State of Delaware Office of Pensions

Investment policy is set by the Board of Pension Trustees, with Arturo Agra serving as Vice Chair and Investment Committee Chair. Day-to-day administration is led by Pension Administrator Joanna Adams. Suzanne B. Grant chairs the full board. The investment committee reviews allocations, manager selection, and performance across all asset classes.

The Delaware Public Employees' Retirement System encompasses nine separate retirement plans covering distinct groups: general state employees, judiciary, and police and firefighters among them. Assets are pooled into three commingled pension funds for investment purposes, but liability tracking and benefit formulas remain plan-specific. This consolidated-investment, disaggregated-benefit structure is common among mid-sized state systems.

The fund commits to private equity, venture capital, real estate, distressed debt, and natural resources. Real estate commitments include funds managed by Lone Star, Artemis Real Estate Partners, Sterling Value Add Partners, and FPA, as well as a separately managed account with Morgan Properties. Venture exposure spans seed through late-stage, and the fund also participates in mezzanine and buyout strategies.

Suzanne Grant serves as Chair of the Board of Pension Trustees in a fiduciary capacity, not as a family office principal. Her husband, Stuart M. Grant, co-founded litigation firm Grant & Eisenhofer P.A. Their personal philanthropy operates through the I Could Do Great Things Foundation and the Jewish Fund for the Future, structurally separate from the pension system.

The fund operates through Delaware's public-meeting and open-records framework. Board of Pension Trustees meetings are publicly noticed, and investment committee materials are accessible through the state's open-government portal, open.omb.delaware.gov. Commitments to specific private funds are disclosed in board minutes, though individual public-security holdings are typically reported in aggregate annual financial statements.

The strategy documents reference venture capital coverage from seed and start-up through expansion and late-stage, suggesting a broad venture mandate rather than a narrow stage focus. This is consistent with a fund-of-funds or direct-commitment approach where the pension office selects GPs across the venture lifecycle rather than concentrating on a single stage.

At an Altss-estimated $15.0B, the Delaware plan is smaller than the Pennsylvania Public School Employees' Retirement System or the New Jersey Division of Investment — each exceeding $70B — and roughly comparable to the Connecticut Retirement Plans and Trust Funds. Delaware's smaller population base naturally constrains absolute size, but the commingled-fund structure keeps fragmentation manageable for a state of its scale.