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Caisse Autonome de Retraite des Chirurgiens-Dentistes et des Sages-Femmes (CARCDSF)
CARCDSF operates as a multi-employer defined-contribution scheme and serves as the compulsory retirement vehicle for self-employed dental surgeons and...
Caisse Autonome de Retraite des Chirurgiens-Dentistes et des Sages-Femmes (CARCDSF)
CARCDSF operates as a multi-employer defined-contribution scheme and serves as the compulsory retirement vehicle for self-employed dental surgeons and midwives practicing in France. Established as an autonomous section within the broader CNAVPL framework, the fund pools contributions from its professional base and manages them through a board of directors currently led by Eric Quievre. The precise founding date is not publicly emphasized in institutional materials. The fund's investment strategy blends direct real estate holdings with co-investment structures. Its residential portfolio concentrates on Paris and the close suburbs, including a known block of apartments in Neuilly-sur-Seine. A signature non-listed vehicle is the Certivia viager fund, operated in partnership with Caisse des Dépôts, which invests in mixed-use properties via life-annuity purchase structures. The fund also maintains a dedicated Fonds d'action sociale, a social-action reserve that finances assistance programs for members and their families. Geographic exposure remains overwhelmingly domestic, centered on Île-de-France. Total assets under management are estimated at $5.1B, though the fund does not publish a single audited consolidated figure on its public site. Romuald Gueguen represents CARCDSF's interests on the board of Sofimmo, a real-estate investment platform linked to the CNAVPL network of professional pension sections. CARCDSF also participates in GIP Info Retraite, the public-interest group that coordinates pension information across France's mandatory schemes. The fund's structural differentiator lies in its dual posture as both a direct property owner and a co-investor in an illiquid, niche asset class — viager — alongside France's largest public financial institution. This hybrid of pension-provision mandate and concentrated real-asset management is atypical for a professional-section retirement fund of its size in Europe.
General information
Firm type
Pension Fund
Year founded
—
AUM
$5.1B (Altss estimate)
Location
Region
Europe
Country
France
City
Paris
Corporate office
Paris Cedex 08, France
Principals
Eric Quievre
President of the Board of Directors
Sector focus
Frequently asked questions
Who runs investment decisions at CARCDSF?
Investment policy is set by the board of directors, chaired by Eric Quievre. The board operates within the regulatory framework established by CNAVPL, the national fund for self-employed professionals. Day-to-day asset management is delegated to external managers and partnerships, notably with Caisse des Dépôts for the Certivia viager fund.
How is CARCDSF related to CNAVPL?
CARCDSF is one of ten autonomous professional sections that constitute CNAVPL, the Caisse Nationale d'Assurance Vieillesse des Professions Libérales. CNAVPL coordinates the basic pension tier, while each section, including CARCDSF, manages the compulsory supplementary scheme for its specific profession.
Does CARCDSF invest directly in real estate or only through funds?
CARCDSF maintains a direct residential portfolio concentrated in Paris and the close suburbs, including known holdings in Neuilly-sur-Seine. It also invests through dedicated vehicles such as the Certivia viager fund, a partnership with Caisse des Dépôts focused on mixed-use properties acquired via life-annuity contracts.
What is a viager fund, and why does CARCDSF allocate to it?
A viager fund purchases residential or mixed-use property by paying a lump sum plus a lifetime annuity to the seller, who retains the right to occupy the property until death. For a pension fund like CARCDSF, the structure offers long-dated, inflation-linked cash flows that can align with the extended liabilities of its member base.
Does CARCDSF make fund commitments to external GPs outside of real estate?
Publicly documented allocations emphasize direct property and French real-estate vehicles. There is no published evidence of significant commitments to private equity, venture, or hedge-fund GPs. The known investment posture remains heavily concentrated in domestic real assets and social-action reserves.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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