Caisse Intercommunale de Pensions (CIP)

Caisse Intercommunale de Pensions (CIP)

CIP was founded in 1924 by the Union des Communes Vaudoises as a joint pension vehicle for Vaud municipalities. It operates under public law with oversight from the Canton of Vaud and serves personnel of affiliated public and non-profit entities. Retraites Populaires has managed its assets and administration since inception. The fund allocates 5.4 percent to private equity and maintains infrastructure commitments through AIP Management vehicles. Real estate forms the largest direct exposure, including ownership of more than 2,000 apartments plus commercial and parking facilities across the Canton of Vaud. Confirmed holdings include positions in Partners Group Global Real Estate 2011, BC European Capital IX, and Unigestion funds. Geographic reach centers on Switzerland with additional infrastructure exposure in Europe and North America. CIP reports 5.4 percent private equity deployment and maintains a portfolio of direct real estate valued at $1.2 billion. It operates from a single headquarters in Lausanne and participates in industry groups including ASIP, IIGCC, and the Ethos Engagement Pool. In June 2024 the fund held its Ordinary Assembly of Delegates in Gland to review annual results and investment strategy. CIP maintains a distinct governance model as a public-law institution supervised by the Canton of Vaud rather than a private foundation or corporate plan. Investment decisions flow through Retraites Populaires while the board retains policy authority. This architecture separates municipal employer representation from day-to-day asset management.