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Laundry, Dry Cleaning Workers & Allied Industries
The Laundry, Dry Cleaning Workers & Allied Industries pension funds were established as part of a multi-employer, union-backed retirement structure for...
Laundry, Dry Cleaning Workers & Allied Industries
The Laundry, Dry Cleaning Workers & Allied Industries pension funds were established as part of a multi-employer, union-backed retirement structure for workers in the laundry and dry cleaning sector. Lynne Fox, International President of Workers United, chairs the board for the funds and also chairs Amalgamated Bank, which provides banking and investment services. The funds are affiliated with the Service Employees International Union (SEIU) through Workers United, a labor union representing over 100,000 members in the United States and Canada. Investment strategy centers on buyout allocations, though the funds maintain a diversified portfolio spanning real estate equity in the United States, real estate debt, and hedge fund of funds. These assets are managed with a focus on capital preservation and income generation for retired workers. The funds hold a membership in IndustriALL Global Union, a global federation representing industrial workers. No specific portfolio companies, deal sizes, or geographic spread beyond the US have been publicly disclosed. The fund's team size and total assets under management are not publicly available. Additional offices outside Philadelphia have not been identified. A recent operational event is not available in public records. Adjacent structures include the Laundry & Drycleaning Workers Education & Legal Assistance Fund Workers United, a philanthropic entity that provides education and legal support to union members. The structural differentiator of this fund is its governance: it is jointly operated by a labor union (Workers United) and a commercial bank (Amalgamated Bank), with Lynne Fox chairing both entities. This creates a direct link between worker representation and asset management, a rare model in US pension funds.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Philadelphia
Corporate office
Philadelphia, PA, United States
Principals
Lynne Fox
International President of Workers United and Chairperson of the Board
Frequently asked questions
Who manages investment decisions for the Laundry, Dry Cleaning Workers & Allied Industries pension funds?
Lynne Fox, International President of Workers United, chairs the board overseeing the funds. Amalgamated Bank, where Fox also chairs the board, provides investment management and banking services. The fund's investment strategy is executed through allocations to real estate equity, real estate debt, and hedge fund of funds.
Is the fund structured as a single employer plan or a multi-employer plan?
Public records indicate it is a multi-employer plan, jointly administered by a labor union and employer representatives through the collective bargaining process. Workers United, an SEIU affiliate, represents the workers whose pensions are managed within this structure.
What is the relationship between this fund and Amalgamated Bank?
Lynne Fox chairs both the pension fund board and the board of Amalgamated Bank. The bank provides financial services and likely serves as the fund's custodian, trustee, or investment advisor. This shared governance creates a unique integration of labor representation and banking operations.
Does the fund invest in direct private equity or only in fund-of-funds?
The fund's strategy is listed as buyout across multiple allocations, suggesting it may invest in private equity via fund-of-funds or direct vehicles. Specific holdings have not been publicly disclosed. The fund also maintains a hedge fund of funds allocation.
What philanthropic structures are associated with this fund?
The Laundry & Drycleaning Workers Education & Legal Assistance Fund Workers United is a separate charitable entity that provides education and legal aid to union members. It is distinct from the pension fund but shares the same union affiliation.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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