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France Investment and Pensions
Retirement assets continue to grow – with supplementary savings in PER (Plan d’épargne retraite) vehicles up 20% in 2025, in surpassing €150bn in AUM. This continues the growth path of PER, created under the auspices of the PACTE law of 2020. Almost 13 million French citizens save into the three types of PER – individual PERs (€88bn, up 21% in 2025) and corporate PERs – both collective (€33.9bn, up 22% last year) and mandatory ones (€28bn, up 13%). In June 2026, France’s asset management association (AFG) published a white paper on retirement, which proposed a new Swedish-style funded pension scheme, in addition to an expansion of the PERCOL collective vehicles. AFG is presumably hoping to influence the debate ahead of 2027’s presidential election. Pensions remain a hot political topic in France, but there is wider acceptance of the need for additional savings. The Conseil d’Orientation des Retraites predicts an acceleration of demographic ageing after 2030, which will pile additional pressure on the state pension system.
Pension Funds in France - Country Report
Pensions in France report 2026: Is France ready for a funded model?
New proposals from asset management body AFG call for a Swedish-style funded pension scheme to “sustainably strengthen” France’s pensions system
TOP FRENCH PENSION FUNDS 2026
Pension fund/entity | Assets (€’000)
- Agirc-Arrco | 87,144,000
- ERAFP | 53,600,000
- La Mondiale Retraite Supplémentaire | 30,306,200
- CNP Retraite | 20,900,000
- Fonds de Réserve pour les Retraites (FRR) | 20,700,000
- Generali Retraite | 20,126,000
- Ircantec | 18,632,000
- Arial CNP Assurances | 17,825,200
- Cardif Retraite | 16,797,000
- CARAC | 15,868,960
©IPE Research; View the Top 1000 European Pensions Funds 2026 for a comprehensive market overview
Caisse des Dépôts to scrap new debt financing to oil producers
The restriction will apply to companies such as TotalEnergies from January 2027
FRR retenders transition management mandates
France’s pension reserve fund is seeking two providers to support portfolio changes under renewed transition management mandates
France’s pension reserve fund commits €420m to unitranche debt
The allocation is intended to provide FRR with exposure to private debt while supporting the development of French companies and wider economy
French fund selects managers for €1.6bn private market allocation
French public-sector pension scheme ERAFP has awarded nine mandates covering private equity and infrastructure investments worth €1.6bn
Macro focus: are today’s global imbalances a problem?
While macroeconomic imbalances are to be expected in a large global economy, their excessive growth is a significant threat to global stability
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
Interviews
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Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
Caisse des Dépôts to scrap new debt financing to oil producers
The restriction will apply to companies such as TotalEnergies from January 2027
FRR retenders transition management mandates
France’s pension reserve fund is seeking two providers to support portfolio changes under renewed transition management mandates
How FRR's new climate transition index uses emissions data, green revenues and temperature scores
The French pension reserve fund is trialling an index that looks at emissions, green spending, implied temperature rises and market consensus
France’s pension reserve fund commits €420m to unitranche debt
The allocation is intended to provide FRR with exposure to private debt while supporting the development of French companies and wider economy
French fund selects managers for €1.6bn private market allocation
French public-sector pension scheme ERAFP has awarded nine mandates covering private equity and infrastructure investments worth €1.6bn
Macro focus: are today’s global imbalances a problem?
While macroeconomic imbalances are to be expected in a large global economy, their excessive growth is a significant threat to global stability
FRR invests €100m in new climate transition index strategy
Developed with BNP Paribas, the index aims to identify companies that will be able to transform their business models in line with international climate goals
Pensions in France report 2026: Is France ready for a funded model?
New proposals from asset management body AFG call for a Swedish-style funded pension scheme to “sustainably strengthen” France’s pensions system
IPE institutional market survey: Managers of French institutional assets 2026
Assets managed on behalf of French institutional investors reached €2.3trn at the end of 2025, just shy of 1% higher than the previous year. Growth last year was flat and has been trending down since 2023. With over €818bn of assets, Amundi is the leading manager of French institutional assets in terms of AUM
Today’s pension debates have a nineties vibe
Pension policy was a hot political topic in Sweden in the 1990s – a debate that heralded a landmark policy to invest a small portion of workers’ contributions in capital markets. Some 30 years later, the same ideas are capturing the imaginations of European policymakers and think tanks.
IPE BEST PENSION FUND IN FRANCE AWARD WINNERS
- 2025 - FRR (Fonds de Reserve pour les Retraites)
- 2024 - AG2R La Mondiale
- 2023 - ERAFP
- 2022 - AG2R La Mondiale
- 2021 - ERAFP
- 2020 - AG2R La Mondiale
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