Fonds de Réserve pour les Retraites (FRR) is one of France’s pension funds, as a support for the pension system. It is meant to do annual transfers to CADES, the social debt fund, up until 2024. It keeps a highly conservative portfolio, slightly biased to the domestic market, although it is able to invest in alternatives and shares the NOVI Fund for SMEs with the other large PPF, the Caisse des Dépôts et Consignations (CDC). It is a highly transparent and responsible allocator, and it employs circa 60 people, all in Paris.