Heartland's 2025 Governing Board Meeting Success!

The recent Heartland Governing Board meeting served as both a reflection on past achievements and a powerful statement of future intent.

It was a room filled with long-time allies and fresh momentum—demonstrating that the Heartland community remains a driving force in responsible investing, workforce development, and sustainable infrastructure.

Thank you for your support, and we look forward to working together to continue this important work in 2025!

Message from Leadership: 

Heartland’s leadership opened the Governing Board meeting with a message rooted in legacy, gratitude, and forward momentum. Board Chair Emeritus Steve Sleigh reflected on his 30-year journey with Heartland, honoring the decades of dedication that have shaped the organization. Managing Director Tom Croft expressed deep appreciation for the community that sustains Heartland’s mission and presented a symbolic gift from a forge saved by the Steelworkers union members and SVA, Heartland’s non-profit home. Board Treasurer Mary Margaret called for new funding partners to help sustain and expand this critical work. The message was clear: With a strong legacy behind us, Heartland’s impact is powerful—and we’re just getting started.

Roundtable Panel: Navigating uncertainty in responsible finance, and lessons learned: The morning panel explored how Heartland Partners are adapting strategies to navigate market volatility and uncertainty while upholding responsible investment principles. Panelists shared lessons learned from recent experience, highlighting approaches that balance long-term financial performance with values-driven outcomes. Highlights below:

Brian Hale (ULLICO) highlighted a “robust pipeline of projects in all asset classes,” noting that the firm continues to pursue infrastructure and renewable investments despite challenges in offshore wind. He celebrated ULLICO’s partnership with CenTrio Energy and the expansion of projects using Responsible Contractor Policies (RCPs).

Christian Sevier (Segal Marco) emphasized the importance of a long-term perspective for clients, especially in challenging times. He highlighted that “climate risk is financial risk” and reinforced the value of diverse, policy-aligned partnerships, and the importance of RCPs.

Chang Suh (HIT) shared that HIT launched 40 new projects in 20 cities, driven by the growing demand for affordable housing. He underscored the importance of storytelling in uncertain times, noting HIT’s 618 successful projects, including affordable housing for Native Hawaiians in Honolulu and a huge community-scale project in Boston.

Daniel Dynan (Meketa) focused on capital stewardship and “double bottom-line” impacts, detailing how Meketa—overseeing $2.3 trillion in assets—actively works with fund managers to uphold labor standards.

Joe Enright (GCM Grosvenor) discussed the Infrastructure Advantage product, and highlighted infrastructure success and the value of union partnerships for reducing risk and improving delivery. He reinforced that union partnerships both reduce risk and deliver quality: “Projects get done on time and right when unions are involved.”

Steve Binder (Hamilton Lane) highlighted HL’s management of $90 billion in infrastructure over the years, and discussed growth in sectors like AI, energy, and EV charging, reaffirming HL’s mission to “enrich lives and safeguard futures.”

Keynote Presentation:

Delaware Treasurer Colleen Davis and Illinois Treasurer Michael Frerichs

Delaware Treasurer Colleen Davis discussed her family's connection to the union. Given how offshore wind projects have stalled, she shared examples of turning environmental challenges into opportunities—such as reprocessing coal ash for cement while cleaning up a dangerous brownfield and preserving union jobs—and revitalizing unused state properties into housing and community assets. She emphasized practical solutions over perfection, such as securing good-paying jobs and mitigating environmental impacts..

Illinois Treasurer Michael Frerichs praised the late, great Ed Smith’s involvement as a trustee on Illinois pension board in light of the Illinois FIRST Fund, a first-of-its-kind evergreen, $1.5 billion impact investment fund to strengthen the state’s infra and real estate. His “Infrastructure Development Act” allows for the Illinois State Treasurer to allocate up to 5% of the State portfolio in real assets and fund managers that have a track record of development in the state.

HEARTLAND INITIATIVES – Education

Labor Capital Strategies Fellowship

Ama Germain (HCS) and Alainn Hanson (KI) shared updates on the LCS Fellowship. The program has supported 77 fellows from 37 universities, paying $445,000 in wages, with applications tripling in the past year.

HCS Alumni Board

Fellow alum Rachel Ceruti introduced the new HCS Alumni Board, which is focused on building a strong post-fellowship community.

HEARTLAND INITIATIVES – Thought Leadership

DOE/Berkeley Lab Project

Led by Bernie Gallagher (HCS), Annie Malhotra, and Tom Croft, this initiative aims to mobilize institutional investors—like pension funds and green banks—in 18 priority states. The team is mapping key decision-makers, building relationships with fund trustees, and creating a toolkit to unlock climate-aligned, union-built investments. Heartland will invite our investment and labor partners to a briefing in late June, possibly, as a follow-up to our White House-NEC convening one year ago to align pension investments with climate finance.

HEARTLAND INITIATIVES – Field Work

Appalachian Finance Hub

Ramsay Merritt Stevens (IBEW-NECA PDP) and Alaa Mohamed (HCS FinHub) presented this initiative to close the capital gap in five Upper Appalachian states (PA, WV, OH, KY, Western MD). With a $500,000 ARC grant, the project hosted regional convenings and virtual sessions, engaging 500 stakeholders to identify barriers and opportunities for rural clean energy and infrastructure investment.

Decarbonization Campaign

Erin Johansson (Jobs with Justice) discussed a multi-city campaign to decarbonize public housing and assets while supporting union jobs and inclusive workforce pathways. Working with the SVA/Heartland office in Allegheny County and national partners, the initiative connects labor-friendly funds, building trades, and aligned endowments—such as Rockefeller—to values-driven climate solutions.

Thank you to all of our partners, hosts, and supporters as we look forward to growing in 2025!

A special thank you to everyone who attended our Governing board meeting and the Heartland mixer later that evening. We couldn't do what we do without each and every one of you!