Fonds de Reserve pour les Retraites, Paris, hired three managers to run unlisted assets located in France, according to the pension fund's website.
The €36 billion ($42 billion) French reserve pension fund selected Azulis Capital, LBO France Gestion and Isatis Capital, following the launch in June 2017 of investment program that finances small and medium enterprises as well as very small-sized companies. The size of the mandates could not be learned.
The FRR was very "pleased with the number and quality of proposals received," the pension fund said in a news release. The three have discretionary mandates and each will be responsible for creating and managing a dedicated fund for the FRR that invests exclusively in the growth capital segment. The contracts last 10 years each, with options for two one-year extensions.
A spokeswoman could not be reached to provide further details.