• FUND
  • Founding Law
  • Mission and Vision
  • Organizational Structure
  • Reports and Programs
  • Hellenic Corporation of Assets and Participations

The Hellenic Republic Asset Development Fund S.A. (HRADF), according to its founding Law No. 3986/2011, leverages the State private property assigned to it by the Hellenic Republic, according to the country's international obligations and the Medium-Term Fiscal Strategy.

In close cooperation with the Greek Government, HRADF promotes the implementation of privatizations in the country, having full responsibility for the application of the respective policy.

The materialization of the Fund’s privatization program is already in progress and its mission is the maximization of development by attracting direct investments in infrastructures, energy, real estate and other fields, while achieving additional important benefits, such as job creation, infrastructure modernization and promotion of the necessary reforms.  

The duration of HRADF, which was established on 1st July 2011, is until 1st July 2026, with a possibility of further extension. Its sole shareholder is the Hellenic Corporation of Assets and Participations (HCAP).  

The assets included in the Medium-Term Programs have already been transferred to the Fund and they can be summarized in the following three categories:

  1. Land Development
  2. Infrastructure
  3. Corporate

In addition, HRADF is assigned the maturation of contracts that are part of the Development Programme for Contracts of Strategic Importance according to the Law of Law 4799/2021 (A '78). Maturation services will be provided through a discrete operational unit at HRADF (Project Preparation Facility/PPF), so that there can be a clear distinction from the state-asset development role it has pursuant to Law 3986/2011.

In pursuing the purpose of the Fund, particular care shall be taken to contribute to the achievement of the objectives of the Europe Green Agreement and the 17 Sustainable Development Goals (SDGs) of the United Nations.

In the context of ensuring absolute transparency, the Fund publishes quarterly reports, has internal procedures and policies, a published Procurement Regulation and internal as well as external auditors.

In December 2018, HRADF received by TÜV AUSTRIA HELLAS two ISO Certifications:

- the ISO 9001:2015 - Quality Management System and

- the ISO 27001: 2013 - Information Security Management System 


HRADF is managed by experienced professionals from the banking and business sectors and from the consultancy and legal services sectors, aided by a Council of Experts, while experienced international consultants are recruited for each project. It has at its disposal the most developed project management systems and has adopted a simple organizational structure to facilitate the immediate decision-making process.

The Fund has adopted the Asset Development Plan (ADP), which is reviewed every six months and authorized by the Government Council for Economic Policy (KYSOIP). For the ADP preparation, the Fund is taking into account:

  1. The expected revenues
  2. The long-term benefits
  3. The complexity and maturity level of each project

All announcements, documents, and information relating to HRADF and its Program will be published on the Fund's website to achieve full transparency in terms of its procedures and keep the respective stakeholders updated.

Hellenic Republic’s Privatization Program represents a key initiative in attracting direct investments and the key element in re-establishing credibility, itself the basic pre-requisite for Greece's return to global capital markets.
Hellenic Republic Asset Development Fund’s (HRADF's) sole mission is to maximize the Hellenic Republic's revenues by developing and/or selling the assets transferred to it. The revenues generated from the aforementioned processes should be construed as a virtual sum of the proceeds from the transfer of assets to the private sector, the economic benefits from ensuing direct investment in the said assets and the opening up of the respective market sectors.
In order to support the Hellenic Republic’s efforts to move forward, the Fund has established the following three principles: Clarity of purpose, transparency of processes and speed. The aforementioned principles are best served by pursuing clear and market-orientated privatization concepts, by abiding to transparent procedures and by moving fast in preparing and carrying out the privatizations undertaken.


  • Board of Directors
  • Organizational chart

The Board of Directors consists of the following members:

Athanasios Ziliaskopoulos, Chairman, Non-Executive member

Dr. Athanasios Ziliaskopoulos received his diploma in Chemical Engineering from the Aristotelian University of Thessaloniki, his MSc in Industrial Engineering and his Ph.D. in Transportation Systems Engineering from the University of Texas at Austin, USA.  From 1996 to 2004, he was the Louis Berger Professor of Transport Systems at Northwestern University in Evanston, IL USA.  Dr. Ziliaskopoulos is a Professor of Production and Logistics at the University of Thessaly since 2004; between 2010 and2015 he was the Chairman and CEO of TRAINOSE, S.A and the Chairman of the Greek National Logistics Committee. While at TRAINOSE S.A., he managed to restructure the company rendering it profitable in 2012 despite the annual loss of 240 million euro generated since 2009.  Furthermore, in 2013 he was instrumental in initiating the railway container services from the Port of Piraeus to Central Europe. He is an expert on issues of infrastructure with the Asian Development Bank and has participated in various infrastructure and PPP initiatives in Asia. As Chairman of the National Logistics Committee, in 2014 he initiated the development of the Law 4302/2014 regulating logistics issues. In 2020 he was appointed Chairman of the Greek National Council for Logistics aiming to promote Greece as a transit hub.

