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Indiana State Council of Carpenters
The Indiana State Council of Carpenters operates as a multi-employer pension fund based in Greenwood, Indiana. It provides retirement security for members of...
Indiana State Council of Carpenters
The Indiana State Council of Carpenters operates as a multi-employer pension fund based in Greenwood, Indiana. It provides retirement security for members of the Central Midwest Regional Council of Carpenters, a signatory to collective bargaining agreements that fund the plan through employer contributions. Executive Secretary/Treasurer Todd Pancake leads its financial operations. The fund consolidated its structure on April 1, 2023, absorbing the legacy Indiana Carpenters Pension Fund into the central council's plan. The fund channels retirement capital nearly exclusively into private equity secondaries, acquiring stakes in buyout, venture, and special situations vehicles from sellers seeking liquidity. This strategy is engineered to compress the J-curve, build a diversified portfolio quickly, and reduce blind-pool risk inherent in primary fund commitments. Its real asset footprint includes commercial property holdings tied to union operations, such as the Central Midwest Regional Council headquarters at 771 Greenwood Springs Drive and four Indiana council hub facilities in Evansville, Merrillville, South Bend, and Warsaw. The geographic deployment spans North American private markets with a focus on seasoned fund interests. The plan's governance structure ties it firmly to the broader United Brotherhood of Carpenters ecosystem. The Indiana State Council is a constituent body of the Central Midwest Regional Council of Carpenters, which itself unites multiple state-level councils. Todd Pancake remains the named fiduciary, but the fund operates within a web of Taft-Hartley plan requirements and building-trades affiliations, including membership in the Indiana State Building & Construction Trades Council. Philanthropic activity runs through the Riley Children's Foundation. Operational data from April 2023 confirms a consolidation event merging the legacy pension fund into the current plan. The structural differentiator is its single-strategy conviction. Few Taft-Hartley funds concentrate so completely on secondaries, bypassing the standard multi-asset-class primary model that defines most union pension plans. This specialization sacrifices primary-fund relationships in favor of a permanent opportunistic liquidity provision posture, an approach more typical of a nimble endowment than a labor union plan.
General information
Firm type
Pension Fund
Year founded
1965
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Greenwood
Corporate office
Greenwood, IN, United States
Principals
Todd Pancake
Executive Secretary/Treasurer
Sector focus
Frequently asked questions
Who controls investment decisions at the Indiana State Council of Carpenters?
Todd Pancake, Executive Secretary/Treasurer and Chief Financial Officer, serves as the named fiduciary directing the fund. The plan is governed by a Board of Trustees composed equally of union and employer representatives, as required for Taft-Hartley multi-employer plans. Decisions are influenced by the fund's relationship with the United Brotherhood of Carpenters and its membership in the Central Midwest Regional Council of Carpenters.
Why does this pension fund focus almost entirely on secondaries?
The fund uses a secondary-centric strategy to mitigate the J-curve drag typically seen in primary fund commitments. Acquiring seasoned private equity stakes provides faster visibility into underlying portfolio companies and allows the fund to build diversified exposure without tying up capital in long-duration blind-pool funds. This posture also reduces vintage-year concentration risk.
Is the fund's capital open to co-investment alongside external GPs?
The fund's disclosed strategy is almost exclusively secondaries-focused, according to public record. There is no public indication that it actively participates in direct co-investment sidecars or primary fund commitments outside of secondary market acquisitions. Its role is primarily as a liquidity provider picking off positions from sellers in the secondary market.
What is the relationship between the pension fund and the union itself?
The fund is a Taft-Hartley multi-employer pension plan covering members of the Central Midwest Regional Council of Carpenters. It is housed within the Indiana State Council of Carpenters, a constituent organization of the CMRCC and, ultimately, the United Brotherhood of Carpenters. Employer contributions flow in under collectively bargained agreements. The fund operates with shared governance from both labor and contributing contractors.
Does the pension fund maintain any direct real estate investments separate from its secondary private equity allocations?
Yes, the fund holds title to several commercial real estate assets tied to local council operations. The portfolio includes the central council headquarters in Greenwood, Indiana, and union hub buildings in Evansville, Merrillville, South Bend, and Warsaw. These are believed to serve administrative and member-service functions for the labor organization.
How did the April 2023 plan consolidation change the fund's structure?
The former Indiana Carpenters Pension Fund, a separate plan, was merged into the Indiana State Council of Carpenters Pension Fund on April 1, 2023. This consolidation centralized plan administration, unified the asset pool, and put the entire pension program under the council's direct fiduciary oversight, reducing administrative fragmentation.
What philanthropic activities, if any, is the council linked to?
The union maintains a relationship with Riley Children's Foundation. Public record of direct grantmaking from the pension fund is limited. The foundation connection is a common feature of large Taft-Hartley plans, where charitable activity runs parallel to — but generally wholly separate from — the pension's ERISA-governed assets.
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