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Bricklayers & Trowel Trades International Pension Fund (IPF)
The Bricklayers & Trowel Trades International Pension Fund (IPF) is a Taft-Hartley defined-benefit pension plan established by the International Union of...
Bricklayers & Trowel Trades International Pension Fund (IPF)
The Bricklayers & Trowel Trades International Pension Fund (IPF) is a Taft-Hartley defined-benefit pension plan established by the International Union of Bricklayers and Allied Craftworkers (BAC) and the International Council of Employers (ICE). The fund provides retirement benefits for union members employed in the trowel trades across the United States. Trustees are appointed equally by the union and employer groups, with BAC President Timothy Driscoll and Caretti Inc. Principal Gregory R. Hess serving as Co-Chairs. The fund allocates capital across several asset classes, including real estate, private credit, and equity. Its real estate exposure channels investments through vehicles such as the AFL-CIO Housing and Building Investment Trusts, Ullico J for Jobs Program, Amalgamated Bank Longview Ultra Construction Loan Fund, and the Multi-Employer Property Trust (MEPT). These funds focus on mixed-use and commercial properties that generate union construction jobs. The Trowel Trades Large Cap Equity Index Fund provides passive equity market exposure. The fund's strategy emphasizes buyout and private credit opportunities that align with union employment. The fund maintains a presence in Washington, DC, though the total number of professionals is not publicly disclosed. The IPF is an active member of the Council of Institutional Investors (CII), where Thomas McIntyre serves as a board member. It also participates in the Investors for Opioid Accountability (IOA), a shareholder engagement coalition addressing the opioid crisis. No recent operational events have been publicly disclosed. What structurally distinguishes the IPF is its Taft-Hartley governance framework — equal representation from labor and management on its board of trustees — and its investment philosophy that ties capital deployment to union job creation. Rather than maximizing returns alone, the fund prioritizes investments that provide retirement security while supporting the construction industry workforce.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, DC, United States
Principals
Timothy Driscoll
Co-Chair of the Board of Trustees
Gregory R. Hess
Co-Chair of the Board of Trustees
Thomas McIntyre
Board Member, Council of Institutional Investors
Sector focus
Frequently asked questions
What is the investment strategy of the Bricklayers & Trowel Trades IPF?
The fund employs a multi-asset strategy that includes real estate, private credit, buyout, and large-cap equity investments. It channels real estate capital through union-friendly vehicles like the Multi-Employer Property Trust and AFL-CIO Housing and Building Investment Trusts, which focus on commercial and mixed-use properties generating union construction jobs. The fund's equity exposure is primarily via the Trowel Trades Large Cap Equity Index Fund.
How is the Bricklayers & Trowel Trades IPF governed?
The fund is a Taft-Hartley plan with a board of trustees equally appointed by the International Union of Bricklayers and Allied Craftworkers (BAC) and the International Council of Employers (ICE). Co-Chairs are Timothy Driscoll, President of BAC, and Gregory R. Hess, Principal at Caretti, Inc. Thomas McIntyre serves on the board as well and represents the fund at the Council of Institutional Investors.
Does the fund participate in shareholder advocacy?
Yes. The Bricklayers & Trowel Trades IPF is a member of the Investors for Opioid Accountability (IOA), a coalition that engages with pharmaceutical companies on opioid-related risks. Its participation reflects a broader trend among Taft-Hartley funds to use shareholder activism to address public health and economic issues affecting union members. The fund also has a board seat at the Council of Institutional Investors.
What is the relationship between the IPF and the AFL-CIO?
The fund invests through several AFL-CIO-affiliated housing and building investment trusts. These vehicles allow the IPF to allocate capital to real estate projects that generate union employment, aligning with its mandate to support the bricklayers and trowel trades workforce. The fund is not a direct arm of the AFL-CIO but leverages its investment platforms.
What types of real estate does the IPF invest in?
The fund's real estate portfolio centers on commercial and mixed-use properties, primarily through commingled vehicles such as the Multi-Employer Property Trust and the Ullico J for Jobs Program. These investments target high-quality income-producing assets that create union construction jobs. The fund also participates in the Amalgamated Bank Longview Ultra Construction Loan Fund for construction-related credit.
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