HedgeCo.Net — 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. The close comes a year after the fund’s €175 million first close in October 2025 and a €200 million second close, and it surpassed an original €180 million target, according to Dealroom.
The investor base pairs development finance institutions with local capital. Limited partners include the Hellenic Development Bank of Investments, the European Investment Fund, the European Bank for Reconstruction and Development 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 already made six investments, in Mytilos, Ribco, Vamvalis Foods, Akritas, To Manna – Tsatsaronakis and Vezyroglou, with about €60 million invested across agrifood, food manufacturing and building materials. The investment team is led by Takis Solomos, Pantelis Papageorgiou and Dimitris Vidakis, and the fund is classified under Article 8 of the EU’s Sustainable Finance Disclosure Regulation.
“The completion of fundraising for Elikonos 3 is an important milestone for Elikonos Capital,” Papageorgiou, a partner and co-founder, said in the announcement (translated from Greek). “It reflects investors’ confidence in our strategy and in the prospects of Greek entrepreneurship.”
The close is a small but telling data point for European lower mid-market private equity. Anchor support from the EIF, EBRD and Greece’s development bank remains central to building domestic GP franchises, and Elikonos’s ability to grow commitments through successive closings suggests private investors are increasingly willing to follow that anchor capital into Greek SMEs.