HARRISBURG – Pennsylvania Treasurer Stacy Garrity on Tuesday announced a $25 million investment in the Ullico Infrastructure Fund, which invests in infrastructure projects principally in the United States and Canada.
The fund announced that it intends to invest at least twice that much – $50 million – in Pennsylvania over the next four years.
“This investment is a huge win for Pennsylvania taxpayers,” Garrity said. “We’ll get a strong return on our investment, and we will benefit tremendously from Ullico’s investments in our state, which will create good-paying jobs and strengthen communities.
“I’m proud to partner with Ullico, which has a proven track record of successful infrastructure investments across the United States and Canada, including existing investments in Pennsylvania.”
“In our experience, infrastructure investments are commitments to the community where those assets live, to the people who build, maintain and operate them,” said Brian Hale, chief executive officer and president of Ullico Inc.
“We’re eager to help strengthen Pennsylvania communities with good-paying union jobs that responsible infrastructure investments create.”
Pennsylvania labor leaders are praised the investment.
“This is a significant investment that will help move Pennsylvania forward,” said Philip Ameris, president of the Pennsylvania Laborer’s Union Executive Board.
“Strong investments in infrastructure are critical to our state’s economy and to promoting blue-collar job creation. I support Treasurer Garrity’s decision to make this investment, and I thank her for supporting Pennsylvania workers.”
“This investment will help us rebuild our state’s infrastructure, and it will bring great jobs to Pennsylvania,” said Paul Mullen, business manager of IBEW Local 654.
“We’re well-positioned to be a national leader in infrastructure projects, and this is a huge step in the right direction. Treasurer Garrity deserves a lot of credit for making a very smart decision.”
Under the agreement, which Treasury and Ullico began negotiating last fall, Ullico will endeavor to identify and secure an investment in one or more investment opportunities involving a partnership of at least $50 million in Pennsylvania infrastructure development projects – such as utilities, communications, transportation and renewable energy – within four years of Treasury’s investment.
“Partnering with Ullico is a continuation of my ongoing commitment to make investments that are not only smart for Pennsylvania, but also drive economic activity in the Commonwealth,” Garrity said.
“Over the past three years, we’ve worked hard to increase our use of Pennsylvania-based firms and to find prudent investments, which have the added benefit of directly benefiting Pennsylvania’s hardworking families.
“We’ve increased assets under management with Pennsylvania-based firms from approximately $1.5 billion to nearly $4 billion. We’ve also significantly increased our use of diverse and veteran-owned financial firms – and on top of that, we’ve reduced fees to create an ongoing benefit to taxpayers of $1.9 million per year.”
The Pennsylvania Treasury Department and the Ullico Infrastructure Fund have signed the agreement. It will now be reviewed by the Pennsylvania Office of Attorney General for form and legality.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members.
Founded 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to its clients.
Ullico’s products are tailored to promote financial security and stability for American workers.
Ullico Infrastructure Fund, founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure.
UIF provides institutional investors with access to core and core+ infrastructure investments that are structured to deliver long-dated, low-volatility and inflation-linked cash flows.
As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations.
As of Sept. 30, 2023, UIF currently has approximately $5 billion in investor commitments on behalf of over 275 investors, with 23 portfolio investments across power, utilities, energy, transportation and digital infrastructure sub-sectors.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.