Ircantec, one of the largest public pension plans in France with total assets worth €17bn, has invested €800m in a customised decarbonisation-focused active global equity solution managed by Nordea Asset Management (NAM), in partnership with ODDO BHF AM.
Ircantec – a French complementary pension scheme that manages pensions for non-permanent employees of the French government, local authorities and public institutions – uses Caisse des Dépôts et Consignations (CDC), the French state long-term investment and economic development institution, as fiduciary manager and selects external asset managers to manage dedicated mandates.
The mandate is wrapped in a French-domiciled fund, which was launched in January 2025 and hosted by ODDO BHF AM, it was announced.
It is a customised active global equity solution based on Nordea AM’s BetaPlus Responsible Enhanced Equities Strategies.
To help Ircantec achieve its 7% annual CO2 reduction, the strategy uses Nordea AM’s proprietary decarbonisation tools to track companies’ progress towards net zero, ensuring effective carbon reduction, the manager said.
The mandate will be managed by Nordea AM’s multi-assets team, which has been managing BetaPlus strategies for more than 15 years, with more than €60bn in assets under management across 15 customisable strategies.
Christophe Girondel, global head of institutional and wholesale distribution at Nordea AM, said: “We are grateful for Ircantec’s trust in our longstanding BetaPlus capabilities, and we look forward to helping them progress toward a low-carbon future. The opportunity to support Ircantec in reaching their decarbonisation target underscores our commitment to aligning climate objectives with investment performance.”
CDC was contacted by IPE for a comment.
The move follows a recent €250m investment into a green fund run by Nomura Asset Management.
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