Unlocking Value.
Driving Growth.
Delivering Outcomes.
Zelos Capital Partners is a private investment firm focused on hospitality, real estate, stressed opportunities, and deep-value investments in Greece and Southeastern Europe. Guided by discipline, creativity, and decades of experience, we unlock value from complexity and deliver superior results for our investors.
About Zelos
Zelos is a special situations platform dedicated to exploiting stressed and deep-value opportunities across the asset-backed credit and real asset spectrum in Greece, Cyprus, and the broader Southeastern Europe region.
We strive to deliver superior outcomes by taking a disciplined, responsible approach and staying true to our core principles.
Responsible Leadership
Integrity, honesty and transparency define our ethics. These principles drive our conduct, shape our investment decisions, and guide our communications with investors.
Unconventional Thinking
We value creativity and imagination in everything we do. Through contrarian thinking and rigorous debate, we discover opportunities others overlook, and drive value crystallization with full ownership, supervision, and decision control.
Commitment to Excellence
We hold ourselves to world-class performance standards. We never compromise investment quality for eagerness to deploy capital.
Collaboration & Teamwork
We are proud of what we achieve as a team. Diversity, determination, and hard work fuel our performance, while listening and working together define our culture.
Zelos Platform
Founded by senior investment professionals with almost a century of cumulative experience in private equity, credit, and investment banking across Greece, Cyprus, and Southeastern Europe, Zelos Capital Partners is the region’s first dedicated platform for distressed and deep-value special situations.
Our platform is built on four core pillars:
Deep Experience
Decades of transaction, restructuring, and asset management expertise across real assets and credit.
Proprietary Access
Unique deal flow generated from deep entrenchment in our core markets, local insight, and institutional networks.
Disciplined Underwriting
Rigorous, data-driven evaluation methodologies designed to capture upside while protecting downside risks.
Execution & Asset Management
Hands-on asset management and restructuring capabilities that crystallize value in even the most complex situations.
Our People
Our strength lies in our people. The founding partners bring decades of experience in distressed and deep-value investing, with a proven track record of executing some of the region’s most significant transactions.
Mr. Karagiannis has 30 years of investment management experience, including 24 years in principal investing. At Apollo Global Management (2013–2022), he led Apollo’s expansion into Southeastern Europe, acquiring $8.1 billion in NPL portfolios backed by 5,800 real estate assets and deploying $2 billion of capital. He also chaired Apollo’s affiliates Altamira Asset Management (Cyprus) and Sodia Capital Management (Greece). Earlier, he was Managing Director and Partner at Alpha Trust and began his career at Salomon Brothers in New York. MBA, George Washington University (Marvin L. Kay Fellow).
Mr. Avramopoulos has 25 years of experience in corporate and principal finance. He served as CEO of Sodia Capital Management, Apollo’s affiliate in Greece, managing a €1.4 billion NPL and real estate portfolio, and earlier as CEO of Altamira Asset Management (Greece). He previously led Piraeus Bank’s Special Situations Task Force, managing €48 billion of NPLs and non-core exposures, and served on the board of Piraeus Equity Partners. He began his career at UBS (M&A) and Lazard (FIG), advising on more than €50 billion in transactions. Graduate of Goethe University Law School, Frankfurt.
The Zelos Approach
Our investment philosophy is firmly rooted in our “value matters” thesis. We pursue investment excellence by striving to generate asymmetric returns per unit of risk across the stressed and deep-value real-assets ecosystem, and to deliver superior risk-adjusted performance throughout market cycles. Our flexible mandate allows us to embrace complexity and create compelling outcomes for our investors.
Value Matters
We champion a strong value orientation, allocating capital to attractive risk/reward opportunities in any market environment. Valuation discipline underpins every decision we make.
Asymmetric Return per Unit of Risk
We aim to generate excess returns across the risk/reward spectrum, carefully balancing downside protection with meaningful upside potential.
Unconventionality
We thrive on complexity and creativity, uncovering and executing stressed and deep-value opportunities across asset classes and transaction types.
Zelos Fund
The Zelos Fund operates as a Registered Alternative Investment Fund (RAIF) in the form of an Open-ended Variable Capital Investment Company (VCIC). Access is limited to Professional and Well-Informed Investors under the AIF Law.
Key Differentiators
Asymmetric Risk–Return
PE-like returns from senior lending and deep-value entry points.
Stressed + Deep Value
Investing across our core themes with tangible downside protection.
Unique Market Opportunity
Zelos is the first special-situations fund in the broader geography to address a deep need for alternative capital with unique access to proprietary opportunities enabling superior risk-adjusted returns.
Proven track record in asset management and value creation strategies and best-in-class asset investment and operational processes.
Investment Strategy
Our objective is to harness the value creation potential in stressed and deep-value opportunities across Greece, Cyprus, and Southeastern Europe. By deploying capital into asset- backed credit strategies and undervalued real assets, we seek consistent capital growth with built-in downside protection.
1. Alternative Credit Strategies
- Liquidity-driven and/ or structured debt opportunities with an asset-backed or ring fenced-cashflow lending approach
- Opportunistic bridge/ rescue financings or engagement in “misunderstood” debt situations with structures avoiding enforcement risk
- Quasi-secured debt exposures via structured or “hybrid” financings (preferred equity, convertibles) with appropriate governance rights.
2. Stressed & Distressed Situations
- Engagement in restructurings, pre-insolvency situations and selective cases featuring balance sheet or operationally driven restructurings
- Holistic approach to resolution including debt restructurings, recapitalizations and loan-to-own strategies
3. Deep Value Real Assets
Capturing deep-value opportunities in real estate through valuation dislocations created by distressed monetization cycles, auctions, or borrower led disposals, using proprietary analytics and strict commercialization criteria.
- Mainly real estate and hospitality assets
- Acquisitions of real estate assets with valuation gaps vs. market value stemming from the NPL monetization cycle
- Exit-driven valuation approach with defined views on asset commercialization and closely monitored CapEx deployment to maximize value creation
- Strong emphasis on asset management approach through inhouse supervision and technical platform.
ESG & Responsibility
At Zelos Capital Partners, we believe responsible investing is fundamental to sustainable value creation. Our commitment is to:
Embed governance and transparency at every stage.
Promote sustainability and ESG practices across portfolio companies and investments.
Deliver positive impact in the communities where we invest by fostering resilience and expanding opportunity.
Let’s Connect
We welcome inquiries from investors, partners, and professionals. Reach our team in Athens or contact Investor Relations directly. info@zeloscap.com | ir@zeloscap.com
The Zelos Fund operates as a RAIF in the form of an open-ended VCIC. Access is limited to Professional and Well-Informed Investors under AIF Law.