FP
LP profile
French Pension Reserve Fund
Pension fund · Founded 2001 · Paris, France
23
VC firms backed
$24B
AUM
01 · Background
Who French Pension Reserve Fund is.
- Historical Background
- Established by French law on July 17, 2001, the Fonds de Réserve pour les Retraites (FRR) was created to manage funds on behalf of the state to help ensure the long-term stability of the national retirement system. The fund was conceived to build up a financial cushion in anticipation of the demographic shift caused by the baby-boomer generation reaching retirement age.
- Source of Capital
- As a public administrative institution, the FRR's capital is entrusted to it by French public authorities. Historically, a primary source of funding has been surpluses from the Fonds de Solidarité Vieillesse (FSV), which is financed by social levies on capital income.
- Major Events
- The French pension reforms of 2010 significantly altered the fund's mandate, leading to a profound impact on its asset allocation strategy. From 2011 to 2024, the fund was tasked with making annual payments of €2.1 billion to the Caisse d'Amortissement de la Dette Sociale (CADES) to help pay down social security debt.
- Allocation Strategy
- The FRR pursues a long-term investment horizon, diversifying its portfolio across performance assets and hedging assets. Its strategic allocation targets a split of approximately 55.5% in performance assets, which includes private equity, non-listed infrastructure, and global equities, and 44.5% in hedging assets like bonds. The fund's objective is to optimize the portfolio's risk-return profile while actively seeking to reduce the carbon footprint of its equity investments.
02 · Fund commitments
The funds French Pension Reserve Fund backs.
French Pension Reserve Fund is a limited partner in 23 funds. 2 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Partech
#72 Power Law
Eurazeo
#90 Power Law
AMPERE Gestion
Andera Partners
Ardian
Azulis Capital
Céréa Partenaire
CIC Private Debt
CNP Assurances
EMZ Partners
Jeito Capital
Jolt Capital
03 · Allocation
How French Pension Reserve Fund’s fund book is spread.
The 23 funds French Pension Reserve Fund backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- Europe 23100%
France 21 · Switzerland 2
How established those managers are
Managers grouped by how many funds they have raised — across the 22 of 23 with a fund history on record.
Emerging funds · 8
Established funds · 14
3
1
4
2
1
3
1
4
1
5-6
3
7-9
3
10-14
6
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to French Pension Reserve Fund by combined power-law score — Europe first, then the nearest worldwide.
🇺🇸
Eversource Retirement Plan Master Trust
$1.0B AUM
21 VC funds backed
🇸🇪
AP4
$50B AUM
17 VC funds backed
🇨🇳
China National Council for Social Security Fund (SSF)
$535B AUM
15 VC funds backed
🇳🇱
PGGM Investments
$280B AUM
40 VC funds backed
🇸🇪
AP1
$47B AUM
26 VC funds backed
🇩🇰
PFA Pension
$100B AUM
36 VC funds backed
🇬🇧
The London Pensions Fund Authority
$10B AUM
44 VC funds backed
🇩🇰
Arkitekternes Pensionskasse
$1.0B AUM
18 VC funds backed