Indiana State Council of Carpenters Pension Fund

Governance rests with a joint board of trustees — half appointed by the union, half by contributing employers. Brittney Turner, CFO of F.A. Wilhelm Construction, sits as a named management trustee. Day-to-day administration and investment operations are handled by BeneSys, a third-party administrator specializing in Taft-Hartley plans. The board sets asset allocation targets and selects external managers but does not employ a dedicated internal investment staff.

As of 2019, the plan reported a funded percentage of 69.7%, placing it in 'endangered' status under the Pension Protection Act's zone classification system. That designation required adoption of a funding improvement plan — a schedule of contribution increases and/or benefit adjustments designed to close the gap over time. For allocators evaluating the fund as an LP, this status sharpens the plan's need for liquidity management and places a premium on downside-protected private-market commitments.

The fund uses a hybrid model of direct real estate holdings — such as the Dublin Corporate Center in California — and commingled fund commitments across venture capital, buyout, mezzanine, fund-of-funds, and secondaries vehicles. Known manager relationships include American Realty Advisors and the Building for America Fund series. The plan does not publicly market itself as a direct co-investor, and its manager roster suggests a preference for institutional commingled vehicles.

The Indiana/Kentucky/Ohio Regional Council of Carpenters (IKORCC) is the sponsoring union organization. The pension fund and related benefit plans cover IKORCC members whose employers contribute under collective bargaining agreements. The fund's website is hosted under the joint benefit office structure that serves both the pension and health-and-welfare plans for the regional council.

There is no public record of a foundation, charitable trust, or sidecar co-investment vehicle associated with the plan. As a multiemployer pension trust governed by ERISA, the fund's fiduciary duty runs exclusively to participants and beneficiaries — any assets held outside that trust would require separate governance and disclosure.

The plan's strategy tags span the full venture lifecycle: seed, start-up, early stage, expansion/late stage, and venture generalist. This suggests a portfolio constructed across multiple vintage years and manager strategies rather than a concentrated early-stage focus. The inclusion of secondaries and mezzanine tags further indicates willingness to access venture exposure through non-primary-commitment pathways.

The merger consolidated two regional carpenters' pension plans into a single trust, effective April 1, 2023. While asset totals remain undisclosed, the combination broadens the participant base, pools actuarial risk across a larger population, and may improve negotiating leverage with external managers. Plan mergers are a common consolidation response in the multiemployer universe, often encouraged by regulators when smaller funds face structural underfunding.