Duchy of Lancaster is an independent non-profit foundation based in London, United Kingdom. Established in 1265, the foundation is a private estate owned by Her Majesty The Queen, as Duke of Lancaster. The Chancellor of the Duchy of Lancaster is responsible to the sovereign for the administration of the Duchy. The assets of the foundation are managed by the Duchy Council.Duchy of Lancaster's investment portfolio is valued at over GBP 694.07 million, with investments in real assets, natural resources, and cash.