North Atlantic States Carpenters Guaranteed Annuity Fund

Executive Director Nicola Favorito and Secretary-Treasurer Thomas Steeves are the named officers responsible for the fund's operations. As a Taft-Hartley multi-employer plan, ultimate fiduciary authority rests with a board of trustees composed of union-appointed and employer-appointed representatives, as required by ERISA and the Labor Management Relations Act.

The fund exists as a separate legal trust under the Taft-Hartley Act, independent of both the United Brotherhood of Carpenters and Joiners of America (UBC) and the North Atlantic States Regional Council of Carpenters. Employer contributions are collectively bargained, and governance is split between union and employer trustees — a firewall intended to ensure the pension assets serve exclusively the retirement interests of plan participants.

The fund lists general venture capital exposure, which for multi-employer pension plans of this profile typically means fund commitments to established venture managers rather than direct seed or Series A investments. This posture allows the fund to capture the asset-class return premium without building in-house sourcing capabilities, though specific fund commitments are not publicly disclosed.

The fund holds direct mixed-use real estate across the United States and international markets, partnership and joint-venture interests globally, and investments through 103-12 investment entities. These 103-12 vehicles — named for a Department of Labor prohibited-transaction exemption — allow pension plans to pool capital for real estate and operating-company investments alongside other institutional investors while maintaining ERISA compliance.

No sector exclusions are publicly disclosed. However, as a labor-union pension plan, the board of trustees is composed of union and employer representatives, and investment policy is typically influenced by organized-labor priorities — meaning the fund may avoid strategies perceived as hostile to union labor or collective bargaining, even if no formal restricted list is published.