Caisse des Depots et Consignations Tunisia

Caisse des Depots et Consignations · Tunisia · Africa · Founded 2011 · Strategic development fund · Not an IFSWF member

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Focus

Caisse des Depots et Consignations Tunisia: what it invests in

TechnologyFinancial servicesInfrastructure and utilitiesTransport and logisticsReal estateAgriculture and food security

Fixed incomeVenture capitalPrivate equityStrategic state holdingsCash and money markets

Geography Mainly domestic

Scale

Caisse des Depots et Consignations Tunisia: how big it is, and on what basis

TND 13.52B

Total assets (balance sheet)As of 2024-12-31

In US dollars: about USD 4.25B. Converted at about TND 3.18 per US dollar at end 2024.

Transparency

Caisse des Depots et Consignations Tunisia: what it publishes

8.0 of 10 Band 4 of 5

Published 7 · Partly 2 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS1: TND 13.52B (about USD 4.25B, end 2024); As of 2024-12-31
Net result 2024S1: TND 143.4M; As of 2024-12-31
ANAVA commitments 2024S1: EUR 25.6M; As of 2024-12-31
Innovatech 2024S1: TND 15.6M in 8 SMEs; As of 2024-12-31
Direct stakesS1: 23; As of 2024-12-31
Transparency scoreS1: 8 of 10; As of 2024-12-31

At a glance. CDC Tunisia is the State's deposits and consignments institution, set up in 2011. It invests regulated savings and runs development programmes: a EUR 100 million target fund of funds for startups (ANAVA), the Innovatech fund for innovative SMEs, regional impact finance and stakes in technology parks and infrastructure. Total assets were TND 13.52 billion at end 2024. S1

Key points

Total assets rose from TND 11.92 billion to TND 13.52 billion in 2024; net result was TND 143.4 million. S1
ANAVA, backed by the World Bank, committed EUR 25.6 million to seven venture funds in 2024 and had raised EUR 60.1 million of its EUR 100 million target. S1
The Innovatech fund invested TND 15.6 million in eight innovative SMEs in 2024. S1
Holds 23 direct stakes worth TND 118.3 million, from technology parks to banks and logistics zones. S1
Typical direct stakes are small minority positions; ANAVA tickets run from EUR 2.5 million to 6 million. S1
Earned TND 961 million on CENT placements and TND 97 million on deposits and consignments in 2024. S1

Interesting facts

45 percent of its Supervisory Commission members are women. S1
It works with the French, Italian and Moroccan deposit funds on joint initiatives. S1
Its Flywheel programme backed 149 startups with EUR 2.1 million of grants and advances. S1

Mandate and goals

CDC Tunisia safeguards regulated deposits and the savings bank's funds and puts them to work for the economy: startups and innovative SMEs, regional development and infrastructure, under its 2021 to 2025 strategy. S1

Manage deposits, consignments and CENT investments safely. S1
Expand finance for startups and innovative SMEs. S1
Support regional development and job creation. S1
Invest in infrastructure for a more competitive, inclusive economy. S1

How it invests

Industries	Technology, Financial services, Infrastructure and utilities, Transport and logistics, Real estate, Agriculture and food security S1
Asset classes	Fixed income, Venture capital, Private equity, Strategic state holdings, Cash and money markets S1
Stages	Seed, Venture, Growth, Infrastructure S1
Geography	Mainly domestic. Tunisian regions; some ANAVA child funds invest across Africa S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	ANAVA commits EUR 2.5M to 6M per child fund; Innovatech tickets of TND 1M to 6.5M; direct stakes mostly under TND 20M. S1
Deal sizes seen	TND 50K to TND 20M direct
External managers	Venture managers selected as ANAVA child funds; Smart Capital runs ANAVA and Innovatech S1
Co-investment programme	Co-finances with the World Bank, European Investment Bank and other deposit funds S1

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2024	216 Capital Fund I. ANAVA child fund for startups. S1	Fund commitment	Technology	Venture	EUR 6M
2024	Titan Seed Fund. ANAVA seed-stage commitment. S1	Fund commitment	Technology	Seed	EUR 6M
2024	Tunisia Seed Fund II (Flat6Labs). Targets about 30 local startups. S1	Fund commitment	Technology	Seed	EUR 5M
2024	GO LIVE Fund. Targets 36 early B2B startups. S1	Fund commitment	Technology	Seed	EUR 4.5M
2024	Janngo Capital Startup Fund. Pan-African fund for about 25 tech startups, with a focus on women and youth. S1	Fund commitment	Technology	Venture	EUR 4M
2024	Innovatech SME investments. Eight innovative SMEs, tickets of TND 1M to 6.5M. S1	Direct investment	Technology	Growth	TND 15.6M
2024	Ben Guerdane free trade and logistics zone. Public-private project company; a TND 60M capital increase is planned. S1	New company or platform	Transport and logistics	Infrastructure	TND 200K (10 percent)	10%
2024	AFH Internationale. Housing developer subsidiary for African markets, held with CDC Developpement. S1	New company or platform	Real estate	Growth	20 percent of TND 1.5M capital	20%
Not published	Tech'Invest (DIVA SICAR). Venture capital company; among its largest direct stakes. S1	Direct investment	Financial services	Venture	About TND 8M
Not published	EPPM and TEJRA. Two of the largest direct holdings. S1	Direct investment	Industrials and manufacturing	Growth	TND 20M each
Not published	Wifak Bank and TF Bank. Stakes in a Medenine Islamic bank and a Tunisian-French bank. S1	Direct investment	Financial services	Growth	TND 15M and TND 13.1M
Not published	Technology park and cluster companies. Stakes in Sousse, Sfax, Sidi Thabet and Borj Cedria park operators. S1	Direct investment	Real estate	Infrastructure	TND 15.1M combined

