# Andorra Government Retirement Pension Fund (FRJ)

Andorra Government Retirement Pension Fund (FRJ) is a Pension Fund based in Andorra la Vella, Andorra.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Andorra la Vella, Andorra
- **Region:** Europe
- **Founded:** 1968
- **Assets under management:** 1700 (Altss estimate)

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Real Estate
- Private Equity
- Public Equities
- Fixed Income

## People

- Jordi Cinca Mateos — President of the Management Commission
- Montserrat Capdevila — President of the Board of Directors

## Questions

### Who runs investment decisions at FRJ?

Jordi Cinca Mateos serves as president of the management commission. Montserrat Capdevila chairs the CASS board that oversees FRJ. Mercer acts as external investment advisor.

### Does FRJ participate in fund commitments or only direct deals?

FRJ holds a $168 million private equity fund-of-funds portfolio and maintains direct ownership of eight real estate assets in Andorra la Vella.

### What asset classes does FRJ hold?

The portfolio consists of approximately 60-65 percent fixed income, 30 percent global public equities, and smaller allocations to private equity fund-of-funds and direct real estate.

### How is FRJ related to CASS?

FRJ manages the retirement reserve surpluses generated by the Caixa Andorrana de Seguretat Social, which serves as its parent governing body.

### Which organizations does FRJ belong to?

FRJ has been a signatory to the UN Principles for Responsible Investment since February 2023 and participates in the International Social Security Association.

## Related profiles

- [American Federation of Musicians and Employers’ Pension Fund](https://altss.com/profile/american-federation-of-musicians-and-employers-pension-fund)
- [Antarctica Asset Management](https://altss.com/profile/antarctica-asset-management)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/andorra-government-retirement-pension-fund-frj

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