Pipe Trades District Council No 36 Pension Trust

Pipe Trades District Council No 36 Pension Trust

The trust operates as a Taft-Hartley defined-benefit plan, jointly governed by labor and management trustees under the Employee Retirement Income Security Act of 1974. It draws contributions from employers signatory to collective bargaining agreements with Pipe Trades District Council No. 36. The trust's sister vehicle, the Pipe Trades District Council No. 36 Health and Welfare Trust Fund, covers the same participant base for medical benefits, creating a coordinated benefits structure for active and retired members. The portfolio blends direct real estate equity with fund commitments. Known holdings span a core commercial real estate portfolio and a dedicated healthcare real estate strategy, both focused on North American assets. A credit sleeve includes an allocation to the Grosvenor Opportunistic Multi-Credit Fund, signaling appetite for dislocation-driven and special-situation lending alongside conventional fixed income. The geographic center of gravity is the western United States, where the sponsoring union's membership is concentrated. Unlike larger public plans, the trust does not publicly disclose detailed board meeting minutes, investment committee agendas, or asset-allocation studies, leaving the precise size of its portfolio visible only to its consultants, custodians, and participating employers. Structurally, the trust sits inside a closed, jointly trusteed governance model that limits external transparency. Investment decisions are made by a board evenly split between union and contractor representatives, a design that keeps fiduciary accountability local but strands the trust below the disclosure thresholds that trigger routine public reporting. This governance shape is the trust's defining operational feature, distinguishing it from both public pension funds and single-family offices.