Greece’s Growthfund Awards Mandate to BlackRock FMA

Posted on 04/07/2023

Growthfund is taking a crucial step towards its transformation into Greece’s National Investment Fund. As it seeks to strengthen its investment capacity and impact on the Greek economy, Growthfund will invest its proceeds as efficiently as possible and will reinvest part of the revenues resulting from enhancing the value of public assets into the Greek economy. On April 4, 2023, Growthfund awarded a mandate to BlackRock Financial Markets Advisory (BlackRock FMA) to receive advisory support to developing its future business model and implementation roadmap. BlackRock FMA is a unit of BlackRock Inc.

BlackRock FMA was selected following a Request for Proposals, for its experience in similar projects around the world, and the superiority of the technical aspects of its RfP response.

The Growthfund is being changed into Greece’s National Investment Fund. Growthfund’s portfolio includes a wide range of public enterprises, listed and unlisted, that are active in many different strategic sectors of the economy.

Hellenic Corporation of Assets and Participations S.A. (HCAP) is owned by the Greek State. The supreme body of HCAP is the General Assembly of the sole shareholder, which is the Greek State, as legally represented by Greece’s Minister of Finance. The purpose of creating HCAP is not only to ensure better and sound management of public property but also to lay the foundations for overcoming shortcomings and problems over decades related to public ownership and public enterprise. HCAP collects under a single institutional structure significant government assets aiming to their more efficient operation and exploitation. The portfolio of the HCAP currently includes four companies as “Direct Subsidiaries”, namely the Hellenic Financial Stability Fund “HFSF”, the Hellenic Republic Asset Development Fund “HRADF”, the Public Properties Company “ETAD” and the “5G Ventures”, while the participations of the Greek State in SOEs which have been transferred to Growthfund are referred to as “Other Subsidiaries”.

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