CAVP (Caisse d’assurance vieillesse des pharmaciens)
Also known as CAVP, Caisse d’assurance vieillesse des pharmaciens
Pension fund of French self-employed pharmacists; €9.1bn of reserves (end 2025); invested in 33 private equity funds at end 2023, incl. Impact Senior and InterPharmaciens.
- HEADQUARTERS
- Paris, France
- FOUNDED
- —
- AUM
- €9.1B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
Focus
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Private equityImpactReal estatePublic equities
- GEOGRAPHY
- France
Overview
The Caisse d’assurance vieillesse des pharmaciens (CAVP) is one of the ten professional sections of the CNAVPL; it runs the base pension scheme on the CNAVPL's behalf and, autonomously, the mandatory disability and complementary pension schemes of self-employed pharmacists, including a funded (capitalisation) scheme created in 1962. Its reserves and technical provisions were worth €9.1bn at realisable value at 31 December 2025, mostly bonds and equities plus directly held property. Its Article 29 report at end 2023 listed 192 dedicated, semi-dedicated or open funds (September 2023), including 66 unlisted funds (infrastructure, mezzanine debt and private equity), and €230M committed to impact funds.
PORTFOLIO (3)
- Impact Senior (private equity fund managed by 123 IM) — €10M committed end 2019; held at 31/12/2023HealthTech · since 2019
- Fonds InterPharmaciens (four vintages, €80M committed, €60M deployed, per report at 31/12/2023)HealthTech · since 2023
- Brownfields 3 and Brownfields 4 (soil remediation funds; 4th vintage subscribed 2023; held at 31/12/2023)Climate & Energy · since 2023
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Frequently asked questions
CAVP (Caisse d’assurance vieillesse des pharmaciens) is a institutional investor based in Paris, France.
CAVP (Caisse d’assurance vieillesse des pharmaciens) does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
Key people at CAVP (Caisse d’assurance vieillesse des pharmaciens) include Philippe Berthelot (Chairman (Président); also Chairman of the CNAVPL), Marc Legaux (Director (Direction)) and Alain Pestre (Head of Finance (Direction financière)).
CAVP (Caisse d’assurance vieillesse des pharmaciens)'s investments include Impact Senior (private equity fund managed by 123 IM) — €10M committed end 2019; held at 31/12/2023, Fonds InterPharmaciens (four vintages, €80M committed, €60M deployed, per report at 31/12/2023) and Brownfields 3 and Brownfields 4 (soil remediation funds; 4th vintage subscribed 2023; held at 31/12/2023).
No. CAVP (Caisse d’assurance vieillesse des pharmaciens) invests its own capital and does not raise money from outside investors.