France’s Fonds de Réserve pour les Retraites (FRR) has selected Swen Capital Partners and Flexstone Partners to manage some €500m worth of private equity fund-of-fund mandates.
The mandates, which were put out to tender last July, are for fund-of-funds investing in French and wider European companies, from very small enterprises to mid-caps.
Swen Capital Partners already manages a mandate dedicated to financing the economy on behalf of the FRR.
The new mandates are part of a new strategy for unlisted assets, which was enabled after FRR in 2024 found out that its investment horizon had been extended beyond 2033.
Under these new mandates, Flexstone and Swen Capital Partners will be investing indirectly at least 80% in companies whose registered office or main activity is located in France, with the possibility to invest up to 20% in companies based in the European Economic Area, the UK, or Switzerland.
Selected underlying funds must have a total commitment size not exceeding €300m, and investments in primary buyout and growth capital funds must represent at least 75% of the dedicated fund’s portfolio.
In April, FRR announced a €30m commitment to Jeito II, a strategic biotech fund aligned with France’s Tibi initiative to channel institutional investor capital into French and European tech companies, especially those in late‑stage growth and deep‑tech sectors. FRR is one of the participating investors.
