Updated with correction
Fonds de Reserve pour les Retraites, Paris, selected several equity managers to manage a €2.3 billion ($2.5 billion) allocation to U.S. equities, according to its spokeswoman.
France's public-sector employees pension fund, which has €32 billion in assets, awarded two €900 million allocations.
The other award was split among active U.S. large- and midcap equities growth managers T. Rowe Price Associates Inc., Clearbridge Investments and William Blair Investment Management.
In addition, FRR appointed BNP Paribas Asset Management, Aberdeen Standard Investments and William Blair to run a €500 million total allocation for U.S. small-cap stocks.
FRR has 39.9% of its allocation in active developed market equities. All assignments will last four years with an option to extend once for one year.
Selected candidates must integrate ESG into their processes and adhere to FRR's exclusions policy, particularly on banned weapons, tobacco and coal.
FRR issued an RFP in July 2018 seeking up to 12 U.S. equity managers.