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IPE special report May 2018

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France's ERAFP tenders €3bn worth of equity, bond mandates

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France’s ERAFP has launched tenders for three Asia-Pacific SRI equity managers and five euro-denominated SRI bond managers, investing an initial €2.9bn, as it renews maturing mandates and widens its investment universe.

The €16bn public service pension scheme said it was launching a restricted call for tenders in two lots, for the award of eight investment management mandates.

The initial investment in the Asia-Pacific SRI equities mandates would be around €400m, split between two managers, with the third manager having a standby mandate, ERAFP said.

The euro-denominated SRI bonds mandates would have an initial investment of about €2.5bn, divided among three managers with a minimum of €400m per active mandate, it said.

No indicative minimum amount has yet been set for the two standby bond mandates, the pension fund said.

The objective of the Asia-Pacific SRI equities mandates is to outperform the MSCI AC Asia Pacific index over the long term, while the euro-denominated SRI bonds mandates will follow a buy-and-hold investment style to maximise yields at the time of purchase and minimise default risk.

The mandates will be for five years initially, and ERAFP will have the option to extend them by three successive periods of one year each, the fund said.

Tender documents are available on www.achat.com.

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