Caisse des Dépôts et Consignations

CDC's balance sheet is primarily funded by regulated French savings deposits, including the Livret A, LEP, and LDD accounts, as well as pension and social security reserves. These deposits are centrally held and guaranteed by the French Parliament, creating a funding base distinct from both tax revenue and standard sovereign borrowing.

CDC is a public institution placed under the supervision and guarantee of the French Parliament, making it legally autonomous from the executive budget. Its CEO is typically appointed by the President of the Republic, but the institution's investment decisions follow a long-term fiduciary mandate rather than the government's annual spending plans, insulating it from short-term political cycles.

Bpifrance is jointly owned by Caisse des Dépôts and the French state, serving as the primary vehicle for domestic SME equity financing, innovation grants, and export credit. CDC's 50% stake makes Bpifrance its principal conduit for venture capital and growth equity exposure in France, rather than running a wholly internal tech investment program.

While the majority of its €844 billion balance sheet is deployed domestically — in social housing, infrastructure, and territorial development — CDC holds international real estate positions in cities such as London and Copenhagen, and participates in cross-border organizations like the Long-Term Investors Club and the Institutional Investors Group on Climate Change.

The Fonds d'épargne is the segregated entity within CDC that centralizes French regulated savings to fund public-interest loans, primarily to local authorities and social housing bodies. In May 2025, the firm confirmed its role as a central pillar of French public investment, distributing capital independently of the state budget to fund long-term territorial infrastructure.