French pension reserve fund awards private placement mandates

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Fonds de Réserve pour les Retraites (FRR), France’s €36.3bn pension reserve fund, has awarded its second €300m batch of French private debt mandates.

The mandates have been awarded to BNP Paribas Asset Management and Schelcher Prince Gestion and are for 12 years, with the option of a two-year extension.

They are for the creation and management of dedicated funds specialising in private placements (Euro PP) issued by small to medium-sized companies in France.

The mandates come on top of €300m in private debt mandates that FRR awarded earlier this month, this time for acquisition-related debt.

The two batches of mandates represent a €600m allocation to domestic private debt, in turn part of a €2bn allocation to French illiquid assets that FRR has been focussed on implementing over the past two years.

Mandates for a further €600m are in the pipeline, €200m being for venture capital and €400m for private equity funds-of-funds.

It is also increasing its allocation to infrastructure and real estate. 

FRR has had a busy start to the year, having also announced the outcome of a large tender relating to its move to systematically integrate environmental, social, and governance (ESG) criteria in the management of its passive equities portfolio. Three asset managers will be splitting the €5bn mandate pot. 

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