The €36 billion ($38 billion) Fonds de Réserve pour les Retraites (FRR) is a public administrative establishment created by law in 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 optimise returns on the investments it makes as prudently as possible. Policy must be consistent with those collective values that are designed to promote balanced economic, social and environmental development. For the management of its assets, the FRR appoints investment services providers.
The pension reforms introduced in 2010 have significantly changed the FRR’s investment objectives. Compared with previous liability assumptions, the FRR’s investment horizon is shorter, while remaining sufficiently long to permit a significant level of exposure to performance assets