Sheet Metal Workers Local Pension Plan

As a Taft-Hartley multiemployer plan, the Sheet Metal Workers Local Pension Plan is governed by a joint board of trustees composed of an equal number of union and contributing-employer representatives. All investment policy, manager selection, and asset allocation decisions require majority board approval. This dual-party oversight tends to favor cautious liability matching and limits exposure to single-manager concentration risk.

The plan maintains a secondary-heavy allocation across private-market commitments, accessing secondaries, buyout, and special-situations strategies through fund commitments rather than direct co-investments. Identified real-asset fund relationships include American Core Realty Fund and Metropolitan Real Estate Partners, along with a banking deposit program at Morgan Stanley. The portfolio tilts toward domestic exposure without a publicly disclosed international allocation.

There is no public evidence that the plan participates in direct co-investments or holds direct operating-company equity. The positions that have surfaced — such as the American Core Realty Fund stake and the Metropolitan Real Estate Partners commitment — are structured as limited-partner interests in commingled vehicles. This aligns with the conservative liquidity and governance profile of a small- to mid-sized Taft-Hartley plan.