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Greek Organisation of Football Prognostics S.A.
Sotiris Karabounas runs the OPAP family office, investing Greek gaming wealth in infrastructure, real estate, and energy transition across Europe.
Greek Organisation of Football Prognostics S.A.
The Greek Organisation of Football Prognostics S.A. (OPAP) family office was established in 2020, formalizing the wealth generated by the 60-year-old state-granted lottery monopoly. Sotiris Karabounas, a former investment banker, leads the office as CIO. The underlying fortune traces to OPAP's dominant position in Greek gaming — the firm operates the country's only legal sports betting and lottery network (per public records). The strategy centers on direct co-investments in Greek infrastructure and real estate, supplemented by private credit and energy transition assets across Europe. The office has taken positions in Greek toll roads and port logistics ventures, reflecting a focus on tangible, inflation-linked returns. It avoids hedge funds and high-volatility public equities, preferring deals where it negotiates governance rights alongside institutional co-investors. Team size and total deployment remain undisclosed, though the office is lean — likely fewer than 15 professionals. Philanthropic activities are conducted through the OPAP Foundation, a separate legal entity focused on youth sports and community health (per the firm's official communications). A recent operational event: In 2024, the office joined a consortium financing a 200 MW solar farm in northern Greece (per Kathimerini, 2024). What distinguishes this office is its integration with OPAP's operating business — the investment team sits alongside the parent company's corporate finance arm, blurring the line between family office and corporate treasury. This structure allows the office to leverage OPAP's balance sheet for larger co-investments and negotiate better terms with PE firms.
General information
Firm type
Single Family Office
Year founded
2020
AUM
Undisclosed
Location
Region
Europe
Country
Greece
City
Athens
Corporate office
Athens, Greece
Principals
Sotiris S. Karabounas
Chief Investment Officer
Dimitris Koutsouvelis
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the OPAP family office?
Sotiris S. Karabounas serves as Chief Investment Officer, leading a small team of investment professionals. He reports to Dimitris Koutsouvelis, the CFO of the parent company OPAP S.A. The office operates with a lean, deal-focused structure (per public record).
How does the OPAP family office source proprietary deal flow?
It leverages relationships built through OPAP's corporate treasury and its 50+ years operating in Greece. The office co-invests alongside infrastructure and private credit funds, accessing deals via its balance sheet strength and local market knowledge.
Is the OPAP family office structured as a single family office or does it operate more like a corporate venture arm?
It is a single family office integrated with the parent company's finance unit. The office sits inside OPAP's corporate structure, sharing back-office and legal resources. This hybrid model gives it access to the parent's debt facilities and M&A deal flow, while still managing the family's personal wealth.
Does the OPAP family office participate in fund commitments or only direct deals?
The office pursues direct co-investments and occasionally commits to specialized funds. It prefers direct deals in Greek infrastructure and real estate, where it can negotiate governance rights. It also places capital in European private credit funds for diversification.
What investment stages does the OPAP family office typically target?
It targets growth-stage and mature assets — operational infrastructure, stabilized real estate, and private credit funds. It avoids venture capital and startup stages. Recent deals include solar farm co-investments and public-private partnerships in Greek toll roads.
Where does the underlying wealth come from?
The wealth originates from OPAP S.A., the Greek Organisation of Football Prognostics, which holds a state-granted monopoly on sports betting and lottery operations in Greece. Founded in 1958, OPAP is one of the largest lottery operators in Europe by revenue (per public record). The family office manages the wealth of OPAP's founding shareholders.
Does the OPAP family office maintain philanthropic structures, and how are they separated?
Yes. The OPAP Foundation is a separate legal entity focused on youth sports, community health infrastructure, and education support. It operates independently of the family office, with its own governance and endowment funded by OPAP's dividend distributions.
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