# North Atlantic States Carpenters Annuity Fund

North Atlantic States Carpenters Annuity Fund is a Pension Fund based in Hamden, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Hamden, United States
- **Region:** North America
- **Address:** Hamden, CT, United States
- **Founded:** 1957
- **Assets under management:** Undisclosed
- **Website:** nascbf.org
- **LinkedIn:** https://www.linkedin.com/company/north-atlantic-states-carpenters-benefit-funds

## Regulatory record

- **Reports private funds:** No

## About

The North Atlantic States Carpenters Annuity Fund is a private sector pension fund based in Hamden, US. It manages approximately $1.3 billion in assets across 12 funds, primarily focused on North America.

## Sectors

- Real Estate
- Infrastructure
- Private Credit

## People

- Nicola Favorito — Executive Director, North Atlantic States Carpenters Benefit Funds
- Joseph Byrne — Trustee and Executive Secretary-Treasurer, NASRCC
- Thomas Flynn — Trustee

## Questions

### Who governs the North Atlantic States Carpenters Annuity Fund?

A joint board of trustees, evenly split between union and employer representatives, governs the fund. Joseph Byrne, Executive Secretary-Treasurer of the NASRCC, and Thomas Flynn are among the union-appointed trustees. Nicola Favorito serves as Executive Director of the Benefit Funds office administering day-to-day operations.

### How does the fund's Taft-Hartley structure affect its investment strategy?

The Taft-Hartley structure mandates an equal number of union and employer trustees, creating a built-in check on risk and alignment. The fund's capital base is non-discretionary, flowing from collective bargaining agreements rather than voluntary contributions. This drives a preference for predictable, income-oriented assets that can meet actuarial targets without chasing high-volatility returns, and creates a natural bias toward projects that employ union labor.

### What is the fund's relationship with the AFL-CIO Housing Investment Trust?

The fund is an investor in the AFL-CIO Housing Investment Trust (HIT), a large fixed-income vehicle that finances multifamily housing construction nationwide. HIT mandates union labor on all job sites. For the annuity fund, this generates a dual return: a market-rate yield on pension assets and demonstrable job hours for NASRCC carpenters on HIT-funded projects across New England and beyond.

### Does the fund invest directly in real estate or through intermediaries?

It does both. Disclosed commitments include direct participation in the ULLICO J for Jobs commercial real estate program and the AFL-CIO HIT. The fund also maintains a trustee-directed investment pool capable of holding direct real estate and other assets, giving the board flexibility to act without an intermediary when opportunity or local market knowledge warrants.

### Which geographic regions does the fund prioritize?

While the fund invests nationally through vehicles like the AFL-CIO HIT, its trustee-directed pool focuses on opportunities connected to the NASRCC's footprint: Connecticut, Massachusetts, Rhode Island, New Hampshire, Vermont, Maine, and upstate New York. This local orientation allows the fund to deploy capital into projects that directly employ its contributing members.

## Related profiles

- [North American Wealth Advisors](https://altss.com/profile/north-american-wealth-advisors)
- [North Atlantic States Carpenters Guaranteed Annuity Fund](https://altss.com/profile/north-atlantic-states-carpenters-guaranteed-annuity-fund)

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

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