Dimitrios Politis, Chief Executive Officer, Executive Member 

Dimitris Politis is a graduate of the American College of Greece and holds an MBA in International Business & Export Management from City University Business School in London, as well as various professional certifications. Since 1993, he has held positions of responsibility at international financial organizations. He began his career at HSBC Bank PLC, initially in Athens and then in London, in the Sector of Investment Banking, covering Greece and the wider region of Southeast Europe and the Middle East. He returned to Athens in 2001 as head of Credit Commercial de France, and in 2003 he returned the HSBC Bank plc Greece as Head of Corporate & Institutional Banking. From 2012 to September 2020, he worked at Credit Suisse AG, based in Zurich, as head of Wealth Management-UHNWI for Greece and Cyprus while in October 2020 he took on the same role at EFG Bank AG, based in Zurich. Mr. Politis is highly experienced in attracting and managing investments in strategic sectors of the economy and has close professional relationships with international institutional and private investors. 

Panagiotis Stampoulidis, Executive Director, Executive Member

Panagiotis Stampoulidis is a graduate of the Higher Technological Education Centre of Western Macedonia and holds an MBA from the University of Wales in the UK. With a successful 15-year career in administration, he is an experienced executive in the running of private and public organizations. He has experience in the sectors of development plan design, restructuring, and execution of public contracts, and he has managed a variety of technical and financial projects, as well as projects for restructuring and streamlining of corporate procedures. During his career, he has gained significant experience interacting with Institutional Committees and serving on decision-making bodies. He started his career as an executive in the food sector. He then served as CEO of the Central Markets and Fishery Organizations (CMFO SA), responsible for the Central Markets of Athens and Patras and the 11 Fish Markets throughout Greece. In 2013, he created the innovative Retail Consumers Wing at Renti and he prepared two PPP projects during his time as CEO. From the period 2019-2021, he was the Secretary General for Commerce and Consumer Protection, implementing dozens of reforms in the functioning of the market, consumer protection, and implementation of public contracts worth over €100 million.

Thalia Emiri, Non-executive Member

Thalia Emiri is a lawyer with broad experience spanning both the private and the public sector. She has worked for approximately 15 years in law firms and private companies focusing mainly on company law, new technologies law and banking law. She then served as Advisor to the PM and Legal Advisor to the Minister of Finance (2012-2013). She was Chief Legal Counsel of the Hellenic Financial Stability Fund (HFSF), directly involved with the three rounds of recapitalizations of the Greek Banking system (2013-2018). She currently works in the private sector as Legal Counsel and Compliance Advisor. Thalia Emiri holds an LLB from National and Kapodistrian Univerity of Athens, LLM (DEA) in European Economic Law and PhD in European Competition Law from Panthéon-Assas University (Paris II).

Andreas Stavropoulos, Non-executive Member

Andreas Stavropoulos graduated summa cum laude from Harvard University with a degree in Computer Science and holds a Master's degree in Computer Science from the same university. He also holds an MBA from Harvard Business School, graduating at the top of that year’s class. Since 1999, he has been active as a venture capitalist in Silicon Valley, California, USA, and has sat on Boards and Committees of a number of tech companies active in the software, semi-conductor, energy technology and computational biotechnology sectors. In this role, he has gained experience in weighing and responding to business risks, managing fixed and intellectual property, appointing and evaluating technical and business personnel, and attracting additional investors. Mr. Stavropoulos advanced his investment career at DFJ, where he was hired as an Associate in 1999, taking over as Director in 2000 and Managing Director in 2002, and in 2014 he took on complete management of the company with two other partners. DFJ was recently renamed Threshold Ventures and is one of the most successful venture capital companies, with investments in companies such as Tesla, SpaceX, Skype, Baidu and hundreds of others during the 35 years of its operation. Before DFJ, he was a business consultant at the San Francisco office of McKinsey & Co. from 1997 to 1999, having previously worked as a financial advisor at Cornerstone Research in Boston from 1992 to 1995. Mr Stavropoulos also serves on the Boards of non-profit organizations, such as Endeavor Greece, the Alumni Board of Harvard Business School and the Advisory Cabinet of the Dean of the Harvard School of Engineering.

