National Asbestos Workers Pension Plan

Investment decisions are governed by a Board of Trustees, chaired by James Gribbins. The board includes union trustees such as Gregory T. Revard, General President of the International Association of Heat and Frost Insulators and Allied Workers, and Jason Smith of Local No. 18. Like all Taft-Hartley plans, the board is composed of equal numbers of union and employer representatives, though specific employer trustees have not been publicly identified.

The plan's strategy is overwhelmingly concentrated in private equity secondaries, per trustee disclosures. This means the plan acquires existing LP commitments from other investors in private equity funds, typically purchasing those interests at discounts to net asset value. The strategy aims to accelerate capital deployment and distributions relative to primary fund commitments, though it introduces pricing and vintage concentration risk not present in diversified pension portfolios.

Specific stage preferences have not been publicly disclosed. Secondaries transactions can span buyout, venture capital, growth equity, and real assets fund interests. Given the plan's small-to-mid-sized pension profile, its secondary purchases likely focus on mid-market buyout fund interests where discount capture is most pronounced, but the exact composition remains a matter of board discretion.

The plan is the defined-benefit pension vehicle for members of the International Association of Heat and Frost Insulators and Allied Workers, the parent labor union. The union's General President, Gregory T. Revard, serves as a trustee on the plan's board. This is the standard Taft-Hartley multiemployer structure in which a union and multiple contributing employers jointly sponsor a pension plan for workers who move between unionized job sites.

No. The plan does not publicly disclose its total asset figures. As a private pension plan not subject to the same public disclosure requirements as public pension systems, full financial statements including asset totals and specific partnership commitments are not readily available. This is common among smaller multiemployer plans.

The plan's secondary-market focus means it primarily acquires existing fund interests rather than making new primary fund commitments. In a typical secondary transaction, the plan buys another LP's stake in a private equity fund, stepping into the remaining capital calls and receiving future distributions. Whether the plan engages in any direct co-investment or direct deals alongside these secondaries purchases has not been disclosed.

The plan's public footprint offers no evidence of co-investment activity alongside any external general partners. Its focus is exclusively on secondaries purchases, per trustee communications. For a plan of this size and concentration, adding co-investment capacity would require dedicated staff or outsourced advisory relationships that have not been publicly documented.