# State of Delaware Board of Pension Trustees

State of Delaware Board of Pension Trustees 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
- **Assets under management:** Undisclosed
- **Website:** delaware.gov

## Regulatory record

- **Reports private funds:** No

## About

The Board of Pension Trustees is the general administrator for Delaware's public employee retirement system, overseeing plans for state employees, state police, judges, and county and municipal workers. The board comprises seven members including former State Treasurer Ken Simpler. Joanna Adams serves as State Pension Administrator. Investment strategy reflects a public pension archetype: allocation across equities, fixed income, real assets, and alternatives. Real estate commitments flow through direct fund relationships — Clarion Lion Properties Fund for mixed-use US assets, Heitman America Real Estate Trust for commercial property, and Blackstone Property Partners for global mixed-use exposure. The fund also maintains a dedicated Commodity Exposure Portfolio. Geographic diversification spans United States-only mandates and global strategies. The board participates in professional networks including the National Association of State Retirement Administrators (NASRA) and the Council of Institutional Investors (CII). It has received the Public Pension Standards Award from the Public Pension Coordinating Council (PPCC). No recent operational event is verifiable from available sources. The structure is a classic government pension board: appointed trustees overseeing administered plans with an explicit public service mandate. Investment decisions flow through a committee chaired by a named fiduciary, distinct from the board chair role. This separation of administrative oversight from investment governance defines the decision architecture.

## Sectors

- Real Estate
- Commodities

## People

- Suzanne B. Grant — Chair of the Board of Pension Trustees
- Arturo Agra — Chair of the Investment Committee
- Joanna Adams — State Pension Administrator
- Ken Simpler — Board Member

## Questions

### Who chairs the Investment Committee for the Delaware Board of Pension Trustees?

Arturo Agra chairs the Investment Committee, a role distinct from the Board Chair position held by Suzanne B. Grant. This separation places day-to-day investment oversight under a dedicated fiduciary.

### What real estate funds does the Delaware pension plan invest through?

Real estate exposure runs through three named vehicles: Clarion Lion Properties Fund for mixed-use US properties, Heitman America Real Estate Trust for commercial US assets, and Blackstone Property Partners for global mixed-use holdings (Altss research).

### Which plans fall under the Board of Pension Trustees?

The board administers plans for State Employees, State Police, Judicial members, and County and Municipal members. These are separate pools governed by a single seven-member board.

### Does the Board manage any commodity investments?

Yes. A Commodity Exposure Portfolio is identified as part of the investment lineup, operating alongside their real estate fund commitments.

### Is the Delaware Board of Pension Trustees a member of any peer networks?

The board participates in the National Association of State Retirement Administrators (NASRA), the Council of Institutional Investors (CII), and the Public Pension Coordinating Council (PPCC). It has received the PPCC's Public Pension Standards Award.

## Related profiles

- [Stateless Ventures](https://altss.com/profile/stateless-ventures)
- [State Power Investment Corporation](https://altss.com/profile/state-power-investment-corporation)

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

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