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Caisse de Prévoyance du Personnel de l'Etat de Fribourg
The Caisse de Prévoyance du Personnel de l'Etat de Fribourg (CPEF) is the public pension fund for the canton’s civil servants, guaranteeing retirement,...
Caisse de Prévoyance du Personnel de l'Etat de Fribourg
The Caisse de Prévoyance du Personnel de l'Etat de Fribourg (CPEF) is the public pension fund for the canton’s civil servants, guaranteeing retirement, disability, and death benefits. The State of Fribourg serves as both sponsoring authority and guarantor, with State Councillor Jean-Pierre Siggen chairing the board. The fund’s investment strategy is wholly oriented toward securing long-term liabilities, not generating external returns. CPEF deploys capital across a classic Swiss pension-fund mix: global public equity, global fixed income, direct Swiss real estate, and co-investments in sustainable infrastructure. The direct real estate portfolio — concentrated entirely in Switzerland — holds residential and mixed-use assets including Résidence du Parc in Bulle, Les Arsenaux in Fribourg, and Les Mosaïques in Marin-Epagnier. For infrastructure, CPEF partners with the Caisse de dépôt et placement du Québec (CDPQ) to co-invest in sustainability-focused projects, a mandate widening its reach outside purely domestic brick-and-mortar. The fund also operates through the Swiss institutional-engagement ecosystem, holding memberships in the Ethos Foundation, Swiss Sustainable Finance (since 2024), and the UNEP FI’s 2024 Global Investor Statement. In April 2026 CPEF published its 2025 management report, following a January 2026 announcement crediting insured members with 2.75% interest while consolidating reserves — a signal of steady funded-status management into 2026. Laurent Yerly assumed the director role as of May 2025, succeeding an interim period under Olivier Gumy. The fund’s structural differentiator lies in its local pledge and public-guarantor architecture. Unlike a corporate pension plan that can shift liability, CPEF is bound by cantonal law to the State of Fribourg’s balance sheet, making its asset allocation a direct fiscal-policy lever. Its co-investment posture — pairing in-house Swiss real assets with external partnerships like CDPQ for infrastructure — splits the portfolio into a locally controlled core and a selectively imported satellite, a design few Swiss public funds replicate at this scale.
General information
Firm type
Pension Fund
Year founded
—
AUM
CHF 7–7.5B (Altss estimate)
Location
Region
Europe
Country
Switzerland
City
Fribourg
Corporate office
Fribourg, Fribourg, Switzerland
Principals
Jean-Pierre Siggen
President of the Board of Directors
Laurent Yerly
Director
Olivier Gumy
Interim Director and Vice-Chair of the Insurance Commission
Sector focus
Frequently asked questions
Who is ultimately responsible for investment decisions at CPEF?
The Board of Directors, chaired by Jean-Pierre Siggen who also serves as State Councillor for Finance, bears ultimate fiduciary and strategic responsibility. The Director — Laurent Yerly as of May 2025 — leads the executive management and day-to-day operations. CPEF operates under the direct oversight and guarantee of the State of Fribourg.
How large is CPEF's direct real estate portfolio?
No precise aggregate value is publicly disclosed. The fund holds a geographically focused Swiss portfolio that includes residential and mixed-use assets such as Résidence du Parc in Bulle, Les Arsenaux in Fribourg, Le Carré Vert in Avry-sur-Matran, and Les Mosaïques in Marin-Epagnier. These are directly held properties, not fund interests.
Does CPEF co-invest directly or only commit to funds?
CPEF engages in direct co-investments, most notably through a partnership with Caisse de dépôt et placement du Québec (CDPQ) focused on sustainable infrastructure. This direct co-investment posture runs alongside a more traditional allocation to public equities and fixed income.
What is CPEF's infrastructure strategy?
CPEF invests in global infrastructure through a co-investment partnership with CDPQ. The collaboration has an explicit sustainability tilt, reflecting CPEF's broader commitment as a member of the UNEP FI and the Climate Alliance. Details of specific underlying projects remain undisclosed.
How does the pension fund approach sustainability?
CPEF is a member of Ethos Foundation and Swiss Sustainable Finance, and participates in the international Climate Alliance engagement. In 2024, CPEF signed the UNEP FI Global Investor Statement on climate policy. It also holds membership in the Coalition United for a Responsible Exxon (CURE), indicating active corporate engagement on climate matters.
What is the relationship between the State of Fribourg and CPEF?
The Canton of Fribourg is the sponsoring authority and the sole public-law guarantor of the fund. CPEF insures State of Fribourg personnel against old age, disability, and death. The State Councillor for Finance also chairs the Board, embedding direct governmental oversight into the fund's governance.
Does CPEF have any known LP positions in private equity or venture capital?
No LP commitments to private equity or venture capital funds are currently verifiable from public records. The fund's known alternatives exposure is concentrated in direct Swiss real estate and infrastructure co-investments rather than closed-end fund commitments.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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