ICU Investment Group continues to strengthen its position in Ukraine’s non-state pension fund (NPF) sector, increasing its market share by net asset value (NAV) from 18.7% to 19.8% over the past year.
ICU provides management and administration services to eight NPFs in Ukraine. Excluding the National Bank of Ukraine’s corporate pension fund, which is managed internally, ICU’s share of the NAV of pension funds managed by asset management companies rose from 32.1% to 33.7%, further reinforcing its leadership in the private segment of the market.
Asset growth outpaces the market
• The total NAV of all active pension funds in Ukraine increased by 17.2% (+UAH 987.2 million), reaching UAH 6.7 billion.
• Assets under ICU’s management grew significantly faster, rising by 24.3% (+UAH 254.9 million) to UAH 1.3 billion.
• Three ICU-managed funds are ranked among the top 10 largest pension funds in Ukraine by assets.
Strong performance
• Three funds managed by ICU ranked among the top 10 open-ended pension funds by net returns in 2025.
• Seven ICU-managed funds delivered returns in 2025 that exceeded both inflation and the hryvnia’s depreciation against the US dollar.
Growing client base
• More than 451,000 individuals are participants in ICU-managed pension funds.
About ICU
ICU is an independent, multi-strategy investment group specialising in emerging and frontier markets worldwide, with a focus on distressed and emerging market debt, private equity, and venture capital.
