Fonds de Reserve pour les Retraites, Paris, committed up to €300 million ($321 million) to BNP Paribas Asset Management and Schelcher Prince Gestion for a private debt allocation.
FRR launched a search in May to outsource the creation and management of two dedicated funds that will invest in the private debt of French companies.
“The funds may grant financing to small (and) medium enterprises through private placements,” the pension fund said in a news release.
The manager contracts run for 12 years, each with the option of a two-year extension.
A spokeswoman for the €37.2 billion pension fund was not available to comment by press time.