Caisse des dépôts et consignations

The Caisse des dépôts et consignations (French pronunciation: [kɛs de depo e kɔ̃siɲasjɔ̃], CDC, lit. 'Deposits and Consignments Fund') is an idiosyncratic French public financial institution created in 1816, often referred to as the investment arm of the French State. It is defined in the French Monetary and Financial Code as a "public group serving the public interest" and a "long-term investor". Its governance framework places it under the control of the Parliament.

CDC has sprawling assets, including (as of early 2024) a 66-percent stake in La Poste, France's post office; 66 percent of Transdev, a public transportation operator; 40 percent of Compagnie des Alpes, a ski resort and theme park operator; 39 percent of Icade, a property company; 39 percent of GRTgaz, France's main gas pipeline system; 34 percent of Egis, an engineering consultancy; 33 percent of Compagnie Nationale du Rhône, a hydroelectricity generator; 30 percent of RTE, France's transmission system operator; 20 percent of Suez, a major water and waste management company; and a vast portfolio of property assets including Théâtre des Champs-Élysées, a historic entertainment venue in Paris. CDC further has significant banking operations including fully-owned SFIL, majority-owned La Banque Postale (through La Poste), and half-owned Bpifrance, even though it is not itself a credit institution under EU law and therefore not within the scope of European Banking Supervision. Its total consolidated balance sheet, not including pension funds under CDC management, reached 1.3 trillion euros at end-2021.