Who we are?

CDC IC has been operating since February 2014, and with its sovereign wealth fund partners and through its seven partnerships has a mobilisable investment capacity of nearly €4 billion.

CDC IC invests mainly in unlisted companies with a tried and tested financial model, but also in listed companies and within the infrastructure or property sectors.

It invests mainly in France, but has developed the possibility with certain partners of investing abroad (in particular in the Middle East, Africa, Asia and Russia) to support French companies and projects.

‘‘ CDC IC’s international and entrepreneurial team gives long-term support to medium-sized French businesses to accelerate their growth, using its unique position, particularly but not exclusively, to facilitate their access to new international markets. ”

CDC IC and sovereign wealth funds

The company acts entirely in accordance with the Caisse des Dépôts’ missions to finance the national economy and the international development of French companies.

The main challenge for the French economy in terms of sovereign wealth funds is to promote the attractiveness of our businesses and regions to these new sources of direct foreign investment from emerging countries. Attracting long-term direct foreign investments represents a major challenge for the competitiveness of the French economy. Sovereign wealth funds must be able to contribute to a diversified and long-term financing of the French economy.

Sovereign wealth funds, which include some of the most important and dynamic players in the global economy, are key partners whose assets under management have increased from $1.5 to $7.5 trillion in 15 years.

CDC IC est la société d’investissement multi-classes d’actifs du Groupe Caisse des Dépôts dédiée aux investissements directs en partenariat avec les fonds souverains et les grands investisseurs institutionnels internationaux.
CDC IC s’inscrit pleinement dans les missions de financement de l’économie nationale et du développement international des entreprises françaises de la Caisse des Dépôts.
Depuis 2014, CDC IC a développé des accords d’investissement direct avec six partenaires étrangers.

  • Qatar Investment Authority (QIA), le fonds souverain de l’Etat du Qatar
  • Mubadala, 2ème fonds souverain d’Abou Dhabi
  • Russian Direct Investment Fund, le fonds souverain de la fédération de Russie
  • China Investment Corporation, fonds souverain chinois
  • Korea Investment Corporation, fonds souverain de la République de Corée
  • Kingdom Holding Company, Holding de participation cotée en Arabie Saoudite
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Through CDC IC, the Caisse des Dépôts holds a prominent position within an inner circle of some of the world’s biggest investors.

Since 2007, CDC IC’s team has built a global network of investors including the largest pension funds and sovereign wealth funds in the world, which has specifically resulted in the creation of two complementary cooperation platforms: the Institutional Investors Roundtable (IIR), whose headquarters is at CDC IC in Paris, and the Co-investment Roundtable of Sovereign and Pension Funds (CROSAPF), launched by the Korea Investment Corporation (KIC) in 2014, which aims to create a co-investment platform for international institutional investors.

Sovereign wealth funds

Through CDC IC, the Caisse des Dépôts holds a prominent position within an inner circle of some of the world’s biggest investors.
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Our Network

CDC IC is a multi-asset investment company owned by the Caisse des Dépôts Group and dedicated to direct investments in partnership with sovereign wealth funds and major international institutional investors. CDC IC’s activities correspond fully to the Caisse des Dépôts’s financing objectives for the French economy and the international development of French companies. Since 2014, CDC IC has developed agreement for direct investment with six foreign partners : Mubadala, 2nd sovereign wealth fund of Abu Dhabi, Russian Direct Investment Fund, sovereign wealth fund of the Russian Federation, China Investment Corporation, the Chinese sovereign wealth fund, Korea Investment Corporation, the sovereign wealth fund of the Republic of Korea, Kingdom Holding Company, Listed holding company in Saudi Arabia

The Institutional Investors Roundtable (IIR):

In 2011, CDC IC co-founded the Institutional Investors Roundtable (IIR), a non-profit structure whose purpose is to bring pension funds and sovereign wealth funds together to discuss common problems and investment strategies, but above all to set up operational and innovative co-investment partnerships. It brings together about forty major institutions from North America, Asia, Australia, the Middle East and Europe.

The founders of the IIR are the Abu Dhabi Investment Authority (ADIA, United Arab Emirates), ATP (Denmark), British Columbia Investment Management Corporation (bcIMC – Canada), Caisse des Dépôts (via CDC IC), Caisse de Dépôt et Placement du Québec (CDPQ, Canada), Canadian Pension Plan Investment Board (CPPIB, Canada), China Investment Corporation (CIC, China), GIC Special Investment (GIC – Singapore), Ontario Teachers’ Pension Plan (OTPP, Canada), PPGM (Netherlands), Queensland Investment Corporation (QIC, Australia), Russian Direct Investment Fund (RDIF, Russia), Teachers Insurance and Annuity Association – College of Retirement Equities Fund (TIAA-CREF, United States), Temasek International Pte. Ltd. (Singapore).  Altogether, the organisation represents assets in excess of €6 trillion.

Our investment strategy

CDC IC acts as a minority investor in partnership with sovereign funds:

  • Investment tickets: range from €15 million to €200 million, with the possibility of syndicating additional amounts;
  • Possibility of a staggered entry into the capital structure of companies;
  • Capital increase or purchase of existing shares;
  • Minority investor alone or in a consortium, status as leader/co-leader or as participant in a minority or majority consortium;
  • All kinds of investment in capital or quasi-capital or debt;
  • Possibility of investing in property or infrastructure assets.

CDC IC invests with a view to obtaining market returns but has a more flexible and long-term timeframe than other traditional players. It can therefore offer tailor-made support to the companies and projects in which it invests, with a view to supporting their international development or in the context of capital transfers or stabilisation issues.

Positioned as an active minority investor, CDC IC supports its sovereign wealth fund partners in their investments in France, and can therefore also give the businesses in which it invests access to its global network of partners.

Our values

CDC IC’s employees are experienced professionals with entrepreneurial values guided by principles of integrity, responsibility and transparency.

They are dedicated to building lasting relationships with the management teams that they assist, based on dialogue, proximity and a shared vision of the investment development plan.

CDC IC always takes account of environmental, social and governance issues in the context of its investments, is convinced of the potential for underlying value creation, and uses its investments to encourage dialogue and take the initiative in dealing with these issues.

As a long-term investor, CDC IC pays the same level of attention to Environmental, Social and Governance (ESG) issues as the Caisse des Dépôts Group, and strives to promote the highest standards in the area of Socially Responsible Investing (SRI).

CDC IC invests in accordance with the Caisse des Dépôts Group’s Responsible Investment Charter [THE CDC IC GROUP CHARTER], and has adhered to the rules of AFIC, the French trade body for investment in non-listed companies. CDC IC is also a signatory member of the United Nations Principle for Responsible Investment.