Fonds de Réserve pour les Retraites (FRR)
Public administrative institution of French State
Also known as FRR, Fonds de réserve pour les retraites
French public pension reserve fund created in 2001 with €20.7B of net assets (2025); invests via mandates and funds incl. PE fund-of-funds, Tibi late-stage funds, private debt and infrastructure.
- HEADQUARTERS
- Paris, France
- FOUNDED
- 2001
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 5 people
Focus
- STAGES
- GrowthBuyout
- ASSET MIX
- Private equityPrivate creditFunds (as LP)Venture capitalReal estatePublic equities
- GEOGRAPHY
- FranceEurope
Overview
The Fonds de Réserve pour les Retraites is a French public administrative institution created by law in 2001 to manage reserves that contribute to the sustainability of the pension system; its Management Board is chaired by the Director General of the Caisse des Dépôts, which handles its administrative management. Net assets were €20.7B at end-2025 after a 9.06% return. With its horizon extended beyond 2033, it began in 2025 to commit about €500M a year to private equity, private debt, infrastructure and real estate, targeting €2.5–3B of unlisted assets; at end-2025 its unlisted book included private-equity fund-of-funds and fund mandates, 10 Tibi late-stage growth funds, 18 private-debt funds and 12 infrastructure funds. In 2026 it awarded about €500M of PE fund-of-funds mandates to SWEN Capital Partners and Flexstone Partners and committed €30M to Jeito II.
PORTFOLIO (9)
- Jeito II (Jeito Capital) — €30MNOTABLEBiotech & Life Sciences · since 2026
- PE fund-of-funds mandates for French/European SMEs and mid-caps (SWEN Capital Partners and Flexstone Partners, about €500M)NOTABLEsince 2026
- Jeito I (Jeito Capital)Biotech & Life Sciences
- FST — Fonds Stratégique des Transitions (Isalt), Tibi-labelledsince 2025
- Quaero European Infrastructures Fund (3rd vintage, Quaero Capital)Climate & Energy · since 2025
- Infragreen V (Rgreen Invest)Climate & Energy · since 2025
- Mirova Energy Transition 6 (MET6)Climate & Energy · since 2025
- Dedicated PE fund-selection mandates (Ardian France, SWEN Capital Partners, LGT Capital Partners — tender 2016FRR03)
- Dedicated venture mandates “Capital innovation France” (Eurazeo/Idinvest, Truffle Capital, Omnes Capital — tender 2016FRR05)Deep Tech
People
- Olivier SichelChairman of the Management Board (Président du Directoire) · source
- Salwa Boussoukaya-NasrMember of the Management Board · source
- Adrien PerretMember of the Management Board · source
- Sandrine LemeryChair of the Supervisory Board · source
- Pierre-Olivier BillardChief Financial Officer · source
Links
Frequently asked questions
Fonds de Réserve pour les Retraites (FRR) is a institutional investor based in Paris, France, founded in 2001.
Fonds de Réserve pour les Retraites (FRR) does not primarily put its own money into private companies. It also commits capital to third-party funds as an LP.
Fonds de Réserve pour les Retraites (FRR) invests at Growth and Buyout stages in Biotech & Life Sciences and Climate & Energy.
Key people at Fonds de Réserve pour les Retraites (FRR) include Olivier Sichel (Chairman of the Management Board (Président du Directoire)), Salwa Boussoukaya-Nasr (Member of the Management Board), Adrien Perret (Member of the Management Board) and Sandrine Lemery (Chair of the Supervisory Board).
Fonds de Réserve pour les Retraites (FRR)'s investments include Jeito II (Jeito Capital) — €30M, PE fund-of-funds mandates for French/European SMEs and mid-caps (SWEN Capital Partners and Flexstone Partners, about €500M), Jeito I (Jeito Capital), FST — Fonds Stratégique des Transitions (Isalt), Tibi-labelled, Quaero European Infrastructures Fund (3rd vintage, Quaero Capital), Infragreen V (Rgreen Invest), Mirova Energy Transition 6 (MET6) and Dedicated PE fund-selection mandates (Ardian France, SWEN Capital Partners, LGT Capital Partners — tender 2016FRR03), among others.
No. Fonds de Réserve pour les Retraites (FRR) invests its own capital and does not raise money from outside investors.