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Bricklayers & Trowel Trades International Pension Fund (IPF)
The International Pension Fund (IPF) operates as a defined-benefit pension plan for members of the International Union of Bricklayers and Allied Craftworkers...
Bricklayers & Trowel Trades International Pension Fund (IPF)
The International Pension Fund (IPF) operates as a defined-benefit pension plan for members of the International Union of Bricklayers and Allied Craftworkers (BAC). Governance is split evenly between union-appointed trustees, led by BAC President Timothy Driscoll, and employer representatives, co-chaired by Gregory Hess of Caretti, Inc. The fund was established through collective bargaining agreements between the BAC and the International Council of Employers (ICE). IPF deploys capital predominantly through buyout-oriented real estate vehicles and private equity funds. Confirmed allocations include the Multi-Employer Property Trust (MEPT), the AFL-CIO Housing and Building Investment Trusts, the Ullico J for Jobs Program, and the Amalgamated Bank Longview Ultra Construction Loan Fund. These commitments prioritize union-built, income-generating commercial and mixed-use properties across major US markets. The fund also maintains a dedicated Trowel Trades Large Cap Equity Index Fund for public-market exposure. While total assets and headcount are not publicly disclosed, the fund's governance footprint extends beyond its own portfolio. Tom McIntyre, an IPF trustee, serves on the board of the Council of Institutional Investors (CII). IPF is also a participating member of the Investors for Opioid Accountability (IOA), a coalition that uses shareholder resolutions to pressure pharmaceutical companies on governance and opioid-related disclosure. IPF's structural identity is inseparable from its Taft-Hartley framework. Unlike single-sponsor corporate pensions, the fund's co-trustee governance model grants organized labor a direct voice in asset allocation — a feature that steers capital toward domestically-built real assets and funds with explicit union-labor requirements. This governance structure distinguishes it from most institutional investors and embeds a pro-construction mandate into every investment decision.
General information
Firm type
Pension Fund
Year founded
1972
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, DC, United States
Principals
Timothy Driscoll
Co-Chair, Board of Trustees
Gregory R. Hess
Co-Chair, Board of Trustees
Thomas McIntyre
Board Member, Council of Institutional Investors
Sector focus
Frequently asked questions
Who runs investment decisions at the Bricklayers & Trowel Trades IPF?
The Board of Trustees holds ultimate fiduciary authority over investment decisions. The board is co-chaired by Timothy Driscoll, President of the International Union of Bricklayers and Allied Craftworkers, and Gregory Hess, a principal at Caretti, Inc. Half of the trustees are appointed by the union and half by contributing employers, per the fund's Taft-Hartley governance structure.
How does the fund source its private-market deals?
IPF accesses private-market investments primarily through fund commitments and multi-employer investment trusts rather than direct acquisitions. Known vehicles include the Multi-Employer Property Trust and AFL-CIO Housing and Building Investment Trusts, which pool capital from multiple Taft-Hartley plans to acquire institutional-quality real estate.
Is the IPF a single-family office or does it operate more like a conventional pension fund?
It is a multi-employer pension fund — a Taft-Hartley plan — not a family office. It pools contributions from numerous unionized construction employers to provide retirement benefits for BAC members. Its governance and investment posture are shaped by collective bargaining agreements, not the wealth-management needs of a single family.
Does the fund participate in fund commitments or only direct deals?
The fund's known activity is overwhelmingly through fund commitments and pooled investment vehicles. Confirmed allocations include stakes in the Multi-Employer Property Trust, AFL-CIO Housing and Building Investment Trusts, Ullico J for Jobs Program, and Amalgamated Bank Longview Ultra Construction Loan Fund — all structured as commingled funds rather than direct single-asset purchases.
Which sectors does the IPF explicitly prioritize?
The portfolio is concentrated in real estate — particularly union-built commercial, residential, and mixed-use properties — and buyout-oriented private equity. The fund's Taft-Hartley structure directs capital toward investments that generate construction work for BAC members, a de facto labor overlay on asset selection. A large-cap equity index fund provides public-market liquidity.
How is the Bricklayers & Trowel Trades IPF related to the BAC union?
The International Union of Bricklayers and Allied Craftworkers (BAC) established the fund and appoints half its trustees. The union's president, Timothy Driscoll, serves as board co-chair. The fund exists to provide retirement benefits for BAC members, and its investments are managed to support the union's broader economic interests, particularly in construction employment.
What is the fund's known posture on shareholder activism?
IPF participates in shareholder engagement through institutional coalitions. Tom McIntyre, an IPF trustee, serves on the board of the Council of Institutional Investors, a group focused on governance reform. The fund is also a member of Investors for Opioid Accountability, which has filed shareholder resolutions targeting pharmaceutical companies.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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