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France's ERAFP embarks on asset-allocation diversification programme

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  • France's ERAFP embarks on asset-allocation diversification programme

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FRANCE - The French pension fund for civil servants (ERAFP) has tendered a number of mandates as part of a wider asset-allocation diversification programme.

The scheme is launching a tender comprising two lots for the allocation of convertible bond mandates - one European, the other global.

The amounts to be invested over the first three years are approximately €80m for the European mandate and €130m for the global mandate.

While the initial contracts are set for four years, ERAFP may extend them by two successive two-year periods.

The pension scheme is also looking to award two real estate investment mandates for a period of 10 years.

The first mandate will invest mainly in unlisted French property (lot 1), while the second (lot 2) will focus on unlisted European properties.

Investments in the French mandate - primarily in office, retail and residential sectors - could reach as much as €310m over the first three years.

Lot 1 will be allocated to three mandate holders, with two being on a standby basis.

For the European mandate, investments can be made in France, but they must not be prioritised or make up the majority of the portfolio, ERAFP said.

This mandate will be in the region of €350m over the first four years and be allocated to three mandate holders, with two being on a standby basis.

All of the mandates will apply ERAFP's socially responsible investing criteria.

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