Mafco Worldwide LLC Replacement Defined Benefit Pension Plan

Mafco Worldwide LLC, a manufacturer of natural licorice derivatives and plant-based sweeteners, is the direct plan sponsor. Mafco Worldwide was acquired by Whole Earth Brands, Inc. in 2020, making Whole Earth Brands the ultimate parent entity with fiduciary responsibility for the plan's funding obligations.

Mafco Worldwide LLC was previously a subsidiary of MacAndrews & Forbes Incorporated, the holding company through which Ronald Perelman controlled a range of industrial and consumer businesses. The pension plan was established during MacAndrews & Forbes' ownership period and represented accrued benefits for Mafco employees, with the liability transferring to Whole Earth Brands following the 2020 divestiture.

There is no public evidence that this plan functions as an active institutional allocator in private markets. As a closed or largely frozen defined-benefit plan, its investment posture is expected to be dominated by liability-matching fixed-income instruments with only modest exposure to return-seeking assets. No direct deals, fund commitments, or co-investment programs are disclosed.

Whole Earth Brands assumed the plan sponsor obligations upon acquiring Mafco Worldwide in 2020. The plan's fiduciary governance likely shifted to Whole Earth Brands' corporate treasury or a designated investment committee, though no named CIO or plan administrator has been publicly identified. Whole Earth Brands was taken private in a 2024 transaction, which may introduce further governance changes.

Public records identify a distinct entity — the Pension Plan Surplus Investment Fund — domiciled in Chicago, Illinois. This suggests a surplus trust or related investment pool that may hold assets in excess of the plan's accrued liabilities, though the exact legal relationship and investment mandate of this vehicle have not been disclosed.