Creating value
- 2.1 billion a year to Cades since 2011 (from 2025 to 2033, the planned payment is €1.45 billion).
- 30 billion in total to Cades between 2011 and 2024, an amount corresponding to all the allocations it has received, and there will still be €20 billion under management at the end of 2024.
The FRR's return is significantly higher than the cost of public debt, thanks to a high proportion of performance assets calibrated to optimize the achievement of the FRR's financial missions and respect the preferences of the Supervisory Board.
Annual performance of FRR assets and weighted average cost of French debt
As a result, since 2010
the FRR has created €14.1 bn of value for the French State
over and above the cost of financing OATs.
Value created by the FRR
compared with an investment at the cost of French debt (in billions of euros)
Investing as part of an ambitious responsible investment policy
Environmental, social and governance responsibility has been an integral part of the FRR's founding documents from the outset.
The FRR's 2024-2028 responsible investment strategy is structured around three priority areas:
1 Promoting the energy and ecological transition
Low-carbon investments in France will have to increase by €110 billion in 2030 compared with 2021 (see SPAFTE - Stratégie pluriannuelle de financement de la transition écologique).
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CO2 emissions from the equity portfolio have fallen by 60% since 2013 (-36% between 2019 and 2023) and are well below those of the strategic allocation index.
The FRR is committed to continuing this reduction. - The FRR supports the transition of the highest-emitting companies by setting up a dialogue through its management companies.
2 Promoting social equity
- The FRR demands that diversity ratios be respected on boards of directors (equality between men and women, presence of independent directors and directors representing employees) and that pay differentials be limited (voting against management resolutions in 25% of cases).
- The FRR has joined the Strong Gender Initiative - 2019 and signed the women's empowerment principles, with the support of UN Women.
- The FRR supports intermediate housing.
- The FRR participates in initiatives with a social impact, such as the Investor statement on Bangladesh, an agreement on the textile industry.
3 Preserving biodiversity
- The FRR requires its management companies to report annually on adverse effects on biodiversity, and to monitor remedial measures.
- The FRR has joined the Nature Action 100+ initiative.
Significantly supporting economic development
By the end of 2023, France will account for 32% of FRR assets. In particular, the FRR has a significant portfolio of unlisted assets (private debt, private equity, infrastructure, real estate) representing 15% of assets (€3 billion), around 80% of which are invested in France.
These investments support domestic job creation and the emergence of national champions in the field of technology (biotechnology, industrial and digital sovereignty, green energies in particular).
Change in workforce since acquisition of capital
In comparison, the growth rate of employment
sector in France over the same period
was +1.3% per year.
Source France Invest
To discover
Organization & Governance
The FRR is the only EPA* with a Supervisory Board and an Executive Board. This is the "executive" of the FRR. This organization aims to clearly separate the executive function from the guidance and control function.
Investment strategy
The FRR has been entrusted by the legislator with the mission of "managing the sums allocated to it, in order to build up reserves intended to contribute to the sustainability of eligible pension schemes".
Responsible Investment Strategy
The FRR's mission, on behalf of the community, is to invest and optimize the return on the sums entrusted to it by the public authorities, with a view to helping finance pensions.
FRR Publications
The FRR manages the funds entrusted to it by the French government on behalf of the public sector, maximizing returns and making an active contribution to financing pensions.