Hellenic Corporation of Assets & Participations

What Hellenic Corporation of Assets & Participations does

Hellenic Corporation of Assets & Participations (HCAP), operating under the trade names Growthfund, Super Fund (Υπερταμείο), and most recently National Development Fund (Εθνικό Αναπτυξιακό Ταμείο), is Greece's sovereign wealth fund and national investment fund. Established in 2016 under Greek Law 4389/2016 and wholly owned by the Hellenic Republic through the Ministry of Finance, the entity manages a €12.3 billion portfolio as of 2024 spanning 23 subsidiaries, equity participations, and concession rights across 11 investment sectors. The portfolio includes 22-23 regional airports (including the recently added Kalamata International Airport concession), stakes in the ports of Piraeus (7.14%), Thessaloniki (7.3%), and Patras (100%), the Attiki Odos and Egnatia Odos toll roads, DESFA (natural gas transmission system), DEPA Commerce (natural gas trading), Hellenic Petroleum, EYDAP (Athens Water), EYATH (Thessaloniki Water), OPAP (gaming), OTE (telecommunications), HELLENiQ Energy (31.18% minority stake), a 25.6% stake in Athens International Airport, and approximately 60 real estate properties including the Elliniko development site.

The fund operates through three structural pillars: (1) the main portfolio management function overseeing its 23 subsidiaries; (2) the Project Preparation Facility (PPF), operating under article 5B of Law 3986/2011, which provides strategic procurement and project preparation services for major Greek public infrastructure projects on behalf of the Ministry of Infrastructure and Transportation; and (3) supporting platforms including the SafeVoice whistleblowing platform, an Open Data Hub, and the Innovation Network. Revenue is generated through portfolio company oversight, asset valorization, privatization proceeds, and dividends — rather than a commercial pricing model — reflecting the entity's role as the national vehicle for managing state assets on behalf of future generations.

HCAP's external posture is increasingly defined by international sovereign wealth fund integration and governance benchmarks. The fund joined the One Planet Sovereign Wealth Funds (OPSWF) network in April 2021, the EMENA network in October 2022, and the International Forum of Sovereign Wealth Funds (IFSWF) in September 2023. It has been consecutively recognized in the Global SWF GSR Scoreboard — ranking 28th among countries in 2022, 14th in 2023, and 12th among 200 countries in 2024 (16th among 200 investment funds) with an 80% score, nearly 20 points above the 61% global average. In 2026, the Greek government announced the fund's rebranding to National Development Fund as part of an ambitious reform program to transform HCAP into a public investment fund, accompanied by strategic moves including the Kalamata airport concession, an MoU with ICCA for the conference and exhibition sector, and the appointment of Dr. Kyriakos Pozrikidis as chairman of KAΘ (Athens Urban Railway). Board representation has also been established at the National Bank of Greece via Michalis Haralabidis, subject to ECB Single Supervisory Mechanism approval.

Name

Hellenic Corporation of Assets & Participations

Legal name

Hellenic Corporation of Assets and Participations S.A.

Website

https://growthfund.gr

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Hellenic Corporation of Assets & Participations is Greece's state-owned sovereign wealth fund, managing a €12.3 billion portfolio of 23 subsidiaries and participations across airports, ports, toll roads, energy, water, telecom, gaming, and real estate on behalf of the Greek state.

Ownership category

akta.pro rank

Product category

Sovereign Wealth Fund Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Public Asset & Investment Management (BPAIAEAG)

akta.pro secondary industries

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB), Capital Planning, Portfolio Prioritization & Funding (EUANALAB), Infrastructure & Project Finance Advisory (BPAHADAO)

Keywords

• Sovereign wealth fund
• State asset management
• Public sector investments
• National portfolio management
• Government holding entity

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Asset Management and Portfolio Returns: Growthfund generates value through management and valorization of state-owned assets, portfolio company oversight, and privatization proceeds. The fund operates as the national investment vehicle for Greece, managing assets across infrastructure, energy, transportation, real estate, and other sectors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

The Hellenic Corporation of Assets & Participations (Growthfund) is Greece's sovereign wealth fund, established in 2016 under Greek Law 4389/2016, charged with professionally managing and developing state-owned assets and participations. It holds and supervises a diversified portfolio valued at €12.3 billion across 13 portfolio companies and direct participations spanning transport infrastructure, real estate, energy, water supply, postal services, food production, tourism, financial services and venture capital. Beyond portfolio oversight, it operates a Project Preparation Facility (PPF) for maturing public investment projects and runs digital platforms including SafeVoice, Open Data Hub and Innovation Network.

