Abu Dhabi-based sovereign investor, Mubadala Investment Company has signed an agreement to extend the $423 million (€400 million) co-investment partnership with the sovereign fund of funds of Greece, Hellenic Development Bank of Investments (HDBI).
The company said that this agreement intends to make venture capital (VC) and private equity (PE) investments in top-performing Greek funds that are focused on high-growth sectors. The Mubadala-HDBI co-investment partnership was first established in 2018 with an initial focus on minority direct PE investments in Greek businesses.
“Over the years, the economy of Greece has not only demonstrated its resilience, but it also now presents some very exciting growth opportunities. Our extended partnership with HDBI will enable Mubadala to accelerate its investments in Greece, capitalizing on an increasingly active innovation and entrepreneurial landscape across multiple sectors. We look forward to our continued collaboration with HDBI in the months and years ahead as we collectively seek to tap into Greece’s burgeoning innovation-driven sectors.”
Dr. Haris Lambropoulos, HDBI’s President, said that, “Our collaboration with Mubadala is based on mutual trust and understanding. The extension of our strategic co-investment partnership is the beginning of a new era, in full alignment with the investment principles and values of our respective organizations. It also provides a unique opportunity to further promote our bilateral relations, leveraging the dynamism of the Greek economy and its resilience in the face of global challenges and uncertainties.”
The company said in a statement that Mubadala and HDBI have also closed their first co-investment under the newly extended agreement to Athens-based VentureFriends Fund III, an early-stage tech investor.
VentureFriends focuses on scalable B2C and B2B startups that can develop a sustainable moat over time, with a track record of successful investments in PropTech, Fintech, Marketplaces, and SaaS. VentureFriends targets investments in Greece, throughout Europe, and selectively around the world, including the UAE.
Mr. George Dimopoulos, Founding Partner of VentureFriends, noted that, “We are very excited to welcome Mubadala and HDBI as LPs in VentureFriends III. Through the co-investment partnership, Mubadala and HDBI have jointly reviewed several investment opportunities over the past four years, with further direct and fund investment opportunities currently under review.”
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