Caisse d'Assurance Vieillesse des Pharmaciens

Governance sits with the board and executive leadership under President Philippe Berthelot. CAVP reports investment decisions through its board, which is composed of elected pharmacist-representatives. The treasury function is held by Thierry Desruelles, and the fund collaborates with external co-investors such as Mirova and Ircantec on shareholder engagement actions.

Unlike most French professional pension sections that operate on a pure pay-as-you-go logic, CAVP administers the Régime Complémentaire par Capitalisation (RCC), a collective funded scheme. Pharmacists' supplementary contributions are actively invested in a diversified portfolio, and retirement benefits reflect accumulated investment returns — making CAVP a genuine institutional asset owner rather than a social-security pass-through.

CAVP allocates across European real estate, infrastructure, and private equity, supplemented by fund-of-funds and mezzanine positions. The real estate portfolio includes direct holdings such as its Paris headquarters, the Carré de Soie and Organdi buildings in Lyon, and the West Bridge building in Levallois-Perret. In private equity, the fund pursues buyout and fund-of-funds strategies, and participates in shareholder engagement actions exemplified by the Danone governance engagement alongside Mirova and Ircantec.

Yes. InterPharmaciens is a dedicated fund providing installation loans to young pharmacists and biology-lab directors. Separately, the Fonds d'Aides Sociales distributes hardship grants to members facing financial difficulty. Both vehicles are housed within the CAVP structure but serve distinct social-cohesion purposes alongside the core investment pension operation.

CAVP has been a UN-PRI signatory since September 2019. It is an active member of the Forum pour l'Investissement Responsable (FIR), participating in the impact-investment working group, and sits on the Responsible Investment Commission of AF2I, the French association of institutional investors.

CAVP is one of ten professional sections of the Caisse Nationale d'Assurance Vieillesse des Professions Libérales (CNAVPL). It administers the basic state pension on CNAVPL's behalf while autonomously managing complementary schemes. Governance is provided by a board of pharmacist-representatives elected by the profession, with executive leadership under a President and Treasurer.

Membership consists of all self-employed pharmacists practicing in France, including officine owners and directors of medical-biology laboratories. The fund serves both active contributors and retired beneficiaries, collectively representing the entire French liberal pharmacy profession.