Hyperfund: The “hidden” project manager behind €10 billion in public works

The Strategic Contracts Unit (PPF) turns the Greek State into a centralized engine for major investments

The Hellenic Corporation of Assets and Participations (HCAP – “Hyperfund”) has quietly evolved into the central accelerator of Greece’s largest public investments. Following the integration of the Hellenic Republic Asset Development Fund (HRADF/TAIPED) and the Hellenic Financial Stability Fund (HFSF), the group now manages a portfolio of approximately €12 billion across 11 strategic sectors — from energy and water to ports, transport, banking and real estate.

At the core of this transformation lies the Project Preparation Facility (PPF), established in 2021 as a specialized and flexible unit responsible for the maturation and tendering of nationally significant projects on behalf of the Greek State.

Over €10 Billion in Projects – 900 Tender Procedures

The PPF portfolio includes more than 80 strategic projects, corresponding to over 900 tender procedures.

So far:

• Projects worth €4.25 billion have been tendered.
• Under the Recovery and Resilience Facility (RRF), 598 tenders have been launched, totaling €2.5 billion.
• Savings exceeding €150 million have been achieved through contractor discounts — funds that are being reinvested in new projects.

The model is built on standardized, transparent and centrally coordinated procedures, enabling economies of scale and faster absorption of EU funds.

Healthcare: The Largest Upgrade of the National Health System

In public health, the PPF is overseeing the most extensive modernization program of the National Health System (ESY):

• Tenders completed for 93 hospitals and 163 health centers
• Budget of €493 million
• Savings of approximately €28 million
• Full completion target: June 2026

More than 15 facilities have already been delivered.

Civil Protection: The “AIGIS” Program

The flagship civil protection program “AIGIS”, valued at €1 billion, has been fully tendered.

It includes:

• 8 Airbus H215 firefighting helicopters (€311.2 million)
• New disaster-response aircraft
• Fire detection systems in 21 archaeological sites
• 164 rapid response vehicles

This represents the most comprehensive civil protection investment package in Greece’s history.

Climate Resilience & Environmental Projects

Major preventive interventions include:

• Antinero Program (€450 million): forest cleaning, firebreak zones and forest roads across 600,000 hectares
• National Reforestation Plan (€50 million)
• Anti-erosion and flood-protection works (€53 million)

The shift is clear: from reactive crisis management to preventive climate resilience.

Infrastructure & Urban Transformation

At the Athens Olympic Sports Complex (OAKA), projects worth €90 million have been tendered (total budget exceeding €130 million) for structural restoration and facility upgrades, with completion targeted for June 2026.

The redevelopment of the Thessaloniki International Fair includes:

• €120 million in public funding
• 41,500 sq.m. of new exhibition buildings
• Renovation of the Velideio Convention Center
• Major green spaces and underground parking

Other flagship projects include:

• Relocation of Korydallos Prison (over €600 million)
• Government Park “Andreas Lentakis” (€421 million)
• Railway network upgrades (€1.3 billion by 2030)

Security, Logistics & Public Assets

Security programs exceed €600 million, including:

• New ID cards and passports (€400 million)
• Equipment modernization for the Hellenic Police and Coast Guard (vessels, UAVs, VTMIS systems)

In logistics, a €200+ million business park in Fyli is advancing under a 40-year concession agreement, covering 467 acres for the development of a major freight center.

Additionally, the Athens Student Residence renovation (€18.6 million) was tendered and contracted within just five months — highlighting the PPF’s ability to compress timelines in socially impactful projects.

 A New Governance Model for Public Works

The Strategic Contracts Unit now operates as a de facto centralized Project Management Office (PMO) for the Greek State.

By consolidating expertise into one dedicated unit, the system delivers:

•  fewer delays
•  greater transparency
•  improved resource utilization
•  more professional engagement with investors and contractors

If speed, transparency and institutional independence are maintained, the Hyperfund model could structurally transform how Greece designs, prepares and delivers its major public investments.

Sources

• Annual Report 2025 – Hellenic Corporation of Assets and Participations
• Official project data from PPF
• Recovery and Resilience Facility implementation reports