Stefanos Giourelis, Non-executive Member, Deputy CEO of HCAP

Stefanos Giourelis holds a degree in Mining Engineering & Metallurgy from the National Technical University of Athens. He has worked for the past 25 years in the Information Technology sector, mainly in international sales and management positions. He worked for 19 years at Hewlett Packard for Greece, Middle East, Mediterranean and Africa based initially in Athens and afterwards in Dubai, 4 of which as a General Manager (Greece) and 8 years as Managing Director in Greece, Africa region and GRAF (Greece & Africa) region. Mr. Giourelis joined HCAP in 2017 and serves as Deputy CEO and Executive member of HCAP.



Andreas Trokkos

Dieter Klingenbeck


HRADF is administered by its Board of Directors (BoD), which consists of seven members. The Board of Directors is appointed by a General Shareholder’s Meeting Decision and has a three-year term, renewable for an equivalent period.

The Board of Directors has full authority over decisions on the development and utilisation of public property projects and the maturation and acceleration of strategic importance projects classified as part of the “Strategic Project Pipeline”. The management of the Fund has the absolute responsibility for its operation and suggests the topics to the Board of Directors for decision making.

In addition, two representatives appointed by both the Eurozone Member States and the European Commission are entitled to participate in the Fund’s Board Meetings as Observers, without voting rights.

The Fund’s operation is also supported by the Council of Experts, individuals of wide acclaim, distinguished for their scientific training and professional experience in technical, economic, or legal sectors. The Council of Experts, consisting of seven members, has a three-year term, renewable for an equivalent period. The Board of Directors appoints four persons, and the Institutions appoint three. The Council of Experts gives an opinion on each project of public property utilisation, as described in the Founding Law of HRADF (Law 3986/2011).

The Board of Directors meets regularly to approve the key developments for public property development projects (pre-qualifications, main terms of the agreements, selection of the preferred investor etc.) and the procedures of maturing strategic projects. Decisions are taken by a simple majority of the BoD, and the opinion of the Council of Experts reflects the majority.

At the end of each tender process, there is an independent valuer, whose opinion is also taken into account by HRADF’s BoD in its meetings. Finally, following a decision of the Board of Directors on public property development projects, the file of the tender is submitted to the Court of Auditors for pre-contractual audit.

For an overview of HRADF’s organisational structure, please refer to the document. 


The Société Anonyme/ Public Company “Hellenic Corporation of Assets and Participations S.A” (HCAP or “the Company”), which operates in the public interest, in accordance with the rules of the private economy, serving a specific public purpose,  was established by Law No. 4389/2016.

In particular, the Company manages and improves the performance of the assets is held responsible for developing, so as to: (a) contribute resources for the implementation of the country’s investment policy and the realization of investments, thus enhancing the growth of the Greek economy, and (b) contribute to the reduction of the Hellenic Republic’s financial obligations, according to Law No. 4336/2015. 

In order to fulfill its purpose, the Company shall act in an independent, professional and entrepreneurial manner, having a long-term vision in achieving its results, in accordance with its Rules of Procedures, guaranteeing full transparency and with a view to enhance the value and improve the performance of the said assets, as well as to generate revenues to be distributed in accordance with the provisions of the aforementioned Law.

Furthermore, the Company promotes the public enterprises’ reforms, through restructuring, best corporate governance and transparency, as well as through the promotion of responsible governance, social responsibility, sustainability, innovation and best corporate practices, while it undertakes any action necessary, in order to fulfill its purpose within the framework set by the provisions of Law No. 4389/2016.


The Company’s direct subsidiaries are:

1. The Hellenic Financial Stability Fund.

2. The Hellenic Republic Asset Development Fund (HRADF), established by Law No. 3986/2011 (Government Gazette A’ 152/1-7- 2011).

3. The Public Properties Company (PPCo S.A.), established by Law No. 2636/1998.

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