Greece’s parliament this month voted a sweeping overhaul to the country’s umbrella national fund, merging it with the state privatization and bank support agencies, creating a new national investment fund and reorganizing its subsidiary entities to operate along private sector lines.

The Hellenic Corporation of Assets and Participations (HCAP) was set up during the financial crisis to manage and overhaul state-owned assets, like Greece’s national property agency, urban transport companies and water utilities. Under the new law, the role of HCAP changes significantly and becomes more development oriented.

HCAP will absorb Greece’s privatization agency, the Hellenic Republic Asset Development Fund, and the Hellenic Financial Stability Fund, the crisis-era fund that extended support to Greece’s big banks. Further, state-owned entities managed by HCAP — such as bus and postal services — will be granted greater flexibility in hiring and compensation to attract suitable talent from the private sector.

With the new law, Greece will establish a €300 million national investment fund with the initial capital provided by HCAP. Among its first initiatives: the new fund will take a 33% stake in the Hellenic Centre for Defence Innovation, Greece’s newly created tech hub for the development of next generation defense technologies.