La Cipav
Also known as Cipav, CIPAV
Pension fund for French liberal professions (1.4M members); €11bn of reserves (2025); 5% in unlisted assets (Nov 2024); reported PE fund stakes in 2020.
- HEADQUARTERS
- Paris, France
- FOUNDED
- —
- AUM
- €11B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 2 people
Focus
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Public equitiesReal estatePrivate equityImpact
- GEOGRAPHY
- France
Overview
La Cipav is a private-law body under State supervision that runs the mandatory base and complementary pension and disability schemes for liberal professions it covers, such as architects, osteopaths and ski instructors. It reports €11bn of reserves in 2025, up from €3.8bn in 2015. In November 2024 its allocation was 46% equities, 34% bonds, 15% real estate and 5% unlisted assets. In July 2020 it reported having taken stakes in recent years in the Truffle Capital BioMedTech, Silver Autonomie and Eiffel Essentiel funds, and a €50M stake in the Green & Impact Bond France bond fund managed by HOMA Capital; no more recent named commitments were found.
People
Links
Frequently asked questions
La Cipav is a institutional investor based in Paris, France.
La Cipav does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
Key people at La Cipav include Michèle Robin-Clerc (Chair of the Board of Directors (Présidente)) and François Clouet (Chief Executive (Directeur général)).
No. La Cipav invests its own capital and does not raise money from outside investors.