Creating value
The FRR has paid:
- €2.1 billion per year to CADES since 2011 (from 2025 until 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 received, with €20 billion still under management at the end of 2024.
The FRR’s return is significantly higher than the cost of public debt thanks to a significant proportion of performance-based assets calibrated to optimise the achievement of the FRR’s financial objectives and comply with 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 billion in value for the State
beyond the cost of financing OATs.
FRR value creation
compared to an investment at the cost of French debt (in billions of euros)
Discover
Organization & Governance
The FRR is the only EPA* with a Supervisory Board and an Executive Board. This organization aims to clearly separate the executive function from the guidance and oversight function.
Investment Strategy
The FRR was entrusted by the legislator with the mission of managing the funds allocated to it, in order to build up reserves to help ensure the sustainability of eligible pension schemes.
Responsible Investment Strategy
The FRR's mission is to invest and optimize returns on the monies entrusted to it by the public authorities on behalf of the community with the aim of financing the pension system.
FRR Publications
The FRR manages, on behalf of the community, the funds entrusted by the State in order to maximise returns and actively contribute to the financing of pensions.