The Caisse des Dépôts

The Caisse des Dépôts (CDC) is a unique public financial institution in France, established in 1816. Its overarching mission is to serve the public interest and contribute to the economic development of the country. Functioning under the supervision of the French Parliament, the CDC manages public savings, finances public infrastructure projects, supports social housing, and aids local authorities, making it a cornerstone of France's long-term investment strategy.

While the Caisse des Dépôts itself has a broad mandate encompassing large-scale strategic investments, its primary vehicle for direct involvement in the venture capital and startup ecosystem is Bpifrance. Bpifrance, the French public investment bank, is 50% owned by the French state and 50% by the Caisse des Dépôts. This subsidiary acts as a key player in fostering innovation and entrepreneurship across France, providing a wide range of financial solutions including equity investments, loans, and guarantees to startups, SMEs, and mid-cap companies.

Bpifrance's venture capital activities are extensive, covering various stages from seed to growth. Through its diverse funds, it co-invests with private venture capital firms, helping to de-risk investments and attract further private capital into the French tech scene. For instance, in 2022, Bpifrance invested approximately 1.1 billion euros in equity in startups and SMEs, demonstrating its significant commitment to the sector. The Caisse des Dépôts group, through its various entities, manages a substantial portfolio, with assets under management exceeding 1.1 trillion euros as of 2022, underscoring its immense financial capacity.

In essence, the Caisse des Dépôts provides strategic direction and capital, while Bpifrance executes the hands-on investment strategy in the innovation space. This structure allows the CDC to fulfill its public service mission by fostering economic growth and job creation through the support of innovative companies, ensuring a robust and dynamic French entrepreneurial landscape.