FRANCE - The €29bn Fonds de Réserve Pour les Retraites, the French Pensions Reserve Fund, says it has awarded €150m in private equity to AXA Private Equity Europe.

"As part of the investment manager selection process for its first private equity programme, FRR has decided to award to AXA Private Equity Europe a mandate covering secondary positions in private equity funds in both Europe and North America," the fund said.

"The total amount committed to this mandate is €150m."

It added it was "particularly pleased with the very high quality of the offers received and wishes to thank all the candidates".    

"It is also reminded here that the selection process is structured around four specific lots:    

- Lot 1: Diversified pan-European Private Equity 
- Lot 2: Private equity covering European small and medium capitalisations 
- Lot 3: Diversified North American Private Equity 
- Lot 4: Diversified international portfolio of secondary positions.   
- "The selection process continues on the three remaining lots, which aim is to assemble portfolios of primary subscriptions in private equity funds. This process will end in the early part of 2007."

Earlier this month it was announced that FRR executive board chairman Francis Mayer had passed away aged 56.