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ULLICO
ULLICO was formed in 1927 as The Union Labor Life Insurance Company after AFL president Samuel Gompers backed the idea of a union-owned insurer.
ULLICO
ULLICO was formed in 1927 as The Union Labor Life Insurance Company after AFL president Samuel Gompers backed the idea of a union-owned insurer. The firm launched Separate Account J (J for Jobs) in 1977 to finance commercial real estate with union labor requirements, and in 2010 added the Ullico Infrastructure Fund to target national infrastructure needs. Strategy centers on fixed-income and real estate equity investments via J for Jobs, which originates union-built commercial mortgages (per firm website). The infrastructure fund participates in large public-private projects. Portfolio activity is concentrated in the United States, with named projects including the JFK Terminal One redevelopment (per firm article, May 2024). The firm also provides insurance coverages including workers' compensation, fiduciary liability, and cyber liability for union entities. The firm operates from Silver Spring, Maryland, with an undisclosed AUM. Edward M. Smith Scholarship Program runs through the Ullico Foundation. October 2025: Ullico Select added disaster insurance for union members (per firm press release, October 2025). ULLICO's mandate is structurally distinct: every investment it makes must promote union job creation. J for Jobs and the infrastructure fund require 100% union construction labor, binding capital deployment directly to labor movement employment goals.
General information
Firm type
Asset Manager
Year founded
1927
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Silver Spring
Corporate office
Silver Spring, MD, United States
Principals
Matthew Woll
Co-founder, President of the Photo Engravers Union
George Perkins
Co-founder, President of the Cigar Makers Union
Samuel Gompers
Supporter, President of the American Federation of Labor
Sector focus
Frequently asked questions
Who runs investment decisions at ULLICO?
ULLICO's investment decisions are overseen by its management team, but the firm does not publicly disclose a named CIO or investment committee chair. The board of directors includes union representatives and shareholder-union leaders (per firm website).
How does ULLICO source proprietary deal flow?
ULLICO sources deals through its union network. J for Jobs originates commercial mortgages directly, and the infrastructure fund participates in public-private projects. The firm relies on relationships with local tradesmen and union pension fund trustees (per firm history page).
Is ULLICO structured as a single family office or does it operate more like an asset manager?
ULLICO is an asset manager owned by union shareholders, not a family office. It is a regulated insurance company and investment manager serving union-sponsored benefit plans and public funds.
Does ULLICO participate in fund commitments or only direct deals?
ULLICO primarily makes direct investments through J for Jobs (commercial mortgages) and the Ullico Infrastructure Fund (infrastructure projects). It also offers insurance products directly to union entities.
What investment stages does ULLICO typically target?
ULLICO invests in stabilized commercial real estate debt and infrastructure projects at construction or development stage. J for Jobs focuses on permanent first mortgages, while the infrastructure fund targets large-scale construction projects.
Which sectors does ULLICO explicitly avoid?
ULLICO does not publicly disclose an explicit exclusion list, but its mandate restricts investments to projects that use union labor. This effectively excludes non-union commercial construction and sectors without union presence.
Where does the underlying wealth come from?
ULLICO's capital comes from insurance premiums paid by union members and investment contributions from union-sponsored pension and benefit plans. It is owned by labor unions and their members (per firm website).
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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