Heat & Frost Insulators & Allied Workers (Asbestos Workers) Local #32

Heat & Frost Insulators & Allied Workers (Asbestos Workers) Local #32

Local 32 is a chartered local of the International Association of Heat and Frost Insulators and Allied Workers (AFL-CIO), representing asbestos workers across New Jersey. The fund operates under Taft-Hartley law, jointly administered — its investment decisions are directed by the trustees and executed through external managers on a buyout-focused mandate (per public record). The fund targets a pure buyout strategy across private equity, a narrow band compared to diversified multi-asset Taft-Hartley peers. Its tangible holdings include a union hall at 318 Cleveland Avenue in Highland Park and a welfare fund office at 36 Hopatchung Road in Hopatcong. The fund also holds equity through Broadway Verona Corporation, a New Jersey entity. Geographic exposure is limited to the United States, with a concentration in the Northeast corridor. Local 32 operates with three named officers: Business Manager Derek Vergari, Business Agent Jeremiah Farmer, and Principal Officer John Dwyer, who also oversees the Local 32 Education Fund. The fund maintains two philanthropic vehicles — the Asbestos Workers Local No 32 Dr. Irving J. Selikoff Scholarship Fund and the Florence Bernard-Alta Miller Scholarship Trust. Through the International Union, Local 32 is affiliated with the AFL-CIO and North American Building Trades Unions (NABTU). The fund's structural differentiator is its single-strategy buyout mandate paired with real estate ownership — a model that provides direct inflation-hedge exposure through the union hall and welfare office properties. This combination is unusual among Taft-Hartley plans, which typically diversify across fixed income and public equities. The fund's small scale and concentrated investment posture may limit liquidity but align with the liability profile of a mature union workforce.