Bricklayers and Allied Craftworkers Local 23

Bricklayers and Allied Craftworkers Local 23

Bricklayers and Allied Craftworkers Local 23 — chartered by the International Union of Bricklayers and Allied Craftworkers (IUBAC) — covers trowel-trade workers across Ohio, West Virginia, and Kentucky. Established in 1961, the fund operates as a multiemployer defined-benefit plan headquartered in Valley View, Ohio, providing retirement, disability, and death benefits to participating members. It is not managed by a single-family wealth creator but by a joint labor-management board of trustees — a governance structure typical of Taft-Hartley plans. The fund's investment approach spans venture capital, buyout, growth equity, secondaries, and fund-of-funds commitments. Asset-class exposure includes real estate, private credit, and infrastructure, with a geographic focus rooted in the Midwest but extending to national fund commitments. Specific underlying positions are not publicly disclosed, but the fund's strategy reflects standard multiemployer plan diversification: a mix of direct real assets via union-affiliated development and commitments to mid-market private equity vehicles. The fund maintains offices in Amherst, Columbus, Toledo, Cincinnati, Mentor, and Brooklyn Heights, reflecting its multi-jurisdictional membership base. The overall plan complex includes the Bricklayers and Masons Local Union No. 5 Ohio Pension Fund and the BAC Local 23 North Shore Chapter Health and Welfare Fund. In addition to retirement benefits, the affiliated BAC Disaster Relief Fund and Bates Scholarship provide member support outside the pension trust. The fund participates in the AFL-CIO and the Associated General Contractors of Ohio, signaling both labor solidarity and contractor-side relationship management that can inform investment origination in construction-adjacent sectors. The fund's structural differentiator is its multiemployer Taft-Hartley governance: no single sponsor controls asset allocation. Instead, trustees representing both union members and signatory contractors jointly approve commitments. This bilateral oversight often results in conservative pacing, preference for relationship-driven fund managers, and measurable allocation to job-creating investments within the plan's geographic footprint. In a landscape increasingly dominated by consolidated public pension giants, Local 23's trust-based, board-driven model remains a distinctly labor-centric capital allocator.