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ERAFP - Etablissement de Retraite Additionnelle de la Fonction Publique Pension Scheme

PRI reporting framework 2020

You are in Organisational Overview » Basic information

Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

ERAFP is a fully funded, mandatory pension fund for France's 4.5 million civil servants. As such, the fund carries the values of public service which our members and their trustees are deeply committed to. For this reason, environmental, social and governance (ESG) issues have been a defining feature of the development of the investment policy since the inception of the scheme in 2005. This commitment to socially responsible investment is also consistent with our long term investment horizon. Most pension funds have long-dated liabilities, but on top of that, since ERAFP is a recent scheme, it is in the more uncommon situation of having predictable and sizeable positive net cash flows for the coming decades. We therefore intend to use our particularly low need for liquidity to the advantage of our beneficiaries. At the same time, the fund has been following very cautious asset-liability management and solvency frameworks. Using a low discount rate allows us to keep expected returns realistic, enabling us to keep steadier allocation decisions through the turmoil. We believe this is to the benefit both of our beneficiaries and the general financial markets.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.


02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

46 FTE

02.4. Additional information. [Optional]

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.


04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]

The AUM is reported in fair value.

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)


Listed equity 0 0 10-50% 34.57
Fixed income 10-50% 29.1 10-50% 19.6
Private equity 0 0 <10% 0.8
Property 0 0 <10% 8.98
Infrastructure 0 0 <10% 0.5
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 0.5 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 <10% 5.97
Other (2), specify 0 0 0 0

`Other (1)` specified


06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

ERAFP's investment policy aims to combine financial performance, risk management and socially responsible commitment within the strategic asset allocation approved by the board of directors.

ERAFP has to allocate 37% minimum to bonds, 45% maximum to diversified assets, 15% maximum to Real Estate and 3% maximum in funds securitising loan receivables on SMEs and intermediate-sized enterprises (ETI)

For unlisted funds, the limit has increased from 3 to 5% in 2018 

OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
100 SSA
0 Corporate (financial)
0 Corporate (non-financial)
0 Securitised
Total 100%
Externally managed
32 Corporate (financial)
68 Corporate (non-financial)
0 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.
Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds or investments.
Asset class breakdown
Segregated mandate(s)
Pooled fund(s) or pooled investment(s)

Total of the asset class

(each row adds up to 100%)

[a] Listed equity
[c] Fixed income – Corporate (financial)
[d] Fixed income – Corporate (non-financial)
[f] Private equity
[g] Property
[h] Infrastructure
[p] Other (1), specify

08.2. Additional information. [Optional]

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

98.3 Developed Markets
1.7 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]