Asset Owner Directory

Fonds de reserve pour les retraites (FRR)

The Fonds de Réserve pour les Retraites (FRR) is a public administrative establishment created by law on 17 July 2001. Its mission is to invest funds entrusted to it by the public authorities on behalf of the community with the aim of financing the pension system. • Its investment policy is to optimize returns on the investments it makes as prudently as possible. Its policy must be consistent with those collective values that are designed to promote balanced economic, social and environmental development.



AUM ($B)




Chief Executive

Olivier Rousseau

Chief Investment Officer

Salwa Boussoukaya-Nasr


Sandrine Lemery

Asset allocation
FRR’s portfolio is split into two components – performance assets and hedging assets (Liability Driven Investments). At the end of 2019, the portfolio was split 51.8% performance assets and 48.2% hedging assets. related articles
Investor Profile

France’s FRR prepares to ramp up equity

The French SWF, FRR, is preparing to invest more in equities and illiquid assets as important reforms extend its time horizon. With the coronavirus crisis delaying the asset allocation decisions the fund is operating in an "intermediate context", slowly shifting out of bonds and into equities.
Asset Owner Directory