The French Pension Reserve Fund (FRR) has awarded two private equity mandates worth a combined €500m to Swen Capital Partners and Flexstone Partners SAS as part of its unlisted investment programme.

The mandates, which follow a restricted tender launched in July 2025, form part of its strategy to invest in unlisted assets supporting the French and European economies.

The FRR explained that the mandates are intended for the creation and management of dedicated funds investing, through underlying private equity funds, in micro-enterprises, small and medium-sized enterprises, and mid-cap companies.

Swen Capital Partners, which already manages a mandate dedicated to financing the economy on behalf of the FRR, was again selected as a result of this process.

The dedicated funds will invest indirectly, with at least 80 per cent in companies whose registered office or main business activity is in France, and up to 20 per cent in companies whose registered office or main activity is in the European Economic Area, the United Kingdom, or Switzerland.

Furthermore, there is a cap of €300m for each underlying fund’s total commitment size, and investments in primary private equity and growth capital funds will account for at least 75 per cent of the dedicated fund's portfolio.

The FRR said that through this initiative, it continues its commitment to financing the French productive economy.

“The investments made will help support the growth of high-potential companies, particularly in sectors of national sovereignty, and will promote employment and strengthen regional development while fully integrating environmental, social, and governance criteria,” FRR said.

It also thanked all the companies that participated in this consultation and expressed its satisfaction with the quality of the applications received.

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