Established in 1959, the Caisse de Dépot et de Gestion (CDG) is a state-owned financial institution which manages long-term savings in Morocco. It manages two pension funds that distribute for state-owned enterprises and government employees’ retirement benefits in Morocco: RCAR (Régime Collectif d'Allocations de Retraite) and the CNRA (Caisse Nationale de Retraites et d'Assurances). It manages US$ 33 billion, including banking arm CDG Capital and investment arm CDG Invest. The PE and VC vertical of the latter was initially set up as a JV between CDG and Canada's CDPQ.