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Ullico Reaches Financial Close as Part of Consortium Developing New Terminal One at JFK Airport

June 10, 2022

Washington D.C. (June 10, 2022) – Ullico Inc.’s infrastructure fund today announced the closing of its investment as an equity sponsor in the New Terminal One (“NTO”) development at John F. Kennedy International Airport (“JFK”) in New York City through a consortium that will lease, finance, construct, maintain and operate the terminal. The consortium closed the deal after obtaining all necessary approvals from the Port Authority of New York and New Jersey.

“The New Terminal One partnership is a model for large scale infrastructure delivery, bringing together an innovative government agency in the Port Authority, a world class airport owner, operator and builder, a minority-owned investment firm, labor and best-in-class global airlines,” said Reed Singer, managing director for Ullico Infrastructure Fund (or UIF as defined below). “Through this team, we aim to deliver on the commitments we have made to community stakeholders and build a gateway for New York to rival the world’s best airports.”

“We are proud to be part of the team making this historic transportation infrastructure project possible. The New Terminal One project is not only a world-class vision for airports, it will be a catalyst for economic growth that creates good union jobs and supports family-sustaining construction careers,” said Edward M. Smith, president and CEO of Ullico Inc. (“Ullico”).

The state-of-the-art NTO will be the largest international terminal at JFK airport and is grounded in the consortium’s commitment to engaging the local southeast Queens community, generating local job opportunities, reaching its 30% MWBE participation goal, and creating a uniquely New York sense of place. The $9.5 billion, 2.4 million square foot terminal project is also the largest private investment ever committed to a U.S. airport terminal. The terminal will be built by union labor under a project labor agreement. Groundbreaking on the new terminal is set to begin in summer 2022, with the first phase expected to open to the public in 2026. The NTO will serve as a global gateway to the New York metropolitan area and set a new standard for world-class design and service. UIF is a minority owner in the consortium, alongside Ferrovial S.A., JLC Infrastructure, and The Carlyle Group.

“UIF’s long-term investment in NTO, primarily on behalf of worker pension funds from across the country and the JFK region, is a significant milestone for Ullico and for the infrastructure investment industry. We embrace the responsibility of being a national leader in the largest private airport investment in the United States, and we will work in collaboration with our public and private partners to deliver on the incredibly thoughtful community and MWBE programs that are in place for this trailblazing project,” said Sonia Axter, head of asset management for UIF.

About Ullico

The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.

In 2010, the Ullico Infrastructure Fund (UIF) was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF currently has over $4 billion in investor commitments on behalf of over 200 investors, with 20 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related 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

UIF is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, Inc. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.