Investissement de long terme: la pratique d'un institutionnel francais

In: Politique internationale: pi, Heft 145

Abstract

Interview with Laurent Deborde, responsible for managing the assets of the Savings Fund Management, Caisse des Depots. The object of the Caisse des Depots is defined by the Monetary and Financial Code: it is 'a long-term investor serving the public interest and economic development'. Caisse des Depots invests long-term, mainly on French territory, as a minority shareholder alongside private investors. It realizes two types of investments: - Investments of general interest, which relate mainly to the development of regions and SMEs; - The long-term financial investments (stocks, bonds, real estate, private equity, infrastructure) that enable it to fund its general interest tasks. For this, it relies in particular on the resource are deposits of certain regulated professions, especially notaries. Moreover, the Caisse des Depots manages public mandates. It is in particular responsible for the protection of people's savings. Specifically, it manages a large part of the French regulated savings (Livret A, sustainable development passbook savings account and Popular), in a specific balance sheet, separate from the own account of the CDC. The savings fund is the instrument that allows the transformation of people's savings into very long-term loans at preferential rates for the public interest priorities set by the state (social housing, urban policy...). Adapted from the source document.