Greece’s Growthfund rebrands as the National Development Fund

The announcement was made by the Minister of National Economy and Finance, Kyriakos Pierrakakis, during the Growth Fund Investor Summit 2026, where he presented the organization’s new strategic operating framework.

With a portfolio valued at approximately €12.3 billion and a presence across eleven critical sectors of the economy, the National Development Fund aims to transform itself from a manager of public holdings into an active investor and driver of growth, with the objective of creating sustainable economic and social value.

Under its new operating model, the Fund will assume a more active role in the companies within its portfolio, contributing to their transformation, modernization, and efficiency enhancement. At the same time, it is expanding its investment activities through thematic investment vehicles such as HIIF, Phaistos, ELKAK, and the Pharos AI Factory innovation accelerator, with a particular focus on technology, innovation, and emerging markets.

The new structure will also play an enhanced role in the development of critical national infrastructure. Through the Project Preparation Facility (PPF), the Fund will undertake the maturation and preparation of projects worth several billion euros, while also providing strategic support to the State in the planning and upgrading of infrastructure of strategic importance.

According to the Fund’s management, the National Development Fund aspires to serve as a trusted bridge between the Greek economy and the international investment community, offering a comprehensive support framework for investors exploring opportunities in Greece.

The new strategy was also reflected during the Growth Fund Investor Summit 2026, where the signing of the Kalamata Airport concession agreement, as well as the partnership with the International Congress and Convention Association (ICCA), were presented as examples of enhanced international outreach and the delivery of measurable results.

The Chief Executive Officer of the National Development Fund, Giannis Papachristou, emphasized that the change of name reflects a fundamental transformation in the organization’s role.

“The renaming to National Development Fund is not merely a matter of adopting a new identity. It reflects a substantive shift in the role we are called upon to play. From being a simple manager of public assets, we are evolving into an active development and investment institution that creates sustainable economic and social value for future generations,” he stated.

The transformation of the Hellenic Corporation of Assets and Participations (HCAP) forms part of the broader effort to strengthen Greece’s investment profile and leverage public assets in a manner that promotes growth, international engagement, and long-term value creation.