# Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund

Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund is a Pension Fund based in Minneapolis, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** 2520 Pilot Knob Road Suite 325, Mendota Heights, MN, United States
- **Founded:** 1965
- **Assets under management:** 438 (Altss estimate)
- **Website:** bac1mn-nd.org

## Regulatory record

- **Reports private funds:** No

## About

The Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund was established in 1965 as a defined-benefit plan serving union masons, tilesetters, and allied craftworkers across Minnesota, North Dakota, and South Dakota. Douglas B. Schroeder serves as President and Secretary-Treasurer, concurrently chairing the Minnesota/North Dakota Defined Benefit Pension Plan and Health Plan. The wealth underlying the fund accrues from decades of collectively bargained employer contributions tied to hours worked by BAC Local 1 members. As an asset owner, the plan deploys capital through a fund-of-funds structure, gaining exposure to private equity, venture capital, real estate, private credit, and hedge fund strategies via external general partners. Its Alternative Asset Portfolio spans the United States, and the trust holds direct real assets tied to the union’s operational footprint — including the MN/ND Bricklayers Journeyman and Apprentice Training Center in New Hope, Minnesota, and BAC Local 1’s headquarters in Minneapolis. Zenith American Solutions, Inc. administers the plan. The fund operates in close proximity to its parent union, the International Union of Bricklayers and Allied Craftworkers, and collaborates with the International Masonry Institute on workforce training and market development. A Construction Careers Foundation provides philanthropic support (per Altss research). Total assets are estimated at $438 million based on regulatory and operational benchmarks, though the fund does not publicly disclose AUM. Unlike many multi-employer pensions that rely exclusively on third-party consultants, this plan's deep integration with the building trades gives it a structural lens on real assets — the training center and union hall are operating properties that reinforce a tangible connection to the built environment. That direct property ownership, combined with a fund-of-funds investment posture, creates a hybrid architecture distinct from more detached institutional allocators.

## Sectors

- Real Estate
- Private Credit
- Infrastructure
- Hedge Funds

## People

- Douglas B. Schroeder — President / Secretary-Treasurer

## Questions

### Who runs investment decisions at the Minnesota & North Dakota Bricklayers Pension Fund?

Douglas B. Schroeder serves as President and Secretary-Treasurer, chairing both the Defined Benefit Pension Plan and the Health Plan. The day-to-day administration is handled by Zenith American Solutions, Inc., a third-party benefits administrator. Specific investment committee composition or delegation to an external consultant is not publicly disclosed.

### Is the pension fund structured as a direct investor or does it use external managers?

The fund deploys capital exclusively through a fund-of-funds structure, committing to external general partners rather than making direct company investments. Its Alternative Asset Portfolio covers private equity, venture capital, real estate, private credit, and hedge fund strategies, all within the United States.

### What is the relationship between the pension fund and BAC Local 1?

The Minnesota & North Dakota Bricklayers and Allied Craftworkers Pension Fund is the retirement vehicle for members of BAC Local 1 Minnesota/North Dakota/South Dakota, an affiliate of the International Union of Bricklayers and Allied Craftworkers. The fund is a separate trust, but its leadership overlaps with the union — Douglas B. Schroeder holds leadership roles in both the pension and health plans. The union and fund also share real assets, including a training center in New Hope, Minnesota.

### Does the fund maintain any direct real estate holdings?

Yes — the trust holds real assets tied to the union's operational infrastructure, including the MN/ND Bricklayers Journeyman and Apprentice Training Center at 5420 International Parkway in New Hope, Minnesota, and BAC Local 1's commercial headquarters at 312 Central Avenue SE in Minneapolis. These are operating properties rather than investment-grade commercial real estate.

### Where does the pension's capital come from?

Capital originates from collectively bargained employer contributions tied to hours worked by BAC Local 1 members in Minnesota, North Dakota, and South Dakota. These contributions feed into the defined-benefit trust that the pension fund invests and administers. The fund itself does not have a publicly disclosed wealth origin in the family-office sense; it derives scale entirely from the unionized construction workforce.

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Last updated: 2026-07-08T21:10:37.664Z

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