FRANCE - The €24.8bn Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, has confirmed it will look for private equity asset managers for Europe and North America by the end of the year.

The FRR said it “confirms its intention to launch an RFP by the end of the year for the purpose of selecting asset managers and determining the investment structure (funds of funds and/or management mandates) that will enable it to roll out its first private equity investment program”.

It added: “The rules for the RFP Request for_Proposal, as well as a description of each lot that is up for bid, will be presented in detail in the documentation published on the day the process is initiated.”

The fund said it continues to prepare for the RFP with its financial advisors (Campbell & Luytens) and legal counsel (Gide Loyrette Nouel).

And it said that the analysis of applications submitted in response to the RFP on socially responsible management that was begun in June this year will “soon be completed”.

“Applicants selected for the second round will then be given ample time to submit their final bid to the FRR.”

Last week the scheme said it had made a return of more than 15% on its invested mandates so far this year.