Updated:
Caisse des Dépôts et Consignations
Caisse des Dépôts manages over €800B of French public savings under parliamentary guarantee, financing social housing, infrastructure, and private equity.
Caisse des Dépôts et Consignations
Founded in 1816, Caisse des Dépôts et Consignations (CDC) derives its wealth from French regulated savings accounts, notably the Livret A, and state pension reserves, making it one of the oldest public financial institutions in Europe. It operates under the supervision and guarantee of the French Parliament, a governance structure that separates its long-term investment mandate from the state's annual budget while maintaining full public accountability. CDC's strategy spans French social housing, commercial real estate, infrastructure, and private equity. Through its subsidiary CDC Habitat, it manages one of the country's largest residential portfolios, and in May 2026, the firm announced a €100 billion commitment to construct 650,000 affordable homes by 2030. Its real estate holdings include the Mixed-use Icade Portfolio in Île-de-France, the Théâtre des Champs-Élysées at 15 Avenue Montaigne, and international assets such as the St John's Lane commercial building in London and Copenhagen's Kampmannsgaard residential property. On the technology side, in May 2026 the firm advanced an artificial intelligence deployment program for French municipalities via its "Territoires d'IA" initiative. CDC also commits to natural capital with directly held Forestry Assets in France and plays a structuring role in France's tech ecosystem through its joint stake in Bpifrance. The institution's scale reflects its unique model of aggregating public savings, with a total balance sheet estimated at $844 billion. Its investment team directs capital into direct real estate, venture capital, and specialist credit, while the separately managed Fonds d'épargne confirmed its role as a pillar of public action in May 2025. The Group's influence extends through key club memberships: it is a founding member of the Long-Term Investors Club (LTIC), a signatory of the Principles for Responsible Investment (PRI), and an active participant in the Institutional Investors Group on Climate Change (IIGCC), aligning its portfolio with Net Zero commitments. Its philanthropic arm, Fondation Caisse des Dépôts, operates alongside a discrete contemporary art collection. CDC represents a structural blend of sovereign depository and active institutional investor, holding a legal identity distinct from the French Treasury yet bound by a parliamentary guarantee. This architecture allows it to underwrite multi-decade national projects — from the 2024 Olympic athletes' village, Les Quinconces in Saint-Ouen-sur-Seine, to the digital bond issuance program — without the risk of annual budgetary interruptions. Its portfolio can simultaneously house a collection of French forestry assets, a stake in post-trade blockchain infrastructure via LiquidShare, and the iconic commercial space at 15 Avenue Montaigne.
General information
Firm type
Sovereign Wealth Fund
Year founded
1816
AUM
$844B (Altss estimate)
Location
Region
Europe
Country
France
City
Paris
Corporate office
Paris, France
Principals
French Parliament
Supervisory Authority
Sector focus
Frequently asked questions
Where does Caisse des Dépôts' capital come from?
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.
How is investment authority structured between CDC and the French state?
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.
What is CDC's relationship with Bpifrance?
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.
Does CDC invest outside of France?
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.
What is the Fonds d'épargne and how does it function within CDC?
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.
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.
Need institutional-grade insight on sovereign wealth funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: