Greece has launched a new arm of its sovereign wealth fund, focused on investments in technology, innovation and infrastructure. The Hellenic Innovation & Infrastructure Fund (HIIF) will serve as the investment arm of Growthfund, the existing national investment fund, marking Growthfund's evolution into a sovereign wealth fund. The development of the fund has been in the works for some time, with Greece looking to raise €5 billion as part of its economic recovery plan. "With the Hellenic Innovation and Infrastructure Fund, Growthfund further strengthens its role as a reliable partner for international investors. The new fund launches with initial capital of €303 million, while the first investment will be completed in the coming months," Growthfund chief executive Yanni Papachristou said.