Greece Meets With Paulson On Asset Sales

Dec 18 2013 | 3:37pm ET

Greece is hoping to drum up interest in some state assets from U.S. hedge funds, starting with Paulson & Co.

Officials from Greece's Hellenic Republic Asset Development Fund, charged with raising €11 billion through state asset sales over the next three years, met with firm founder John Paulson in New York this week, Bloomberg News repots. Paulson is among the hedge funds to buy up Greek debt expecting a European bailout—profiting handsomely.

The fund's executive director, Andreas Taprantzis, told Bloomberg that a number of hedge funds, including Paulson and Third Point, have expressed interest in participating in the sales.

"There is improved sentiment about investing in Greece," he said. "Six months or a year ago investors were coming to Greece asking for returns of 30%. It was surreal."

Paulson has continued to invest in Greece, buying shares of Alpha Bank in the third quarter. And Third Point said earlier this year that it would launch a Greek-focused hedge fund.

Despite the optimism and the "ambitious" plan to raise €3.6 billion next year, the fund has suffered setbacks, notably the failure in June to sell Greece's national gas company.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...