Andorra Government Retirement Pension Fund (FRJ)

Andorra Government Retirement Pension Fund (FRJ)

The Fons de Reserva de Jubilacio was established in 1968 to manage surpluses from Andorra's public pension contributions. It operates under the oversight of the CASS board with Jordi Cinca Mateos serving as president of the management commission. FRJ deploys capital into eight direct real estate assets in Andorra la Vella valued at roughly €42 million combined, a $168 million private equity fund-of-funds sleeve launched between 2021 and 2023, $580 million in global public equities, and $1.2 billion in fixed income and monetary instruments. Mercer has served as investment advisor and fund-of-funds manager since 2019. Geographic exposure centers on Andorra and global developed markets. The fund employs no disclosed internal investment staff and maintains no additional offices. It won the IPE European Pension Fund Award in November 2024 in the Passive Management category for small-country pension funds. FRJ signed the UN Principles for Responsible Investment in February 2023. Governance flows through the CASS parent body, which sets the mandate and receives annual reserve reports; this structure limits independent decision rights compared with standalone national pension vehicles.