Carpenters Pension Trust Fund for Northern California

A board of trustees holds fiduciary authority over investment decisions. The board is composed equally of union trustees, including Jay Bradshaw of the Northern California Carpenters Regional Council, and employer trustees from firms such as Hathaway Dinwiddie and Nibbi Brothers. The plan may retain external consultants for manager selection and asset allocation, but the trustees retain ultimate oversight.

The fund maintains a bifurcated approach. It holds a direct real estate portfolio concentrated in Northern California commercial property and mixed-use joint ventures, while also being an active buyer in the private equity secondaries market. Public records indicate the secondary commitments are a distinct pillar of the plan's private markets exposure.

A Taft-Hartley plan is a collectively bargained, multi-employer pension fund jointly governed by union and employer trustees. For this fund, contributions are negotiated under the carpenters' collective bargaining agreements for Northern California. The joint board structure means the plan's fiduciary decisions are balanced between labor and management representatives.

The fund's private equity exposure comes primarily through secondary market purchases rather than primary fund commitments. This suggests the trust acquires interests in mature funds across buyout, growth, and possibly venture strategies on a secondary basis rather than making direct primary commitments to new vehicles.

Employer trustees have included Donald A. Dolly of Condon-Johnson & Associates, David Lee of Hathaway Dinwiddie Construction Company, Larry Nibbi of Nibbi Brothers General Contractors, and Gerald Overaa of C. Overaa & Co. These are among the largest commercial construction contractors in Northern California.