Ukraine-based private equity fund manager Horizon Capital has invested US$40 million in Tinkoff Credit Systems Bank (TCS Bank), a Russian credit card company and online bank. Horizon made the investment through its US$370 million Emerging Europe Growth Fund II, which was raised in 2008. Horizon is the fourth external investor in TCS Bank following Baring Vostok Private Equity Fund IV, Goldman Sachs and Vostok Nafta Investment.