France Investment and Pensions
France spends 14% of GDP on public pensions, while its debt burden is 113%, the third highest in the EU. But recent pension reforms are not enough to enable sustainability. The threat of further riots and no confidence votes in parliament make effective measures difficult. Parliamentary debate on the 2026 budget this autumn is likely to bring matters to a head. Nevertheless, France is now the fourth-largest in Europe in terms of IORP assets.
Pension Funds in France - Country Report
France country report 2025: The rise – and rise – of the French IORP
France’s approach to the IORP framework introduced in 2019 has propelled it into fourth place in size in Europe
TOP FRENCH PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- Agirc-Arrco | 85,600,000
- ERAFP | 50,757,000
- La Mondiale Retraite Supplémentaire | 29,470,000
- CNP Retraite | 21,000,000
- Fonds de Réserve pour les Retraites (FRR) | 20,400,000
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
Ilmarinen CEO: Mindset shift needed before pension age hits 70
Rise in pension age proposed in general debate in Finland to bolster public finances and respond to rising life expectancy
FRR seeks managers for €600m private debt investment, picks funds
The total amount allocated across the private debt mandates could rise to €800m
French pension reserve fund to invest up to €200m in securitisation
Decision comes as European Commission embarks on reform drive to revitalise the securitisation market
France’s FRR launches private equity mandates
The total value across both mandates is expected to be €400m-500m, with each mandate running for 15 years
France’s FRR appoints duo for €1.4bn fixed income mandates
AXA Investment Managers and Ostrum Asset Management were selected
TOP MANAGERS: FRENCH INSTITUTIONAL ASSETS
Company | Assets (€m)
- Amundi | 768,216
- Natixis Investment Managers | 424,468
- Ostrum Asset Management | 324,671
- AXA Investment Managers | 257,828*
- BNP Paribas Asset Management | 209,608
- Ofi Invest | 169,439**
- Groupama Asset Management | 69,915***
- Allianz Global Investors | 57,114
- Swiss Life Asset Management | 49,642**
- La Française | 45,216**
As at 31.3.25, *31.3.24, **31.12.24, ***30.4.25
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
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FRR seeks managers for €600m private debt investment, picks funds
The total amount allocated across the private debt mandates could rise to €800m
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The collapse of France’s government has thrown the latest round of pension reforms into question – but second-pillar assets continue to grow
French pension reserve fund to invest up to €200m in securitisation
Decision comes as European Commission embarks on reform drive to revitalise the securitisation market
France’s FRR launches private equity mandates
The total value across both mandates is expected to be €400m-500m, with each mandate running for 15 years
France country report 2025: The rise – and rise – of the French IORP
France’s approach to the IORP framework introduced in 2019 has propelled it into fourth place in size in Europe
IPE institutional market survey: Managers of France institutional assets 2025
This year’s substantial increase in French pension assets (+18%) reflects the broad shift from insurance-based savings under the Solvency II regime to IORPs.
France’s FRR appoints duo for €1.4bn fixed income mandates
AXA Investment Managers and Ostrum Asset Management were selected
IPE BEST PENSION FUND IN FRANCE AWARD WINNERS
- 2024 - AG2R La Mondiale
- 2023 - ERAFP
- 2022 - AG2R La Mondiale
- 2021 - ERAFP
- 2020 - AG2R La Mondiale
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