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International Union of Operating Engineers & Participating Employers Central Pension Plan (CPF)
Joseph J. Shelton leads the $20B+ IUOE Central Pension Plan, a multi-employer defined-benefit fund allocating across venture capital, real estate, and...
International Union of Operating Engineers & Participating Employers Central Pension Plan (CPF)
The International Union of Operating Engineers & Participating Employers Central Pension Plan (CPF) operates as a multi-employer defined-benefit pension trust for IUOE members, founded through collective-bargaining agreements in the heavy-equipment and construction trades. CEO Joseph J. Shelton and Director of Investments Marc Becker steward a portfolio built to match long-duration liabilities with private-market income streams. The fund's strategy mixes direct and indirect private investments across venture capital, real estate partnerships, and common and collective trusts (per public record). Its real-estate portfolio includes global mixed-use properties and US-based partnership and joint-venture interests. Venture capital allocations are maintained as a generalist sleeve, though the fund's geographic footprint is heavily North America-weighted, with known holdings across the US and select global real estate assets. CPF is a key participant in the National Coordinating Committee for Multiemployer Plans (NCCMP), the industry trade group that lobbied for the Butch Lewis Act pension-relief legislation, and maintains involvement in the International Foundation of Employee Benefit Plans. With roughly $20B in assets (per public record) and over 100,000 participants, the fund has no disclosed AUM growth target or recent structural change; its recent operational posture centers on benefit security and regulatory compliance under the Multiemployer Pension Reform Act. The fund's structural differentiator is its multi-employer governance: a board of union and employer trustees rather than a single sponsor or state legislature. That trustee structure has allowed CPF to pursue venture capital and infrastructure allocations that many single-employer plans avoid, positioning labor capital as a direct allocator into private markets rather than solely through pooled vehicles.
General information
Firm type
Multi Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Washington
Corporate office
Washington, D.C., United States
Principals
Joseph J. Shelton
Chief Executive Officer
Marc Becker
Director of Investments
Sector focus
Frequently asked questions
How is the IUOE Central Pension Plan structured as a multi-employer fund?
CPF is a defined-benefit plan established through collective-bargaining agreements between the International Union of Operating Engineers and participating employers. It operates under Taft-Hartley trust law, governed by a joint board of union and management trustees, which sets investment policy and benefit formulas.
What investment stages and asset classes does CPF target?
The fund has a multi-asset mandate that includes venture capital (generalist), real estate (indirect global mixed-use properties and US partnerships), and common/collective trusts. Its private markets exposure is primarily via fund commitments and partnership interests rather than direct deal-making.
How does CPF source its investment opportunities?
As a large multi-employer fund, CPF gains access through its network of pension fund peers, industry associations like the NCCMP and IFEBP, and relationships with asset managers that serve Taft-Hartley plans. The fund co-invests alongside other union pension funds on larger real estate and infrastructure projects.
What is CPF's relationship with the Pension Benefit Guaranty Corporation (PBGC)?
CPF applied for and received Special Financial Assistance under the Butch Lewis Act, a federal program that provides taxpayer-backed solvency support to multi-employer plans at risk of insolvency. This is a regulatory compliance matter, not a strategic investment shift.
Who manages the investment portfolio day-to-day?
Director of Investments Marc Becker oversees the portfolio, reporting to CEO Joseph J. Shelton and the joint board of trustees. The fund employs internal staff and external asset managers for venture capital and real estate allocations.
Does CPF invest outside North America?
Yes, the fund's real estate portfolio includes indirect global mixed-use property interests, though the majority of its partnership and venture investments are concentrated in the United States.
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