Delaware PERS appoints equity, private equity managers

Delaware Public Employees' Retirement System, Dover, hired Bares Capital Management to run $50 million in small-cap equity and committed $40 million to Lightstone Ventures.

Funding will come from reducing by $25 million each a passive U.S. equity fund run by Mellon Capital and Oaktree's domestic convertible bond mandate.

Pension administrator David Craik said in an interview that the $7.7 billion pension fund has a large cash account and will consider further mandates on a monthly basis.