# National Asbestos Workers Pension Fund

National Asbestos Workers Pension Fund is a Pension Fund based in Pembroke Pines, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Pembroke Pines, United States
- **Region:** North America
- **Address:** 7130 Columbia Gateway Drive, Suite A, Pembroke Pines, MD, United States
- **Assets under management:** Undisclosed
- **Website:** insulators.org

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Real Estate
- Private Credit
- Private Equity

## People

- Jason Smith — Union Trustee
- Lacy Wolf — Trustee
- Steven Carr — Trustee

## Questions

### Who runs investment decisions at National Asbestos Workers Pension Fund?

Investment decisions rest with the board of trustees that includes union representatives such as Jason Smith and plan sponsor designees. Callan serves as the external investment consultant.

### Does the fund participate in fund commitments or only direct deals?

The fund participates through limited partner commitments to commingled vehicles such as ASB Meridian Real Estate Fund II and Heitman Value Partners Fund VI.

### What asset classes appear in the fund's portfolio?

Holdings include real estate funds, private credit through Crescent Capital Group, and private equity exposure via Oaktree and GCM Grosvenor.

### How is the fund related to the International Association of Heat and Frost Insulators and Allied Workers?

The fund is a multi-employer plan sponsored by the union, with trustees drawn from union leadership and plan sponsor representatives.

### What is the fund's known posture on co-investments alongside external GPs?

No direct co-investment activity is documented in available records; exposure occurs through fund commitments.

## Related profiles

- [California Academy of Sciences](https://altss.com/profile/california-academy-of-sciences)
- [Waterbury Retirement System](https://altss.com/profile/waterbury-retirement-system)

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Last updated: 2026-06-03T20:00:00.000Z

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