Astarte launches first Greece-focused infra fund – exclusive

A newly established subsidiary of the London-based firm will manage the fund – understood to have a target of €250m – that will invest in the energy transition and smart infrastructure.

Hyperion Investment Management, the new subsidiary that UK-based Astarte Capital Partners recently established, is seeking to raise €250 million for its debut fund and has already received soft commitments of more than €100 million, a source told Infrastructure Investor.

According to the source, Hyperion Hellenic Investment Fund has a 12-year life term and will target a gross IRR of 15 percent and a net IRR of 12 percent. It is expected to build a portfolio of 12 to 15 assets.

Astarte managing partner and co-founder Stavros Siokos declined to comment on H2IF’s financial details, but confirmed the fund’s launch and elaborated on its strategy.

“We see a lot of opportunities in energy storage,” he said, when asked which parts of the energy transition H2IF will be focusing on. “There’s also a lot of potential in waste-to-energy, especially for smaller units, as well as very select areas of renewables. We’re not looking to build solar parks or wind farms.”

Other areas of the energy transition that H2IF may target include EV charging as well as hydrogen, which Siokos noted will depend on “what is practically realistic”.

In addition, the new fund will also invest in smart infrastructure, including digital, fibre and smart transit systems.

Asked whether H2IF will invest in greenfield or brownfield opportunities, Siokos replied: “It will be a mix of both. For example, we could invest in a car park that we can then transform into smart parking. What we won’t do is take on technology risk. We won’t be investing in new applications – that’s for venture capitalists. Instead, we’re going to invest in proven technologies that can be applied to mid-market infrastructure in the country.”

Astarte has already started building a team for Hyperion Investment Management, having made four hires, two of which Siokos named. They are Georgios Zamparas, formerly a senior associate at Alpinvest Partners and George Malandrakis, formerly vice president, portfolio operations at GGH, a UK-based financial services firm active in insurance and investment management.

Astarte expects to add another three members to the team later in the fall. The team will be based in Athens.