Product overview

Hellenic Corporation of Assets & Participations (GrowthFund / Υπερταμείο) is Greece's sovereign wealth fund managing a €12.3 billion portfolio of state-owned assets. The organization operates as a multi-asset investment holding company with three core offerings: (1) the main Growth Fund which manages 23 subsidiaries and equity participations across 11 investment sectors including infrastructure (23 regional airports, ports, toll roads), energy, water utilities, real estate, and telecommunications; (2) the PPF (Project Preparation Facility) which provides strategic procurement services for major public infrastructure projects; and (3) supporting platforms including the SafeVoice whistleblowing platform, Open Data Hub, and Innovation Network. The portfolio spans 22 regional airport concessions, multiple port authorities (Piraeus, Thessaloniki, Patras, Heraklion, etc.), listed companies (DEPA, HELLENiQ Energy), real estate (60+ properties including Elliniko), and water utilities (EYATH, EYDAP).

Differentiator

Problem solved

Functional benefit

Products and services

• Project Preparation Facility (PPF) A facility that prepares and matures public investment projects, supporting portfolio companies and Greek public-sector stakeholders in developing investable, structured initiatives.

Quantifiable outcome

• Ranked 12th among 200 countries in GSR Scoreboard 2024
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• ICCA (International Congress and Convention Association)coreStrategic or Co-development Partner · 1 June 2026The National Development Fund (formerly Growthfund) and ICCA signed a MoU for the development of the conference and exhibition sector in Greece.
• National Bank of GreeceminorOthers · 22 January 2026Michalis Haralabidis was elected as a non-executive board member representing Growthfund on the National Bank of Greece board, under Law 3864/2010.
• International Forum of Sovereign Wealth Funds (IFSWF)coreStrategic or Co-development Partner · 1 September 2023Growthfund became a member of IFSWF, joining the global community of sovereign wealth funds and public pension funds.
• EMENA NetworkcoreStrategic or Co-development Partner · 1 October 2022Growthfund signed a memorandum of cooperation to become a member of the EMENA network, a regional meeting platform for exchanging experiences and information on investment opportunities that achieve national and sustainable economic development goals.
• One Planet Sovereign Wealth Funds (OPSWF)coreStrategic or Co-development Partner · 1 April 2021Growthfund became a member of the global OPSWF network in April 2021 and has been actively participating in summits organized by the network, demonstrating commitment to sustainable development practices.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Cofides: Spain's state-owned development finance company managing sovereign investment and infrastructure funds. Comparable as a Southern European state DFI with similar infrastructure and development mandates.

Emerging players

• Khazanah Nasional: Malaysia's sovereign wealth fund managing strategic state-linked commercial assets. Comparable as an emerging-market sovereign holding entity that combines commercial returns with national strategic objectives.

Direct peers

• Bpifrance: France's public investment bank wholly owned by the French State and Caisse des Dépôts. Directly comparable as a state development finance institution combining sovereign asset management with strategic infrastructure and SME development activity.
• Polish Development Fund (PFR): Poland's state-owned development fund managing strategic equity and infrastructure investments. Comparable as a Central European state development vehicle focused on privatization, infrastructure, and economic transformation.
• Cassa Depositi e Prestiti (CDP Equity): Italy's state-owned financial institution managing strategic national assets, infrastructure, and equity participations. Highly comparable as a fellow Southern European state holding and development entity, also wholly owned by its national Treasury and operating under a public-interest mandate.
• Tesi (Finnish Industry Investment): Finland's state-owned investment company wholly owned by the Finnish State. Comparable as a small advanced-economy sovereign investment vehicle focused on professional asset management and capital valorization.
• Ireland Strategic Investment Fund (ISIF): Ireland's sovereign development fund managed by the National Treasury Management Agency. Closely comparable as a small-country national investment vehicle with a similar mix of commercial returns and economic-impact objectives.

Broad incumbents

• Temasek Holdings: Singapore's state-owned investment company managing a globally diversified portfolio. Comparable as the global benchmark sovereign wealth fund, though materially larger and more commercial in mandate.
• Mubadala Investment Company: Abu Dhabi's sovereign wealth fund with a global infrastructure and strategic-asset mandate. Comparable as a large sovereign investor with significant infrastructure, energy, and strategic-asset exposure.
• KfW Group: Germany's state-owned development bank, one of the world's largest national development finance institutions. Comparable as a much larger European state development bank performing similar sovereign asset management and infrastructure financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xlinkedin.com/company/growthfund
• YouTubeyoutube.com/@growthfund
• Facebookfacebook.com/growthfund.gr
• LinkedInlinkedin.com/company/hellenic-corporation-of-assets-and-participations-s-a

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hellenic Corporation of Assets & Participations