Threadmark

Threadmark is governed by a joint board of union trustees from the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers and contributing employer trustees, consistent with Taft-Hartley plan governance. Dave Breuner serves as a key partner on the investment side, focusing on strategic joint ventures, separately managed accounts, and fund placements. The plan administrator, CompuSys, handles recordkeeping and benefits administration but does not direct investment policy.

Threadmark relies on a mix of general partner relationships built over decades of fund commitments and the direct outreach that comes with being a recognizable labor-affiliated pool of capital. Dave Breuner's role in structuring joint ventures and separate accounts suggests a model that favors negotiated, relationship-driven placements rather than competitive auction processes. The New York real estate position indicates direct sourcing capability in core property markets.

Both. The portfolio includes traditional limited partner commitments to venture, buyout, mezzanine, distressed debt, and fund-of-funds vehicles, but the firm also structures direct co-investments through strategic joint ventures and separately managed accounts. Its core real estate portfolio and commercial leasehold at 300 Park Avenue are direct holdings, demonstrating willingness to commit capital outside a pure fund structure.

The venture program spans the full lifecycle: seed-stage, start-up, early-stage, expansion, and late-stage allocations. This breadth typically reflects a commitment to one or more multi-stage venture fund managers rather than bottom-up direct startup investing, though the separate account structure could allow for targeted co-investment at specific stages when a trusted GP offers it.

Threadmark is the defined-benefit pension trust for members of Iron Workers Locals 21, 24, 27, 495, and 732, covering workers across the Intermountain region. It is a Taft-Hartley multiemployer plan, meaning contributing employers fund it under collective bargaining agreements, and union representatives sit on the board of trustees alongside employer representatives. The trust provides retirement, disability, and death benefits exclusively to these members.

The plan holds a core mixed-use real estate portfolio and a commercial office leasehold at 300 Park Avenue on the 2nd floor in Midtown Manhattan. The New York position is notable for a plan of this size — it represents a direct institutional-quality asset typically held by larger allocators. The mixed-use holdings suggest additional exposure to residential, retail, or light industrial properties, likely concentrated in or near the Intermountain West.

No explicit exclusionary policy is publicly disclosed, but Taft-Hartley plans frequently avoid sectors that conflict with union labor priorities — such as non-union heavy construction, anti-union hospitality, or manufacturing with adverse labor records. The distressed debt and special-situations sleeve could theoretically touch contested industries, though any investment that undermines member interests would be politically untenable for labor trustees.