Caisse Autonome de Retraites et de Prévoyance des Vétérinaires (CARPV)

CARPV is governed by a board of administrators that includes four members appointed directly by the Ordre National des Vétérinaires, the French veterinary regulatory body. The President, Eric Bernard, and the Accounting and Financial Director, Benoît Guignard, both sit on the board and guide portfolio-level decisions. The fund does not publicly disclose an internal investment committee structure, but its affiliation with CNAVPL and Pro'Action Retraite suggests collaborative decision-making on large co-investments alongside peer liberal profession funds.

The fund splits its reserves between baseline fixed-income assets required by French pension regulation and a targeted real-asset portfolio. Two confirmed holdings illustrate the approach: a direct commercial property at 64 Avenue Raymond Poincaré in Paris and unit shares in SCPI Eurovalys, a German-focused real estate vehicle managed by Inter Gestion REIM. The fund also participates in co-investment initiatives through Pro'Action Retraite, a coalition that launched an €80M recovery vehicle for French economic renewal.

CARPV is one of ten autonomous professional sections federated within CNAVPL (Caisse Nationale d'Assurance Vieillesse des Professions Libérales), the umbrella organization that coordinates old-age insurance for all regulated liberal professions in France — from lawyers and doctors to veterinarians and architects. Each section manages its own contributions and reserves independently, while CNAVPL provides actuarial coordination, regulatory representation, and a platform for inter-profession negotiation with the French state on contribution rates and benefit formulas.

No, but it exercises significant influence. The Order appoints four of CARPV's board administrators, giving the veterinary profession's regulatory body a direct governance role that most French pension sections do not grant their professional orders. This arrangement reflects the Order's historical role in establishing CARPV and ensures that the fund's policies remain tightly aligned with the profession's demographic and economic realities.

Pro'Action Retraite is a think tank and investment coalition formed by several French liberal profession pension funds to pool resources for joint deals and policy advocacy. CARPV's membership grants it access to co-investment vehicles — notably the €80M recovery fund launched in 2021 — that allow a mid-sized pension fund to deploy meaningful capital alongside peers rather than competing independently for institutional mandates. The coalition also lobbies collectively on retirement-policy reforms affecting liberal professions.

No. CARPV does not publish a publicly accessible annual report or detailed balance sheet, distinguishing it from larger French public pension funds that disclose granular portfolio data. The Altss estimate of approximately $654M reflects cross-referencing of the veterinary profession's size, contribution rates, and the scale of known real estate holdings, but the fund has not confirmed this figure externally.

No. While its core retirement obligations and a direct Parisian commercial property anchor the portfolio in France, CARPV has cross-border exposure through SCPI Eurovalys, which holds commercial real estate across Germany. This vehicle — sponsored by Inter Gestion REIM — gives the fund an indirect allocation to European real assets without requiring its lean governance team to manage offshore properties directly.