Fonds de Réserve pour les Retraites (FRR) is one of France’s sovereign funds, as a support for the pension system. It is meant to do annual transfers to CADES, the social debt fund. 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 Caisse des Dépôts et Consignations (CDC). It is a highly transparent and responsible allocator, and it employs circa 60 people, all in Paris.