The Hyperfund is being transformed into the Hellenic Innovation and Infrastructure Fund (HIIF) and plans to work with private investors to make €1 billion in investments over the next three to four years, the fund’s head, Yannis Papachristou, who oversees state assets, tells Bloomberg.

According to a Bloomberg report, the new investment “vehicle” was created to support the country’s effort to recover from its decade-long debt crisis. It will be part of the sovereign wealth fund, which manages privatizations, and its portfolio already includes state-owned enterprises and stakes in private companies in sectors such as real estate, energy, infrastructure and banking.

“The Hyperfund is being transformed into a state-owned wealth fund,” Chief Executive Yannis Papachristou said in an interview. The ultimate goal is to attract foreign direct investment, mainly in high-value-added sectors and the “new economy”, as he describes it, as well as job creation.

The newly established Hellenic Innovation and Infrastructure Fund was launched with just over €300 million in capital and, together with private investors, aspires to allocate around €1 billion over the next three to four years in areas such as renewable energy, digital infrastructure such as data centres, the blue economy, agricultural technology, water management and biotechnology.