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

According to its founding Law No. 3986/2011, the Hellenic Republic Asset Development Fund (HRADF) leverages the State private property assigned to it by 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 sole 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 Hellenic Asset Development Fund was established on 1st July 2011, with a six-year duration, which may be extended by decision of the General Assembly of its sole shareholder, namely 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 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.

It is managed by experienced professionals from the banking and business sectors as well as 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 very simple organizational structure, in order to facilitate the immediate decision making process.

The Fund has adopted the Asset Development Plan (ADP), which is reviewed every six months. For its 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 the Fund and its Program will be published on the Fund’s website, in order 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 current Board of Directors consists of the following members:

Aris Xenofos, Chairman of the Board of Directors

He was born in 1963. He has professional experience of many years in the financial sector and fund management. He has served as Deputy General Manager at Alpha Asset MFMC (Greece) and CEO at Eurobank Asset MFMC (Greece). Internationally, he has served as Chairman at Eurobank FMC SA in Luxembourg and Chairman at EFG Eurobank MFMC SAI SA in Romania. In 2015 he took over the position of the CEO of HFSF and successfully concluded the 3rd recapitalization of the Greek banking sector. He has also served as a member in a number of executive committees of Eurobank, as the Chairman of the Hellenic Fund and Asset Management Association (HFAMA) and as a member of the BoD of Athens Stock Exchange. Mr. Xenofos holds a Bachelor of Science (B.Sc.) in Economics, with Honors, from Athens University of Economics and a Master of Science (M.Sc.) in Economics from London School of Economics and Political Science.


Riccardo Lambiris, Chief Executive Officer and Member of the Board of Directors

He was born in 1975. He studied Electronic Engineering at the University of Sussex and has obtained a MSc. postgraduate degree in Project Management from the University of Birmingham. He has also obtained an MSc. in International Trade, Transport and Finance from City University in the United Kingdom. He has worked as engineer at Rockwell Golde and has a long experience in business and investment banking, covering both the markets of Greece and of South-Eastern Europe, in organizations such as EFG Telesis Finance and HSBC Bank plc. From 2006, among others, he served as the head of the department of Mergers & Acquisitions of HSBC Bank plc for Greece and Cyprus, with emphasis in privatizations.


Lila Tsitsogiannopoulou, Non Executive Member of the Board of Directors

She was born in 1976. She has more than 20 years of experience in the investment sector and she is specialized in real estate as well as in real estate management and assessment. She is a Chartered Surveyor (MRICS), certified by the Ministry of Finance, and an Examiner for professional competence. She holds an MSc in Property Investment and a BSc in Property Valuation & Finance of City University Business School, while holding a Diploma in Micro-Economics (London School of Economics). She has served as a Senior Executive, responsible for property valuation and property development in multinational companies, both in Greece and abroad (England, Malta, Cyprus), with main emphasis on complex development projects. Since 2011, as a Cushman & Wakefield Partner, she has worked with several Institutions and Groups. In April 2015 she was appointed Executive Director and executive member of the Board of Directors of HRADF, whilst in May 2017 she was appointed as Chair of the BoD of HRADF.


Aggelos Vlachos, Non-Executive Member of the Board of Directors

He was born in 1970. He is a graduate of the Faculty of History and Archaeology (School of Philosophy, University of Athens), holds a Master’s Degree in Contemporary European History from the University of Sussex and a Ph.D. from the University of Athens. After completing his academic research, he gained experience in the international tourism market as an executive. He also worked in the Ministry of Tourism as a consultant in matters of public tourism policy and as a manager in the NTO (China office). His professional and research activities are focused on tourism strategy and development issues and has served as lecturer in Panteion University.


George Marinos, Non-Executive Member of the Board of Directors

He was born in 1956. He has extensive experience of over 33 years in Banking and specifically in corporate financing. He held the position of General Manager of Eurobank’s Corporate Banking from 2005 to 2014. He has also chaired the BoDs of the Leasing & Factors subsidiaries and was a member of the BoDs of Eurobank Equities, Bancpost Romania, Eurobank TEKFEN SA and of other subsidiaries. He was also a voting member in the Bank’s Executive, Central Credit & Regional Credit Committees. Currently, he is a member of the BoDs of companies in the private sector. He holds a BA from the University of Nottingham (1980) and an MBA from the University of Warwick (1982).



Andreas Trokkos

Jean Pierre Philippe

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

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 a Council of Experts, individuals of wide acclaim, distinguished for their scientific training and professional experience in either the technical, the economic or the legal sector. The aforementioned individuals are appointed by a decision of the company’s BoD for a three-year term, renewable for an equivalent period of time.

For an overview of HRADF’s organizational structure, please refer to the adocument here.



On 04.26.2016, the Board of Directors of HRADF approved the updated Asset Development Plan (ADP), which as approved by the Government Council for Economic Policy (KYSOIP) on 05.25.2016. For further information, please refer to the respective report, in the page's "Relevant Files" section.

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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.