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Electrical Workers (IBEW) Local #150
IBEW Local 150 operates as the bargaining unit for electrical workers in Lake County and parts of northeastern Illinois, with its administrative base in...
Electrical Workers (IBEW) Local #150
IBEW Local 150 operates as the bargaining unit for electrical workers in Lake County and parts of northeastern Illinois, with its administrative base in Libertyville. The union jointly administers benefit funds alongside the Northeastern Illinois Chapter of the National Electrical Contractors Association. Business Manager Steve Smart carries dual accountability as Financial Secretary and Chairman of the Supplemental Pension Fund Trustees, a governance structure that concentrates plan oversight in union leadership. The pension plan deploys capital exclusively through secondary market transactions, purchasing existing LP positions in private equity, infrastructure, and real assets funds. This strategy serves as the sole deployment channel, avoiding both primary fund commitments and direct co-investment. The fund's footprint spans multiple asset classes, including real estate positions tied to union facilities in Lansing, Michigan and Lexington, Kentucky. The union maintains additional balance-sheet assets through its welfare fund and general fund, though those pools are managed separately from the pension vehicle. No detailed headcount or total asset figures are publicly reported. Fund administration is housed within the Libertyville union hall complex, which also hosts the Lake County Electrical Joint Apprenticeship and Training Committee facility. The pension's operational ecosystem extends to affiliated labor bodies, including the Lake County Building & Construction Trades Council and the national AFL-CIO, where Local 150 delegates participate in governance. The pension's structural singularities are defined by what it omits. No outside investment consultant is publicly named. No fund-of-funds intermediary appears in the sourcing chain. A single secondary-market buying mandate acts as the total investment policy statement, an unusual concentration for a Taft-Hartley plan of this scale. The reliance on self-administered governance, with the Business Manager chairing the pension trustees, removes a layer of external oversight common in multi-employer plans elsewhere.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Libertyville
Corporate office
31290 N. US Highway 45, Libertyville, IL 60048, United States
Additional offices
Lansing, MI · Lexington, KY
Principals
Steve Smart
Business Manager and Financial Secretary
Sector focus
Frequently asked questions
Who runs investment decisions for the IBEW Local 150 pension fund?
Steve Smart, the Business Manager and Financial Secretary of IBEW Local 150, serves as Chairman of the Supplemental Pension Fund Trustees. That board administers plan assets. No separate CIO or investment committee is publicly named, suggesting trustee-level governance without a dedicated internal investment staff.
Does IBEW Local 150 commit to primary private equity funds or only buy secondaries?
The pension plan operates exclusively in the secondary market, purchasing existing LP fund positions rather than committing to new primary funds. This single-channel deployment approach means the plan builds its entire private market portfolio through acquiring limited partner interests from other investors seeking liquidity.
What is the relationship between IBEW Local 150 and the National Electrical Contractors Association?
The union and the Northeastern Illinois Chapter of NECA jointly administer the area's benefit funds, including the apprenticeship training trust and the supplemental pension plan. NECA represents the electrical contractors who employ Local 150 members, making the relationship a standard Taft-Hartley co-administration structure under federal labor law.
Where is the pension fund's real estate exposure located?
Public records identify union-owned properties in Lansing, Michigan, and Lexington, Kentucky, held as pension fund assets. The Libertyville headquarters complex—shared with the union hall and JATC training center—represents additional commercial and industrial real estate under union ownership, though allocation distinctions between the pension, welfare, and general funds are not publicly detailed.
Does IBEW Local 150 work with external investment consultants?
No external investment advisor, fund-of-funds manager, or OCIO is publicly identified for the Supplemental Pension Fund. The concentration of administrative and trustee authority in union leadership suggests a self-directed governance model, which is less common among multi-employer Taft-Hartley plans but consistent with a tightly focused secondaries-only mandate.
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