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.