Fonds de Compensation commun au régime général de pension

Investment management is led by Chief Investment Officer Marc Fries, who is also a member of the Real Estate Committee. The board of directors, chaired by Alain Reuter, approves all directives that enshrine the fund's investment strategy and asset-management rules.

FDC acts solely as a compensation reserve for Luxembourg's general pension insurance scheme, not as a directly paying pension fund. Its legal structure as a public establishment under the supervision of the Ministry of Health and Social Security means its primary objective is long-term demographic viability, not near-term benefit disbursements.

FDC maintains both approaches. It directly holds large commercial and mixed-use properties in Luxembourg, such as the IAK building and the Cité de la Sécurité Sociale, while also allocating to unlisted real estate funds globally through external portfolio management mandates. In March 2026 it awarded two new mandates for unlisted real estate funds.

Every asset manager appointed by FDC is required to be a signatory to the UN Principles for Responsible Investment. Beyond this, FDC executes exclusion-based screening; its board formally updates a list of excluded companies — 115 firms as of February 2026 — that no manager can hold on FDC's behalf.

FDC uses the administrative services of CNAP, Luxembourg's national pension insurance fund. This operational backbone means FDC is run with the administrative scale of the state pension system, even though its board and investment function operate under a distinct public-establishment mandate.

FDC participates through its SICAV structure, which blends direct holdings — especially in domestic real estate — and external fund investments across equities, fixed income, private equity, and infrastructure. Its latest mandate activity suggests a preference for selecting outside managers for unlisted strategies rather than building large internal direct-deal teams.

FDC publishes audited annual reports for both its own entity and the SICAV, including detailed returns against strategic benchmarks. Its website publicly states the SICAV's net asset value, most recently €29.4 billion at end-2024, and its annualized return of 5.10% since the SICAV's launch.