Case studies

ANAVA: seeding a venture market S1

What: Launched a fund of funds under the World Bank Startups and Innovative SMEs project, managed with Smart Capital.
When: 2024
Size: EUR 25.6M committed to 7 funds; EUR 60.1M raised of EUR 100M
Why: To create venture funds for every startup stage in Tunisia, a gap in local finance.
Outcome: Child funds include Tunisia Seed Fund II, GO LIVE and Janngo.

Ben Guerdane logistics zone S1

What: Took 10 percent of the company set up to build a free trade and logistics zone near the Libyan border.
When: February 2024
Size: TND 200K first tranche
Why: A State priority project under the strategy axis on infrastructure and regional development.
Outcome: A second step plans a TND 60M capital increase.

Regional impact fund on the Kasserine to Sfax corridor S1

What: Set aside TND 40M of an impact fund built with the World Bank for firms along a new road corridor.
When: 2024
Size: TND 40M
Why: To spread jobs to Sidi Bouzid and Kasserine as the EIB and World Bank fund the road.

Investment process

The Director General, appointed on the Head of Government's proposal, runs the CDC with strategic and executive committees. A Supervisory Commission chaired by the Minister of Finance controls it and approves the accounts. S1 S2

Committee	Role
Supervisory Commission	Chaired by the Minister of Finance; ministry, central bank, post office and independent members; met twice in 2024 S1
Strategic and executive committees	Management committees under the Director General S1

Startups and SMEs apply through the CDC funding portal or partner funds. S4
Fund managers apply to ANAVA or Innovatech, run with Smart Capital. S1
Committees review and approve stakes; the Supervisory Commission oversees. S1

How to approach: The CDC website has online portals for funding applicants and suppliers; fund managers can approach ANAVA through Smart Capital. S4

Size and returns

Headline size: TND 13.52B (Total assets (balance sheet), as of 2024-12-31) S1
In US dollars: about USD 4.25B. Converted at about TND 3.18 per US dollar at end 2024.
Equity before appropriation: TND 713.1M (Net assets or equity, as of 2024-12-31) S1
Direct stakes: TND 118.3M in 23 projects (Portfolio value, as of 2024-12-31) S1
Returns: the fund does not publish a return figure.
Size over time (TND billion): 2023 11.92, 2024 13.52 S1

Leadership

Name	Title
Nejia Gharbi	Director General S1
Mohamed Bechiou	Independent member, Supervisory Commission S1
Majdi Hassen	Independent member, Supervisory Commission S1
Rym Kolsi	Central bank representative, Supervisory Commission S1
Halima Bahar	Ministry of Finance representative, Supervisory Commission S1

Governance and transparency

Legal basis: Decree-law 2011-85 of 13 September 2011 S1
Oversight: Supervisory Commission chaired by the Minister of Finance S1 S2
Auditor: Statutory audit under article 10 of decree-law 2011-85 S1
Periodic certification by COFICERT. S1

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, asset allocation, geographic or sector split, audited financial statements, governance and mandate documents, named leadership. S1 S2
Partly published: holdings or deal list, regular reporting schedule. S1 S3
Not published: long-term returns. S1

History

Date	Event
2011-09-13	Decree-law creates the CDC. S1
2024-02-22	Ben Guerdane zone company founded. S1
2024	ANAVA commits EUR 25.6M to seven funds. S1
2026-03	2024 activity report published. S3

For family offices

Private investors meet CDC Tunisia as a fellow LP in ANAVA child funds or as co-shareholders in its regional and infrastructure companies. S1

Invest alongside ANAVA in Tunisian and African venture funds. S1
Join public-private project companies such as the Ben Guerdane zone. S1
CDC funding portal: Startups, SMEs and project sponsors https://www.cdc.tn/ S4

Reports

Activity Report 2024 (French): https://www.cdc.tn/sites/default/files/2026-03/CDC%20REPORT%202024%20%20VF.pdf S1

Common questions

How large is CDC Tunisia?

TND 13.52 billion of total assets at end 2024, mostly regulated deposits rather than a discretionary portfolio. S1

Who runs it?

Director General Nejia Gharbi, under a Supervisory Commission chaired by the Minister of Finance. S1

What is ANAVA?

A World Bank backed fund of funds for startups with a EUR 100 million target. S1

When was it set up?

By decree-law of 13 September 2011. S1

Nigeria Sovereign Investment Authority Nigeria · USD 3.40B NAV
Fonds Gabonais d'Investissements Strategiques Gabon · About USD 1.9B
Deposit and Consignment Fund of Benin Benin · XOF 1,062B
Mohammed VI Investment Fund (FM6I) Morocco · MAD 15B initial capital
Mauritius Investment Corporation Ltd (MIC) Mauritius · MUR 57.5B
Ghana Infrastructure Investment Fund Ghana · GHS 7.83B

All sovereign wealth funds in Africa · All strategic development funds · All funds in Tunisia

Sources

Disclaimer

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