European Way to Sovereign Funds: A Comparison among CDP, KfW, and CDC

Italian Cassa Depositi e Prestiti (hereinafter CDP), German Kreditanstalt fuer Wiederaufbau (hereinafter KfW), and French Caisse des Dépots et Consignations (hereinafter CDC) are typical examples of financial institutions with a mixed public-private investments’ structure concerned primarily with providing a link between the government and the market with an emphasis on long-term projects of public interest. Their main characteristics are: the control is always public, even if more consistent with a private logic, both with reference to the governance both to the performance goals to be achieved;financial resources invested, even collected as debt, can be both public and private;the investments, equity or debt, are devoted to private and public organization.