.-Ukrainian Reconstruction Investment Fund — a joint initiative of the Governments of the United States and Ukraine aimed at mobilizing private investment in critical sectors of the Ukrainian economy.

The fund administrator will handle the Fund’s technical operations — including accounting, document management, transaction processing, and regulatory compliance — while all investment decisions will be taken exclusively by the Fund’s Board of Managers, which has equal representation from both countries.

Publication of the RFI is the first step toward the selection of  a qualified partner to provide administration services for the Fund, and does not in itself constitute a formal tender.

Qualified Ukrainian firms are also invited to respond. The final choice of service provider will be made by the Fund’s Board of Managers, which will comprise representatives from the United States and from Ukraine.

DFC requests information on experience in:

• accounting and reporting for investment funds;
• regulatory compliance, including client due-diligence and anti-money-laundering procedures;
• processing investment transactions and asset management;
• implementation of modern technology platforms for fund administration, and related areas.

According to the RFI, the duties of the fund administration service provider will include:

• Service delivery: fund accounting, relations with limited partners (LPs), transaction processing, regulatory compliance, and cash management;
• Technology and security: use of a reliable, scalable technology platform with strong security and reporting functions to support fund operations;
• Team expertise: engaging qualified professionals experienced in administering private-equity funds;
• Compliance and risk management: implementing procedures to ensure regulatory compliance, including AML/KYC protocols and controls against financial-crime risks;
• Fee structure and timeline: developing a detailed fee schedule and service terms, together with a work plan featuring clear milestones.

The U.S.- Ukraine Reconstruction Investment Fund will finance projects in strategically important sectors of the Ukrainian economy — particularly mining, hydrocarbons and infrastructure — and will contribute to long-term economic growth and the strengthening of Ukraine.

The Fund’s legal status, governance model, capital-contribution procedures, profit-reinvestment rules, audit transparency and security safeguards are set out in a commercial agreement between the United States and Ukraine, the main terms of which have been published with the consent of both parties.

Key parameters of the commercial agreement:

• Partnership structure. The Fund is established as a perpetual partnership between DFC (U.S. side) and the PPP Agency (Ukrainian side); the Board of Managers consists of three managers from each country,  and operations are coordinated by four committees — the Prospecting Committee, Investment Committee, Administrative Committee and Audit Committee.
• Capital contributions. Initial capital comprises 50% of Ukraine’s royalties from new and “dormant” special permits for mining and hydrocarbon extraction projects, as well as the U.S. contribution through DFC and the Ukrainian initial capital contributions; additionally, ongoing U.S. military assistance will be credited to DFC’s account as deemed capital contributions, and either party may make subsequent financial contributions to the capital account.
• Earnings. All profits during the first ten years will be reinvested in Ukrainian projects (critical minerals, energy, oil and gas, logistics) and all revenues received from Ukrainian licenses and royalties must be reinvested before they can be distributed to the limited partners; in all cases distributions to partners may only be permitted after 2035.
• DFC rights. DFC receives priority — but not exclusive — access: the right of first consideration of investments and offtake agreements, and the option to bring in U.S. co-investors, while projects may simultaneously engage with other investors.
• Audit. Transparency is ensured by an annual audit conducted by the State Audit Service of Ukraine; the Audit Committee may involve international experts and verify the proper crediting of contributions.

Interested companies should send their responses by July 27, 2025, 12 AM, U.S. Eastern Time Zone to [email protected] with the subject line: “RFI response – Investment fund administration – [Company Name]”.

The full text of the RFI, including detailed requirements and submission instructions, is attached.