The French pension reserve fund – Fonds de Réserve pour les Retraites (FRR) – is seeking to appoint one or two asset managers to create and manage dedicated private equity fund-of-funds under discretionary mandates.

According to the tender document, each vehicle will invest at least 80% in companies based in France and up to 20% in the EEA, the UK, or Switzerland.

Underlying funds must not exceed €300m, targeting small to mid-sized firms. At least 75% of the portfolios will consist of primary buyout and growth capital funds.

The aim is to maximise positive economic impact, particularly job creation in regional economies, while applying ESG criteria and potentially supporting social impact and thematic funds, the fund added.

The total value across both mandates is expected to be €400m-500m. Each mandate will run for 15 years, with three optional one-year extensions.

The deadline for applications is Thursday, 28 August 2025 at 12pm Paris time, and all documents are available online.

The €21.2bn pension fund has recently appointed two asset managers – AXA Investment Managers and Ostrum Asset Management – for fixed income mandate, for a six-year contract with a possible one-year extension, worth €1.4bn.

The latest digital edition of IPE’s magazine is now available

Topics

Related Companies