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

Heat & Frost Insulators & Allied Workers (Asbestos Workers) Local #32 is a Pension Fund based in Highland Park, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Highland Park, United States
- **Region:** North America
- **Address:** Highland Park, NJ, United States
- **Assets under management:** Under $1B (Altss estimate)

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Buyout
- Private Equity

## People

- Derek J. Vergari — Business Manager
- Jeremiah Farmer — Business Agent
- John Dwyer — Principal Officer

## Questions

### What is Local 32's investment strategy?

The fund allocates exclusively to buyout strategies, as recorded in its official filings. This is a concentrated approach — most Taft-Hartley funds spread across multiple asset classes. Local 32 also holds direct real estate through its union hall and welfare office properties.

### Is Local 32 part of a larger pension pool?

No. Local 32 is an independent Taft-Hartley pension fund covering only members of the Heat & Frost Insulators & Allied Workers Local 32 in New Jersey. It is affiliated with the International Union (AFL-CIO) and through it with NABTU, but its assets are separate.

### Does Local 32 make direct investments or use fund managers?

The fund employs external managers for its buyout portfolio, per its reported strategy. Direct real estate holdings — the union hall and welfare office — are owned outright and managed internally.

### Where does Local 32's wealth come from?

As a Taft-Hartley pension fund, its assets are accumulated through employer contributions made under collective bargaining agreements with signatory contractors. No individual or family fortune contributes.

### What known real estate does Local 32 own?

The fund owns a commercial union hall at 318 Cleveland Avenue in Highland Park, New Jersey, and a welfare fund office at 36 Hopatchung Road in Hopatcong, New Jersey. It also has equity holdings through Broadway Verona Corporation.

## Related profiles

- [Hatteras Master Fund](https://altss.com/profile/hatteras-master-fund)
- [Heat & Frost Insulators & Allied Workers Local 6 Pension Fund](https://altss.com/profile/heat-and-frost-insulators-and-allied-workers-local-6-pension-fund)

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Last updated: 2026-06-03T20:00:00.000Z

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