Requests for proposal

Principles of selection

As a public agency, the FRR is required to select its contractors using the French government procurement process (ordonnance n°2015-899 du 23 juillet 2015 et au décret d’application n°2016-360 du 25 mars 2016). In addition to publishing mandatory announcements in official gazettes, the FRR communicates on the launch of its RFPs via the print media and its website. The documents needed to reply to RFPs can be downloaded from the French government’s e-bidding platform at the following URL:

In accordance with the regulations governing the FRR (Article R-135- 27 of the CSS), the manager selection committee issues an opinion to the FRR Executive Board on the selection of proposals submitted by prospective asset managers.

The FRR uses mainly two different government procurement procedures for selecting its managers (including the overlay manager): the restricted procedure and the open procedure.

The open procedure is characterized by the fact that candidates send their application expressing interest and their proposal at the same time. The selection process remains two-step, however:
  • Analysis of applicants: the FRR examines the applications it receives and makes its choice on the basis of the professional, technical and financial capacity of applicants. At the end of this phase, applicants deemed able to execute the required service are short-listed.
  • For the short-listed applicants alone, the proposals are opened and reviewed: the FRR makes its analysis and selection on the basis of the criteria indicated in the contracting documents and the public announcement of the RFP. Companies selected receive a letter to this effect and must in return submit the final documents that the FRR may request. At this time, the Fund notifies those it has selected to serve as contractors for the service. As of this date, the execution of the contract commences. Candidates that are not selected receive a letter announcing this decision. There is no possibility of negotiation with candidates under this type of RFP.
The restricted bidding procedure is characterized by the fact that only candidates who have been pre-screened and short-listed by the FRR may submit an RFP. Hence, this is a procedure with two successive steps: first, interested candidates submit an application; in the second phase, short-listed candidates submit a formal bid or proposal.
  • After all applicants have filed, the FRR examines applications and selects a short list on the basis of the criteria listed in the documents published for the contract as well as the call for proposals. After all applications have been reviewed, certain applicants are asked by the FRR to submit a proposal based on the set of specifications that is sent with the invitation to submit a formal proposal or bid. Applicants who do not make the short list receive a formal letter to this effect.
  • Once the formal proposals have been submitted, they are analyzed by the FRR, which makes its final selection on the basis of the criteria indicated in the documents published for the contract and the call for proposals. The companies that are awarded contracts receive letters to this effect and must then provide any other documents requested by the FRR. At this point, the Fund provides formal notification of the outcome of the procedure. As of this date, the contractual relationship commences. No negotiations with applicants are allowed under this type of RFP.
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