CHICAGO, May 17, 2018 /PRNewswire/ -- GCM Grosvenor today announced that its Labor Impact Infrastructure business has adopted a Responsible Contractor Policy that includes an agreement to proactively collaborate with the North America's Building Trades Unions ("NABTU"). The policy will ensure "responsible contractors," including contractors who are signatories to collective bargaining agreements, are part of the bidding and selection process for its Labor Impact investments. Through this policy, GCM Grosvenor will promote fair benefits, wages, working conditions and training opportunities for covered workers on projects for GCM Grosvenor's dedicated Labor Impact Infrastructure business.
Labor Impact Infrastructure investing is investment in infrastructure that relies on a collaboration with union labor to unlock infrastructure opportunities and generate high quality risk-adjusted returns, while creating an enduring positive impact on organized labor.
"Sean McGarvey and North America's Building Trades Unions have shown tremendous leadership pushing a pro-investment and pro-worker agenda. What they have worked toward is the smartest way to approach infrastructure and their efforts should transform the infrastructure investment industry," said Michael J. Sacks, Chief Executive Officer of GCM Grosvenor. "This Responsible Contractor Policy reflects our values and is an important starting point for any firm that is serious about infrastructure in North America."
"It is rare to find a firm such as GCM Grosvenor that brings the sophistication of a global investment platform and embraces the values of the labor movement," said Sean McGarvey President of NABTU. "GCM Grosvenor's Responsible Contractor Policy is as good as any we have seen for workers and communities, if not better."
GCM Grosvenor's Responsible Contractor Policy is among the strongest in the industry, reflecting its continued collaboration with leaders in the labor community. The policy covers project construction, renovation, operation and maintenance. Projects must meet criteria, including:
- A bidding process that is competitive and includes responsible contractors, including signatory contractors;
- Selected contractors must demonstrate a history of providing fair wages and benefits, compliance with federal, state and local laws including, but not limited to, wages, insurance benefits, occupational health and safety, and non-discrimination;
- Promotion of Project Labor Agreements;
- Recognition of employee training and safety and protection of workers' rights; and
- Certain advanced notification to national and local building trade organizations of project and bidding opportunities and reasonable time to seek union labor for various functions.
Additionally, the Labor Impact Responsible Contractor Policy contains enforcement mechanisms designed to ensure strict adherence to the policy provisions.
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management firm with approximately $50 billion of assets under management in hedge fund strategies, private equity, infrastructure, real estate and multi-asset class solutions. It is one of the largest, most diversified independent alternative asset management firms worldwide. GCM Grosvenor has offered alternative investment solutions since 1971. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong and Seoul. GCM Grosvenor serves a global client base of institutional and high net worth investors.
About North America's Building Trades Unions
North America's Building Trades Unions is an alliance of 14 national and international unions in the building and construction industry that collectively represent over 3 million skilled craft professionals in the United States and Canada. NABTU is dedicated to creating economic security and employment opportunities for construction workers in North America by safeguarding wage and benefits standards, promoting responsible private capital investments, investing in renown apprenticeship and training, and creating pathways to the middle class for women, communities of color and military veterans in the construction industry.
SOURCE GCM Grosvenor