Fons de Reserva de Jubilació

Fons de Reserva de Jubilació

The Fons de Reserva de Jubilació (FRJ) was established in 1968 to manage surpluses generated by Andorra's public pension system, administered by the Caixa Andorrana de Seguretat Social (CASS). Since its creation, over 109,000 people have accrued the right to a retirement benefit from the system. The FRJ operates under the governance of Marc Galabert as President of the Consell d'Administració, with Jordi Cinca chairing the Comissió Gestora and Eulàlia Orobitg serving as Director. FRJ's investment strategy targets positive real returns over the medium and long term to benefit CASS pensioners. The portfolio spans direct real estate and private equity, with a geographic footprint in Andorra and France. Six physical properties form the direct real estate portfolio in Andorra la Vella, including the mixed-use Edifici Prada Casadet, the commercial Edifici Solà d'Enclar, and the former hospital site Antic Centre Hospitalari. In France, investments include the holding Investissement N101 and the entity Occitan International. The fund operates with a lean governance structure overseen by its two boards. In February 2023, FRJ became a signatory to the UN Principles for Responsible Investment (PRI), formalizing its commitment to responsible investing practices. The fund's scale remains undisclosed by the firm but is estimated by Altss within a $1.0B to $5.0B range. FRJ's architecture as a pension reserve fund — absorbing surpluses rather than a steady stream of contributions — distinguishes it from pay-as-you-go national pension systems. This structure mandates a focus on long-duration assets and capital preservation, positioning it as a stabilizing force within Andorra's compact social security framework.