The €60 billion bet

Facing it is a group that operates markets with a combined value exceeding €6 trillion, almost 50 times larger than the Greek market. This disparity is precisely what creates the investment opportunity.

The money will not come from traders

The largest pool of capital does not come from short-term investors, but from long-term institutional investors: pension funds, insurance companies, sovereign wealth funds, and European asset managers that oversee trillions of euros. Until now, many Greek companies were effectively “off the radar” for these portfolios due to their size, limited liquidity, and geographical isolation.

Integration into Euronext reduces this barrier and places Athens within the same investment infrastructure as Paris, Milan, Amsterdam, and Oslo.

Where could the new capital flow?

If the Greek market undergoes a substantial upgrade, the first sectors likely to benefit would include:

It is not coincidental that the Greek government links the agreement to the objective of attracting more cross-border investments and acquisitions, particularly in the infrastructure sector.

The Greek market has already demonstrated its ability to absorb capital

In 2025 alone, approximately €2.5 billion was raised through IPOs, capital increases, and corporate bonds, while the average daily trading value increased by more than 56%.

The asset managers gaining access to Greece

If Athens Stock Exchange’s integration into Euronext proves successful, the investors capable of making the greatest difference will be the major international asset managers, which collectively control tens of trillions of euros.

Global giants

• BlackRock – The world’s largest asset manager, with assets under management exceeding $15 trillion. Through its iShares ETFs, it has a decisive influence on capital flows into equity markets.
• Vanguard – One of the world’s largest passive investment managers and a key participant in global indices.
• Capital Group – Manages some of the largest actively managed international equity portfolios.
• Fidelity International – Has a strong presence in European markets and significant institutional investment activity.

European investment powerhouses

For Greece, European asset managers may be even more significant:

• Amundi (France) – Europe’s largest asset manager.
• UBS Asset Management – Manages extensive portfolios across equities, bonds, and alternative investments.
• DWS (Germany) – The investment arm of Deutsche Bank.
• Schroders (United Kingdom) – One of Europe’s most active institutional investors.
• BNP Paribas Asset Management – Strong presence in European equities, infrastructure, and sustainable investments.
• Allianz Global Investors – A major investor in infrastructure projects, bonds, and private investments.

Infrastructure and real asset investors

This is perhaps where Greece holds the greatest potential:

• Brookfield
• Macquarie
• Global Infrastructure Partners
• APG Asset Management
• PGGM Investments

These investors seek opportunities in airports, concessions, energy projects, data centers, logistics, student accommodation, and large-scale urban regeneration projects.

Sovereign wealth funds

Of particular interest are also:

• Norges Bank Investment Management
• Abu Dhabi Investment Authority
• Mubadala
• GIC Singapore

These funds invest with a decades-long horizon and seek stable returns through infrastructure, real estate, and listed companies.

Why it matters for Greece

The essence of the Euronext agreement is not that it will immediately bring a specific amount of capital to Athens. Rather, it places Greek banks, real estate investment companies, energy companies, infrastructure groups, and future listings within the same investment “radar” as the major European markets.

For the first time in many years, a Greek company seeking capital will not be addressing only a €130 billion market, but will have access to investors managing more than €15 trillion in total assets.

“The acquisition of the Athens Stock Exchange by Euronext is not only about transactions,” stated the Chair of the Hellenic Capital Market Commission, Vasiliki Lazarakou, at the 19th RED MEETING POINT. “It is about placing Greek assets on the screens of the asset managers who will decide where Europe’s next trillions of euros will be allocated.”

Euronext did not acquire the Athens Stock Exchange because of its current size. The value of the acquisition was approximately €400 million — a modest amount for a group that operates markets worth trillions of euros. What it acquired was Greece’s position within a region expected to attract hundreds of billions of euros in investment across energy, networks, logistics, data centers, defence, tourism, and real estate.