North America’s Building Trades Unions and American Investment Council Announce New Labor-Management Partnership
First of its Kind Partnership will Support Union Jobs, Strengthen Retirements, & Help Economic Recovery
WASHINGTON, D.C. – September 3, 2020 – North America’s Building Trades Unions and the American Investment Council today announced a first of its kind, broad partnership to accelerate the creation of good union jobs, encourage investment, and strengthen retirement security for millions of middle class families.
Sean McGarvey, President of the North America’s Building Trades Unions, and Drew Maloney, President and CEO of the American Investment Council, released the following statement discussing the new partnership:
“Today, North America’s Building Trades Unions (NABTU) and the American Investment Council (AIC) united to deepen a partnership that will enhance the role of patient capital in creating good union jobs. In forming a Labor-Management Committee, NABTU and AIC recognize the importance of a strong relationship between organized labor and America’s leading private equity and growth capital firms.”
“Through our work together, we will promote the growth of union jobs with family-sustaining wages and expand investment partnerships like the $13 billion redevelopment of New York’s JFK Terminal 1. We will also work to present an even more unified front on public policy decisions affecting retirement security, job growth and access to capital.
“NABTU’s affiliated pension funds manage $550 billion in assets, and through our retirement capital we will educate the public on our role as investors in private equity and its economic impact on our communities.”
“We are excited about this new partnership and looking forward to expanding economic opportunity for our members and their families, and the communities where they live, work and invest.”
AIC and NABTU also released a new video where Sean McGarvey and Drew Maloney discuss how private equity and unions can partner to ensure more good union jobs, more capital for important projects, and stronger retirements for millions of middle-class families.
Sean McGarvey discussed how private equity and union workers are already partnering to create well-paying union jobs: “The perfect example of a private equity-union partnership is the upcoming $13 billion rebuild of JFK Terminal One, where Carlyle Group teamed up with Ullico, the labor-owned insurance and investment company. This project will create ladders of opportunity, along with 5,000 union construction jobs and 2,000 airport operation jobs going forward. We want to see similar partnerships across the country, and that is what our partnership is all about.”
Drew Maloney went on to discuss how AIC and NABTU will work hand-in-hand: “To educate Americans about organized labor’s role as investors in private equity and how those investments strengthen pensions.”
Click here to watch the full video.
About the private equity industry and the American Investment Council
There are more than 5,000 U.S. private equity firms with investments in approximately 35,000 American businesses that employ 8.8 million people. From 2013-2018, U.S. private equity firms invested $3.4 trillion into American companies.
The American Investment Council (AIC) is the leading advocacy and resource organization established to develop and provide information about the private investment industry and its contributions to the long-term growth of the U.S. economy and retirement security of American workers. Member firms of the AIC consist of the country’s leading private equity and growth capital firms united by their successful partnerships with limited partners and American businesses. More information about the AIC can be found at www.investmentcouncil.org.
About North America’s Building Trades Unions
NABTU is dedicated to the stability of employment and economic security of organized construction workers in North America. Our purpose is to create more work opportunities, achieve living wages and protect benefit standards, not just for the members of our 14 national and international union affiliates, but for all construction workers.
Organized construction workers have achieved a powerful voice in government, in bargaining and in their communities. For over a century, NABTU has worked to secure the continued stability of employment and economic security of organized skilled craft professionals in the construction industry.
Director of Communications and Marketing – NABTU
Vice President, Public Affairs – AIC