到2030年在希腊扩大影响力投资

ACKNOWLEDGEMENTS Special Contributors We extend our gratitude to Investing For Purpose for their support throughout thisendeavour. Their industry insights, access to a broad network of stakeholders, andcommitment were instrumental in shaping this report and ensuring its success. Industry Contributors We would also like to express our appreciation to the more than 45 organizations thatgenerously shared their time, knowledge, and invaluable data with us through our expertinterviews and dedicated impact investing surveys. Their contributions were vital ininforming our analysis and enriching the depth of ourfindings. EXECUTIVE SUMMARY Greece’s current economic recovery presents an opportunity to harness impact investingfor meaningful change and to advance the country’s sustainable development agenda.Impact investing can fulfil a critical need for funding impact-driven solutions and drivelong-term change at scale, while also achieving sustainable financial returns. For maximumeffect, capital should be mobilized from the wider investment community towards venturesthat yield positive environmental and/or social outcomes, notably by integrating theprinciples of impact investing into traditional investment strategies. However, Greece’simpact investing market is largely undocumented, leading to a significant mismatchbetween the available funds and the financing reaching impact-driven businesses. Thisstudy represents one of the first attempts to map out the opportunitiesthere. We analysed the dynamics between the demand and supply of impact capital, focusingon the estimated funding needs of early-stage impact-oriented startups and the capitalavailable from impact-oriented funds. We found that around 200 impact-oriented startupsin Greece were seeking between €130 million and €180 million in funding in 2024. By 2030,the cumulative total demand could rise to between €3 billion and €5 billion, we project, asnew ventures emerge, and existing startups seek further investment. Some companiesmay struggle to secure financing, so not all of this demand is expected to be met. But theecosystem’s capacity to support startups will improve as the market matures and becomesmore sustainable. On the supply side, we evaluated the private capital market, where eleven impact-orientedfunds were established between 2020 and 2024. In 2024, these funds managed between€240 million and €360 million, equivalent to about 0.1% of Greece’s GDP. However, thedeployment of this capital has been limited. Of the 27 impact-oriented companies receivingfunding from Greek impact-oriented private capital funds, impact-first investors and theirco-investors, the 22 for which data were available collectively secured little more than€35 million to €40 million in impact-focused investments between 2020 and2024. Insights from key market participants reveal several roadblocks, including the absence ofstandardized definitions and classifications of impact investing, a lack of transparency inimpact reporting, limited deal flow, and misalignment between investor goals and availableopportunities. Collaboration among stakeholders — investors, entrepreneurs, and marketenablers — will be essential to realize the market’s potential. Together, these actors shouldestablish a universal impact measurement framework and impact-driven definitions,support companies’ investment readiness, and foster connections between ventures andinvestors. They should also advocate for public sector support and fiscal systems thatincentivize the generation of positive externalities. If the necessary conditions and support mechanisms are established, investment froma broader range of investors will supplement private impact capital. These investors willinclude not only new impact-oriented funds, but also conventional private capital funds,corporations, financial institutions, pension funds, family offices, angel investors, andinternational private capital. We estimate that the total supply of impact capital sourcedfrom private equity and venture capital funds could reach approximately €850 millionto €1.3 billion by 2030, capturing 35-45% share of an implied total domestic market of€2.3 billion to €2.9 billion of direct, unlisted impact assets under management. Of this totalsupply, there is potential for between €800 million and €1.4 billion to be deployed by2030. Recent 2025 market highlights confirm this optimistic trajectory. By the end of 2025, theGreek impact investing market is anticipated to welcome three new impact funds supportedby the European Investment Fund and the Hellenic Development Bank for Investments.Together with a significant capital top-up to an existing fund, these initiatives are projectedto mobilize between €100 million and €110 million of impact capital. At the same time,Growthfund’s newly established sovereign investment vehicle, namely the HellenicInnovation & Infrastructure Fund (HIIF), seeded with €300 million to co-invest in priorityareas such as renewables