# La Caisse Marocaine des Retraites

La Caisse Marocaine des Retraites is a Public Pension Fund based in Rabat, Morocco.

## Overview

- **Organization type:** Public Pension Fund
- **Headquarters:** Rabat, Morocco
- **Region:** Africa
- **Address:** Avenue Al Araar - B.P 2.048 Rabat - 10.113, Morocco
- **Founded:** 1930
- **Assets under management:** Undisclosed
- **Website:** cmr.gov.ma
- **LinkedIn:** https://www.linkedin.com/company/cmrmaroc/?originalSubdomain=ma

## Regulatory record

- **Reports private funds:** No

## About

La Caisse Marocaine des Retraites was established in 1930 and reorganized in 1996 as a public institution with legal personality and financial autonomy. Lotfi Boujendar serves as Director General while Nadia Fettah chairs the board. The entity runs contributory and non-contributory pension schemes and third-party benefits. The fund maintains positions in public equities including Marsa Maroc, Lesieur Cristal, Attijariwafa Bank, and Ciments du Maroc. It also holds stakes through vehicles such as SEAF Morocco Growth Fund and Colombus 1 Fund. Real estate exposure comes via OPCIs including CMR O STONE, CMR A STONE, and OPCI Terramis SPI-RFA. Geographic focus remains Morocco with additional activity through the Masen green bond. The institution employs 750 professionals and works with service providers including CDG Capital and REIM Partners. It participates in AUSIM and the International Social Security Association. A 2025 appearance at GITEX Africa covered digital transformation in public institutions. The fund operates under direct oversight of the Ministry of Economy and Finance with board representation from state entities. Its architecture combines pension administration with a dedicated investment portfolio managed through external advisors and internal OPCIs.

## Sectors

- Financial Services
- Real Estate
- Public Markets

## People

- Lotfi Boujendar — Director General
- Nadia Fettah — Chair of the Board of Directors

## Questions

### Who runs investment decisions at La Caisse Marocaine des Retraites?

Lotfi Boujendar serves as Director General. Nadia Fettah chairs the board. External advisors including CDG Capital support portfolio management.

### Does La Caisse Marocaine des Retraites participate in fund commitments or only direct deals?

The fund acts as limited partner in SEAF Morocco Growth Fund and Colombus 1 Fund. It also executes direct equity positions and real estate acquisitions through OPCIs.

### What asset classes does La Caisse Marocaine des Retraites hold?

Holdings include Casablanca-listed equities, Moroccan treasury and corporate bonds via FCP CMR BONDS, and commercial real estate through multiple OPCIs. Infrastructure assets such as university hospitals form part of the portfolio.

### Where does La Caisse Marocaine des Retraites source deal flow?

Sourcing occurs through partnerships with CDG and local managers. Public mandates and co-investments alongside state entities provide additional access.

### How is La Caisse Marocaine des Retraites related to Caisse de Dépôt et de Gestion?

CDG acts as strategic partner and manager of reserves. The two entities collaborate on national development projects and investment vehicles.

## Related profiles

- [Social Security Investment Fund](https://altss.com/profile/social-security-investment-fund)
- [Pensionskasse Post](https://altss.com/profile/pensionskasse-post)

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

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