Growthfund, the National Fund of Greece (HCAP)

GrowthFund, officially the Hellenic Corporation of Assets and Participations S.A. (HCAP), is Greece’s national fund and holding company, managing a portfolio of state-owned enterprises and assets worth approximately €6 billion across six core investment sectors. By driving social, environmental, and economic development, GrowthFund impacts everyday life in Greece. Through its dedicated digital transformation and innovation unit, it accelerates technological adoption and fosters an innovation culture across its portfolio. HCAP is also establishing a National Investment Fund to support growth initiatives in areas such as green transition, circular and blue economy, digital transformation, transportation, and artificial intelligence. 

Within PHAROS – The Greek AI Factory, GrowthFund contributes to Business Operations & Sustainability, overseeing strategy, governance, stakeholder engagement, and operational effectiveness. Its responsibilities cover the development of the comprehensive business plan, defining the mission, value proposition, market strategy, financial forecasts, and growth roadmap to ensure sustainable and scalable AI innovation. 

By taking on these roles, GrowthFund helps ensure that the project is not only a technical or research endeavour but also a sustainable, well-governed, value‐generating entity. Its involvement strengthens this flagship EU project by: 

  • Fostering financial resilience and aligning its business model with market realities. 
  • Embedding good governance and accountability, which boosts trust, legitimacy, and long-term stability. 
  • Ensuring operational excellence, enabling PHAROS to deliver AI services and maintain high quality and efficiency. 
  • Cultivating strong stakeholder engagement, which enhances adoption, relevance, and impact, both within Greece and across Europe. 

By combining strategic oversight with operational and governance expertise, HCAP helps PHAROS align with national priorities such as digitalisation, green transition, and innovation leadership, as well as EU objectives for AI regulation, sustainable development, and multi-stakeholder participation.