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Transport Workers Union - Westchester Private Bus Lines (TWU)
The Transport Workers Union - Westchester Private Bus Lines (TWU) Pension Fund is a defined-benefit multiemployer plan based in Brooklyn, New York.
Transport Workers Union - Westchester Private Bus Lines (TWU)
The Transport Workers Union - Westchester Private Bus Lines (TWU) Pension Fund is a defined-benefit multiemployer plan based in Brooklyn, New York. It covers unionized employees at Liberty Lines and other private bus operators serving Westchester County. The fund holds additional trust assets in Phoenixville, Pennsylvania. The board of trustees reflects its multiemployer structure, with Carlos Bernabei serving as Chairman and Union Trustee, Jerry D'Amore as Treasurer and Management Trustee, and four other trustees split evenly between labor and management. The fund maintains a remarkably concentrated investment strategy. Its deployment is almost entirely dedicated to secondaries — purchasing existing private fund interests from other limited partners seeking early liquidity, or acquiring portfolios of fund stakes directly from other institutional investors. This singular focus is rare among Taft-Hartley pension plans, which more commonly spread allocations across real estate, public equities, and primary private market commitments. The fund's size — Altss estimates roughly $189 million — positions it to pursue smaller, less competitive secondary transactions where pricing tends to be more favorable than in large institutional portfolio sales. Governance follows the standard multiemployer model under ERISA. Trustees are appointed equally by the Transport Workers Union of America and by the contributing employers, principally Liberty Lines. The fund's reported trust assets in Phoenixville, Pennsylvania, suggest a custody or administrative relationship outside the New York metro area, though the specific nature of that arrangement is not publicly disclosed. The fund's concentrated secondary strategy represents a genuine structural differentiator. While most Taft-Hartley plans delegate private markets exposure across primaries, secondaries, and co-investments within broader alternatives programs, TWU Westchester has effectively made secondaries its entire investment program. This suggests either a deeply held conviction about the risk-return profile of secondary purchases or a decision to externalize most other asset-class management through an OCIO arrangement not visible in the fund's own disclosures.
General information
Firm type
Pension Fund
Year founded
—
AUM
$100M–$250M (Altss estimate)
Location
Region
North America
Country
United States
City
Brooklyn
Corporate office
Brooklyn, NY, United States
Additional offices
Phoenixville, PA, United States
Principals
Carlos Bernabei
Chairman and Union Trustee
Jerry D'Amore
Treasurer and Management Trustee
Gerard Bernacchia
Management Trustee
Joseph Murphy
Management Trustee
Manuel Agosto
Union Trustee
John Day
Union Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at the TWU Westchester Private Bus Lines Pension Fund?
Investment decisions are overseen by a board of trustees evenly divided between union and employer representatives. Carlos Bernabei chairs the board as a union trustee. Jerry D'Amore serves as treasurer and management trustee. The specific investment committee structure — whether the full board votes on manager selections or delegates to a subcommittee — is not publicly detailed, as is typical for Taft-Hartley plans of this size.
What does the fund invest in?
The fund's strategy is concentrated in private market secondaries. This means purchasing limited partner interests in private equity, infrastructure, real estate, and private credit funds from other investors, or acquiring portfolios of fund stakes directly from institutions rebalancing their allocations. The fund does not publicly carve out separate allocations to direct co-investments or primary fund commitments.
Why is there almost no public information about this pension fund?
Multiemployer Taft-Hartley plans below roughly $250 million in assets are not required to file detailed public disclosures beyond Form 5500 filings with the Department of Labor. Unlike public pension systems, these plans have no statutory transparency requirement toward the general public. The absence of a website or LinkedIn presence is common for plans of this size and structure.
Is this a single-employer pension plan?
No. It is a multiemployer plan. Multiple private bus operators in Westchester County, including Liberty Lines, contribute to the plan on behalf of their unionized workers under collective bargaining agreements with the Transport Workers Union of America. This structure pools pension obligations and assets across employers.
What is the fund's known posture on co-investments alongside external GPs?
The fund has not publicly disclosed any co-investment program. Its disclosed strategy is secondaries — purchasing existing fund positions rather than writing checks into new primary funds or direct deals. Co-investment activity is unlikely to be a material part of the portfolio given the fund's size and singular focus.
How does the fund source secondary deals?
The specific sourcing model is not public. At an estimated $189 million in assets, the fund likely works through one or more specialist secondary advisors or an outsourced CIO arrangement to access deal flow, given that direct sourcing of secondary transactions typically requires dedicated in-house resources that a plan of this size rarely maintains.
Where does the underlying capital come from?
Contributions come from private bus operators in Westchester County, New York, under collective bargaining agreements with the Transport Workers Union of America. Liberty Lines is the primary identified contributing employer. Contributions are negotiated as part of union contracts and paid into the trust on behalf of covered workers.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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