# National Stabilization Agreement of the Sheet Metal Industry

National Stabilization Agreement of the Sheet Metal Industry is a Pension Fund based in Falls Church, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Falls Church, United States
- **Region:** North America
- **Address:** 3180 Fairview Park Drive, Ste. 150, Falls Church, VA 22042, United States
- **Assets under management:** Undisclosed
- **Website:** sasmi.org
- **LinkedIn:** https://sasmi.org

## Regulatory record

- **Reports private funds:** No

## About

The National Stabilization Agreement of the Sheet Metal Industry (SASMI) Trust Fund is a Taft-Hartley trust governed jointly by the SMART union and the SMACNA contractor association. Founded to stabilize earnings for itinerant sheet metal workers, the fund collects employer contributions and disburses them through a range of welfare benefits including sick leave, maternity pay, and a healthcare reimbursement account. The trust's investment program spans private markets and public securities, with an asset mix that includes private credit, real estate, hedge funds, infrastructure, and secondaries. SASMI frequently co-invests in the same private market funds as the Sheet Metal Workers' National Pension Fund, its sister vehicle. Geographic exposure is concentrated in North America, though infrastructure commitments occasionally reach international developed markets. The fund operates from a single office in Falls Church, Virginia. Kenneth Colombo serves as Fund Administrator, while trustees John Daniel and Donald Dunn represent SMART on the board. Total benefits paid reached $1.8 billion as of June 2025. The trust maintains a close operational link with the SMART-SMACNA Partners In Progress industry association, which coordinates labor-management initiatives across the sheet metal trade. SASMI's structural distinction lies in its benefits-centric mandate — few Taft-Hartley trusts combine unemployment stabilization with a private-markets portfolio designed to fund member travel and healthcare accounts. The dual governance of union trustees and contractor-association trustees creates a capital-formation model where return targets must balance liquidity demands against long-duration illiquid commitments.

## Sectors

- Real Estate
- Private Credit
- Hedge Funds
- Infrastructure
- Secondaries & Special Situations

## People

- Kenneth Colombo — Fund Administrator
- John Daniel — Trustee
- Donald Dunn — Trustee

## Questions

### Who runs investment decisions at SASMI?

Day-to-day administration is led by Fund Administrator Kenneth Colombo. Governance and fiduciary oversight rest with a board of trustees that includes representatives of the SMART union — John Daniel and Donald Dunn among them — and the SMACNA contractor association. The trust does not publicly disclose a dedicated chief investment officer.

### How is SASMI's trust structured?

SASMI is a Taft-Hartley trust fund, jointly governed by labor (SMART, the sheet metal workers' union) and management (SMACNA, the contractors' association). Employer contributions feed the trust, which then pays benefits directly to active members and retirees and invests surplus assets across a multi-asset institutional portfolio.

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

SASMI accesses private markets primarily through fund commitments. It often invests alongside the Sheet Metal Workers' National Pension Fund, its sister trust, placing capital in the same private-market vehicles. There is no public record of direct co-investment or SPV activity.

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

SASMI's co-investment activity is best understood as parallel commitment — it places capital into the same private-market funds as the Sheet Metal Workers' National Pension Fund. Whether the trust also participates in sidecar co-investment vehicles offered by those GPs has not been publicly disclosed.

## Related profiles

- [National Social Security Fund](https://altss.com/profile/national-social-security-fund)
- [National Treasury Management Agency](https://altss.com/profile/national-treasury-management-agency)

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

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