# Delaware Public Employees Retirement System

Delaware Public Employees Retirement System is a Pension Fund based in Dover, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Dover, United States
- **Region:** North America
- **Address:** Dover, DE, United States
- **Founded:** 1970
- **Assets under management:** $12B - $17B (Altss estimate)
- **Website:** delaware.gov/pensions
- **LinkedIn:** https://linkedin.com/company/delaware-public-employees'-retirement-system

## Regulatory record

- **Reports private funds:** No

## About

The Delaware Public Employees Retirement System was established in 1970 to provide retirement security for state workers, teachers, and municipal employees. Governed by a board chaired by Suzanne B. Grant — a Wilmington-based philanthropist and theater producer — DPERS operates as a classic state pension fund with a diversified institutional portfolio. The fund covers roughly 65,000 active and retired members, making it one of the smaller state systems by participant count, though its asset base places it in the mid-tier of US public pensions. DPERS allocates across public equities, fixed income, private equity, real assets, and absolute return strategies. The real assets sleeve includes commitments to at least thirteen global funds spanning commercial real estate, private energy, and mixed-use development. The fund has also made direct investments in Broadway productions through its alternative portfolio, a distinctive exposure rarely seen in public pension portfolios. The geographic reach extends across North American property markets and select global infrastructure and energy investments, reflecting a preference for tangible, income-producing assets within the alternatives bucket. The investment committee, chaired by Arturo Agra, oversees asset allocation and manager selection in coordination with external consultants and the board of trustees. The fund participates in both primary fund commitments and co-investment structures typical of large public LPs, though its specific deployment pacing is not publicly disclosed with granularity. DPERS is a member of the National Conference on Public Employee Retirement Systems, placing it within the broader network of US public plans that collectively manage over $4 trillion in retirement assets. What structurally distinguishes DPERS is its governance as a state entity subject to Delaware's legislative funding requirements and public disclosure laws, combined with a board that includes individuals with significant private-sector and philanthropic operating experience. The presence of theater-producing trustees has coincided with an alternatives program willing to underwrite commercial productions — a portfolio allocation almost unique among US state pension funds. That combination of public fiduciary duty and unconventional asset selection creates a governance profile that diverges from the standard state pension template.

## Sectors

- Real Estate
- Energy Transition & Renewables
- Private Credit
- Secondaries & Special Situations
- Media & Entertainment

## People

- Suzanne B. Grant — Chair of the Board of Pension Trustees
- Arturo Agra — Chair of the Investment Committee

## Questions

### Who runs investment decisions at Delaware Public Employees Retirement System?

The board of pension trustees holds fiduciary authority, with day-to-day investment oversight delegated to the investment committee chaired by Arturo Agra. The committee works with external investment consultants and staff to implement asset allocation decisions. Suzanne B. Grant serves as chair of the full board of trustees, providing governance leadership rather than direct investment management.

### What is DPERS's known allocation to alternatives?

DPERS maintains commitments to private equity, real assets, and absolute return strategies alongside its public market holdings. The real assets portfolio includes at least thirteen fund commitments spanning commercial real estate, private energy infrastructure, and global mixed-use development. The fund has also invested in Broadway theatrical productions, an unusual allocation for a state pension system.

### What is the relationship between DPERS and Suzanne B. Grant's family wealth?

Suzanne B. Grant is married to Stuart Grant, co-founder of litigation firm Grant & Eisenhofer and litigation finance firm Bench Walk Advisors. The pension fund is a public state entity entirely separate from the Grant family's private wealth. Suzanne Grant's board role at DPERS is a public fiduciary appointment — the Grants' philanthropic activity and business interests exist outside the pension system.

### Which asset classes does DPERS explicitly avoid?

DPERS does not publicly maintain a formal exclusion list. As a state pension fund, it operates under Delaware's statutory investment constraints, which prohibit speculative or imprudent investments. The fund's concentration in traditional institutional asset classes — public equity, fixed income, real estate, and private funds — reflects a standard fiduciary posture rather than explicit negative screens.

## Related profiles

- [Delan Group](https://altss.com/profile/delan-group)
- [Dell Family Office (DFO)](https://altss.com/profile/dell-family-office-dfo)

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

Canonical page: https://altss.com/profile/delaware-public-employees-retirement-system-dpers

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