# Caisse de Prévoyance du Personnel de l'Etat de Fribourg

Caisse de Prévoyance du Personnel de l'Etat de Fribourg is a Pension Fund based in Fribourg, Switzerland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Fribourg, Switzerland
- **Region:** Europe
- **Address:** Rue St-Pierre 1, Case postale 119, 1701 Fribourg, Switzerland
- **Assets under management:** CHF 6–7 billion (Altss estimate)
- **Website:** cpef.ch
- **LinkedIn:** https://www.linkedin.com/company/caisse-de-pr%C3%A9voyance-du-personnel-de-l-%C3%A9tat-de-fribourg

## Regulatory record

- **Reports private funds:** No

## About

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.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.

## Sectors

- Real Estate
- Infrastructure
- Public Equity
- Fixed Income

## People

- Jean-Pierre Siggen — President of the Board of Directors
- Laurent Yerly — Director
- Olivier Gumy — Vice-Chair of the Insurance Commission

## Questions

### How is the fund’s capital deployed across asset classes?

CPEF runs a traditional Swiss pension allocation: global public equity, global fixed income, direct Swiss real estate, and co-investments in sustainable infrastructure. The real estate portfolio — exclusively domestic — includes residential and mixed-use properties in Fribourg, Bulle, Villars-sur-Glâne, and Marin-Epagnier. Infrastructure exposure comes through a co-investment partnership with CDPQ.

### What is the relationship between CPEF and the State of Fribourg?

The State of Fribourg is the sponsoring authority and legal guarantor of the fund, meaning the canton's balance sheet backs CPEF's pension promises. This public-guarantor structure makes CPEF’s funding posture a direct concern of cantonal fiscal policy, and Jean-Pierre Siggen holds both the presidency of the board and the role of State Councillor for Finance.

### How does CPEF approach sustainability in its portfolio?

CPEF is a member of the Ethos Foundation, Swiss Sustainable Finance (since 2024), and the Alliance Climatique engagement partnership. It is a signatory of the 2024 UNEP FI Global Investor Statement and participates in the Coalition United for a Responsible Exxon. The fund states on its website that it integrates sustainability across both its real-estate holdings and financial-market investments.

## Related profiles

- [Mutua Madrileña](https://altss.com/profile/mutua-madrilena)
- [FAM](https://altss.com/profile/fam)

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Last updated: 2026-08-11T02:43:31.692Z

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