National Asbestos Workers Pension Fund

National Asbestos Workers Pension Fund

The National Asbestos Workers Pension Fund functions as a multi-employer pension plan sponsored by the International Association of Heat and Frost Insulators and Allied Workers. It has remained in critical status since at least 2010 and follows a formal rehabilitation plan focused on meeting long-term pension obligations. The fund deploys capital through limited partner commitments to real estate vehicles including ASB Meridian Real Estate Fund II and Heitman Value Partners Fund VI. Additional holdings include positions in Crescent Capital Group, Oaktree Capital Management, and GCM Grosvenor Diversified Partners. Geographic exposure centers on the United States with select global private equity exposure. Assets stood at $467 million as of 2016. The fund maintains two affiliated foundations, the Asbestos Relief Fund and the Tissue Bank Asbestos Research Charitable Trust, both focused on health-related support within the union community. Service providers include National Employee Benefits Administrators as plan administrator and Callan as investment consultant. The fund operates as a union-sponsored multi-employer plan with governance shared among designated trustees and plan sponsor representatives. This structure ties investment decisions directly to the labor organization rather than a single family or corporate sponsor.