Key Takeaways
- • Elikonos Capital completed the final close of Elikonos 3 S.C.A. SICAV-RAIF with total commitments of €224 million, above its original €180 million target, according to Dealroom.
- • The fund's commitments grew from a €175 million first close in October 2025 and a €200 million second close, reflecting successive closings over roughly a year.
- • Anchor limited partners include the Hellenic Development Bank of Investments, the European Investment Fund, the EBRD and the Black Sea Trade and Development Bank, alongside Greek banks, insurers, pension funds and private investors.
- • Elikonos 3 targets Greek SMEs and small mid-caps in growth sectors with an export emphasis, and has already deployed about €60 million across six investments.
- • The fund is classified under Article 8 of the EU Sustainable Finance Disclosure Regulation.
Summary
Elikonos Capital has completed the final close of its third private equity fund, Elikonos 3 S.C.A. SICAV-RAIF, with total commitments of €224 million, the Greek manager announced. According to Dealroom, the close exceeded the fund's original €180 million target. The fundraising progressed in stages: a €175 million first close in October 2025, followed by a €200 million second close, and the final close roughly a year after the first.
The investor base combines development finance institutions with domestic capital. Limited partners include the Hellenic Development Bank of Investments, the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank, alongside Greek banks, insurance and pension funds, and private investors from Greece and abroad.
Elikonos 3 targets Greek small and medium-sized enterprises and small mid-caps in growth sectors, with an emphasis on expansion and exports. The fund has made six investments in Mytilos, Ribco, Vamvalis Foods, Akritas, To Manna - Tsatsaronakis and Vezyroglou, deploying about €60 million across agrifood, food manufacturing and building materials. The investment team is led by Takis Solomos, Pantelis Papageorgiou and Dimitris Vidakis. The fund is classified under Article 8 of the EU's Sustainable Finance Disclosure Regulation.
Papageorgiou, a partner and co-founder, said the completion of fundraising is "an important milestone for Elikonos Capital" and that it "reflects investors' confidence in our strategy and in the prospects of Greek entrepreneurship" (translated from Greek).
The close is a modest but notable data point for European lower mid-market private equity. Anchor commitments from the EIF, EBRD and Greece's development bank remain central to building domestic GP franchises, and Elikonos's ability to grow commitments through successive closes suggests private investors are increasingly willing to follow that anchor capital into Greek SMEs.
The investor base combines development finance institutions with domestic capital. Limited partners include the Hellenic Development Bank of Investments, the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD) and the Black Sea Trade and Development Bank, alongside Greek banks, insurance and pension funds, and private investors from Greece and abroad.
Elikonos 3 targets Greek small and medium-sized enterprises and small mid-caps in growth sectors, with an emphasis on expansion and exports. The fund has made six investments in Mytilos, Ribco, Vamvalis Foods, Akritas, To Manna - Tsatsaronakis and Vezyroglou, deploying about €60 million across agrifood, food manufacturing and building materials. The investment team is led by Takis Solomos, Pantelis Papageorgiou and Dimitris Vidakis. The fund is classified under Article 8 of the EU's Sustainable Finance Disclosure Regulation.
Papageorgiou, a partner and co-founder, said the completion of fundraising is "an important milestone for Elikonos Capital" and that it "reflects investors' confidence in our strategy and in the prospects of Greek entrepreneurship" (translated from Greek).
The close is a modest but notable data point for European lower mid-market private equity. Anchor commitments from the EIF, EBRD and Greece's development bank remain central to building domestic GP franchises, and Elikonos's ability to grow commitments through successive closes suggests private investors are increasingly willing to follow that anchor capital into Greek SMEs.
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