The CDG and the RCAR governance bodies intend to continue the gradual opening of delegated management in order to strengthen the diversification of management approaches.
Delegated management: The Caisse de dépôt et de gestion (CDG) is launching a call for tenders to delegate, to approved UCITS management companies, the management of a new part of the reserves of the Collective Retirement Allowance Scheme (RCAR). They will be responsible for managing an initial outstanding amount of 15 billion dirhams. The details.
The Caisse de dépôt et de gestion (CDG) has launched a call for tenders for the selection of a UCITS management company for the creation and management of interest rate and equity funds dedicated to the Collective Retirement Allowance Scheme (RCAR). Through this call for tenders, the aim is to select several approved UCITS management companies (excluding CDG Capital subsidiaries), responsible for managing an initial outstanding amount of 15 billion dirhams, allocated up to 10 billion DH in interest rate products and 5 billion DH in listed shares. Applications are admissible until July 31, 2026. This call for tenders is divided into two lots. The first batch concerns equity UCITS with a maximum of 5 management companies selected and the second batch: interest rate UCITS with a maximum of 10 management companies selected. Please note that the number of management companies selected for each offer may be modified by express decision of the competent authority or the selection committee, subject to documented justification, particularly in the event of changes in management needs or regulatory constraints.
After selection of managers for Lot 1 and Lot 2 on the basis of the ratings, the allocation of assets will be carried out post-selection, in accordance with the RCAR exposure risk constraints and the exposure limits set for the RCAR governance bodies. The exposure limits take into account in a consolidated manner the two lots, namely interest rate UCITS and equity UCITS. Thus, a selected manager may not be allocated any outstanding assets if it exceeds its overall exposure limits, even if it is selected for Lot 1 and/or Lot 2. The mandate will be concluded for a fixed period of five years, from the date of signature of the related contract. It is important to remember that CDG began in 2021, through its savings and protection branch, a process of progressive opening of the delegated management of its managed funds with the aim of mobilizing the expertise of the best managers in the market, in a context marked by the growing maturity of the asset management market. The first stage of this opening consisted of delegating, to approved UCITS management companies (excluding CDG Capital subsidiaries), the management of part of the RCAR’s reserves representing nearly 15% of its rates and listed shares portfolio.
Today, given the success of this first phase and its positive impact on the management of RCAR assets, the CDG and the RCAR governance bodies confirm this orientation and intend to continue the gradual opening of delegated management in order to strengthen the diversification of management approaches and optimize the overall performance of the portfolios by entrusting the management of a new part of the RCAR reserves to approved UCITS management companies (excluding CDG Capital subsidiaries), thus bringing the share entrusted to nearly 40% of its interest rate and listed equity portfolio.
RCAR has reserves of 140 billion dirhams at the end of 2025
CDG’s intervention in the field of social security is ensured through the management of two public establishments: the National Pension and Insurance Fund (CNRA) and the Collective Retirement Allowance Scheme (RCAR). At the end of 2025, the CNRA records a total amount of reserves of around 29 billion DH, in return for commitments made within the framework of its own management. At the end of 2025, the RCAR totaled reserves of around 140 billion dirhams. It has a number of contributors of 132,243 affiliates, with a volume of contributions exceeding 4 billion dirhams. In terms of benefits, in 2025 the scheme provided an amount of 5.6 billion dirhams, for the benefit of 154,742 beneficiaries. In terms of sustainability, the scheme has a viability horizon of up to 2059. RCAR’s investment strategy is part of a Liability Driven Investment (LDI) type approach, which consists of building the investment strategy based on the constraints linked to the scheme’s commitments in terms of benefits provided to beneficiaries. This approach ensures consistency between the returns on assets held and the plan’s commitments, taking into account both current and future liquidity needs, time horizons and risk constraints.
This strategy makes it possible to define the strategic allocation of assets by structuring the portfolio around two complementary components, commonly called the Core pocket and the Satellite pocket. The Core pocket primarily meets the objective of security and liquidity. It is made up of assets offering a low level of risk and a secure return over time with a high level of liquidity, thus ensuring that the liquidity needs of the plan are covered. As for the Satellite pocket, this is oriented towards the search for longer-term returns. It is invested in more diversified asset classes, presenting higher performance potential, but also a higher level of risk. This component makes it possible to strengthen the overall performance of the portfolio and contribute to the financial sustainability of the scheme in the long term, while remaining governed by strict limits and risk management rules.
