# IUOE Pension Fund of Eastern PA & DE

IUOE Pension Fund of Eastern PA & DE is a Pension Fund based in Fort Washington, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Fort Washington, United States
- **Region:** North America
- **Address:** 1375 Virginia Drive, Suite 245, Fort Washington, PA 19034, United States
- **Founded:** 1960
- **Assets under management:** $977 million (Altss estimate)
- **Website:** iuoe542funds.com

## Regulatory record

- **Reports private funds:** No

## About

The plan was established in 1960 as a multiemployer defined-benefit vehicle for Operating Engineers Local 542 members across Eastern Pennsylvania and Delaware. It is jointly governed by a board split equally between union trustees — led by Business Manager Robert T. Heenan and his successor James Reilley, elected in 2022 — and employer trustees appointed by the Contractors Association of Eastern Pennsylvania, including Executive Director Sonia Di Valerio and Michael J. Driscoll, Jr. Contributions flow from signatory contractors under collectively bargained hourly rates, and the fund provides retirement, disability, and death benefits to eligible members and their beneficiaries. The fund builds its portfolio across private equity, venture capital, secondaries, special situations, and real estate. It participates across the full venture lifecycle — from seed to growth — and pursues buyout and expansion-stage commitments through both fund-of-funds and direct co-investments. The plan also owns the IUOE Local 542 headquarters at 1375 Virginia Drive in Fort Washington and an indoor equipment training center in Philadelphia. Altss estimates total assets near $977 million as of mid-2026, though the fund does not publicly disclose its AUM. The Fort Washington office serves as the sole administrative hub. In 2022, James Reilley succeeded Robert T. Heenan as Business Manager and Union Trustee, maintaining continuity in operational leadership. The fund belongs to the International Foundation of Employee Benefit Plans and North America’s Building Trades Unions, standard industry associations for multiemployer plans. A scholarship fund and the IUOE National Charity Fund round out the affiliated philanthropic vehicles, but they operate separately from the pension trust. The joint-trustee structure mandated by Taft-Hartley law is the fund’s defining architecture — no single family or corporate parent controls investment decisions. Instead, union-appointed and contractor-appointed fiduciaries share governance, a dual-loyalty model that shapes pacing, liquidity preferences, and relationships with external managers. This structure makes the fund both a labor-aware allocator and a participant in the broader institutional ecosystem of co-investment clubs and separate-account mandates.

## Sectors

- Private Equity
- Venture Capital
- Secondaries & Special Situations
- Real Estate

## People

- Robert T. Heenan — Union Trustee and Business Manager of IUOE Local 542
- James Reilley — Union Trustee and Business Manager of IUOE Local 542
- Thomas Danese — Union Trustee
- Charles Priscopo — Union Trustee
- Robert Walsh — Union Trustee
- Sonia Di Valerio — Employer Trustee; Executive Director of the Contractors Association of Eastern Pennsylvania
- Michael J. Driscoll, Jr. — Employer Trustee
- James Davis — Employer Trustee
- Walter P. Palmer 3rd — Employer Trustee

## Questions

### Who runs investment decisions at the IUOE Pension Fund of Eastern PA & DE?

A board of trustees split equally between union-appointed officials and employer-appointed representatives governs the fund. Union trustees include Business Manager Robert T. Heenan and his successor James Reilley, while employer trustees like Sonia Di Valerio and Michael J. Driscoll, Jr. represent the Contractors Association of Eastern Pennsylvania. Investment decisions are made collectively under the Taft-Hartley joint-trustee framework.

### What investment stages does the IUOE 542 pension target?

The fund allocates across the full venture lifecycle — from seed and start-up to growth and late stage — and also pursues buyout, expansion, and special situation opportunities. Secondaries exposure rounds out the private-markets sleeve, providing potential liquidity management and vintage diversification.

### Where does the pension fund’s capital come from?

Contributions are bargained collectively between IUOE Local 542 and signatory contractors represented by the Contractors Association of Eastern Pennsylvania. Employers remit contributions based on hours worked by union members, typical of multiemployer defined-benefit plans in the building trades.

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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/international-union-of-operating-engineers-pension-fund-of-eastern-pennsylvania-

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