GREECE Trends and Developments Contributed by: Elizabeth Eleftheriades, Victoria Mertikopoulou, Argyro Pertsinidou and Angelos Charalampidis, Kyriakides Georgopoulos Law Firm
Exit Strategies and Investment Structures PE firms in Greece now have more tools at their dis - posal when planning exits and structuring new invest - ments. This is a result of the broader legal reforms introduced in 2025 as well as evolving market prac - tices. Public listings are regaining some popularity as an exit route, thanks to the improvements introduced by Law 5193/2025. These changes simplify listing procedures, reduce regulatory burdens for smaller companies and allow for multiple voting rights structures, which can make initial public offerings (IPOs) more attractive to founders and strategic investors. As a result, more Greek companies are now being seen preparing for listings on both the Athens Stock Exchange and alter - native markets across the EU. Meanwhile, PE firms are also making use of hybrid investment instruments, such as convertible bonds, preferred equity and mezzanine financing. These tools allow investors to customise their exposure and to negotiate better risk-adjusted returns. Law 5193/2025 has introduced new rules to streamline bondholder meetings and improve investor protections, making these instruments more viable. Finally, continuation funds are emerging as a popular solution for managing long-term investments. These are funds set up to acquire assets from an existing fund, allowing managers to hold on to promising investments while offering liquidity to current inves - tors. While still a relatively new concept in Greece, continuation funds are gaining traction as market par - ticipants become more sophisticated. Overall, as in all jurisdictions, PE firms should work closely with legal and tax advisers to ensure that they are taking full advantage of the new regulatory envi - ronment. The choice of structure – whether public list - ing, structured debt instrument or continuation vehicle – will depend on the firm’s investment strategy, the nature of the portfolio company and current market
In practical terms, PE investors must ensure that environmental due diligence is a central part of their investment process. This includes: • assessing whether target assets are located within or near protected areas; • reviewing existing permits and environmental com - pliance records; and • modelling the financial implications of required environmental upgrades or restrictions. Investors who ignore these factors risk facing delays, regulatory sanctions or reputational damage. Strengthened Oversight of Investment Firms In 2025, Greek regulators have taken steps to align with European standards regarding the operational resilience of financial institutions. This includes PE funds, asset managers and related investment vehi - cles. The implementation of the EU’s Digital Operational Resilience Act (DORA) in Greece marks a significant shift. DORA aims to ensure that all participants in the financial system are able to withstand, respond to and recover from cyber-attacks and other operational dis - ruptions. Under this regulation, investment firms must implement robust IT systems, regularly test their digi - tal defences and manage third-party technology risks through strict vendor controls. Additionally, the Hellenic Capital Market Commission and the Bank of Greece are stepping up their super - vision of asset managers and alternative investment funds. This includes new rules on risk management, investor disclosures and the use of leverage. The reg - ulatory environment is now more demanding, requir - ing firms to maintain detailed compliance records and to be prepared for inspections. For PE managers, this means increasing investment in legal, compliance and IT resources. Deal teams must ensure that their fund structures and operating part - ners are aligned with these regulatory expectations. Failure to meet the new standards could lead to pen - alties or restrictions on future fundraising activities.
conditions. Conclusion
2025 has proven to be a landmark year for PE in Greece. A series of far-reaching legal and regulato -
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