Dedicated funds, bequests awaiting use, endowment, reserves: we help you set the horizon of each resource, document your investment policy and report on it to your board. We recommend no fund and no security: you decide, with full knowledge of the facts.
This page concerns the French market only: the figures come from accounts filed in France, and these services are offered to French organisations.
For financial years ending in 2025, 75% of the organisations analysed earned a return below €STR on their cash and investments.
| Financial year | Entities analysed | Median implied return | Below €STR |
|---|---|---|---|
| 2024 | 538 | 1.51% | 90% |
| 2025 | 1,705 | 1.52% | 75% |
Each organisation is compared with €STR compounded over its own financial year. For reference, over the calendar year: 3.77% in 2024 and 2.24% in 2025.
Sources: annual accounts filed in the Journal officiel des associations et fondations d’entreprise (JOAFE), each read individually; a figure is kept only if two readings agree. €STR: European Central Bank. Scope: foundations recognised as being of public utility and corporate foundations, endowment funds, associations recognised as being of public utility or with 100 or more employees, religious organisations (Insee Sirene database; French Ministry of the Interior). Implied return: financial income for the year divided by average cash plus financial fixed assets, compared with €STR compounded over each organisation’s financial year. An approximate indicator, which does not replace an analysis of your investments. Synapses Partners analysis, October 2026.
An investment policy or a reporting framework is only worth something if it is used: every engagement includes three months’ access to Polaris Market to track how it is used.
Your resources, their horizons, your governance, and the priority project.
Deliverable: scoping note, scope and timetable.
Data, rules, tools and controls.
Deliverable: investment policy, reporting or tool.
Testing, training your teams, presentation to the board.
Deliverable: board pack, trained teams.
Three months’ access to Polaris Market.
Deliverable: three-month review and adjustments.
We are paid by our clients, through fees and subscriptions. Never by a fund provider, never through commission on an investment.
We benchmark your cash against €STR and comparable organisations, and identify the first project worth doing.
