Key Takeaways
- • TIFF Investment Management appointed Andrew Murray (Managing Director, Head of Secondary Investing) and Stephen Grau (Executive Director, Secondary Investing) to lead its private equity Secondaries practice, per a Business Wire announcement.
- • The two bring more than three decades of combined experience across private equity secondaries, advisory, and investing, and previously worked together at Morgan Stanley.
- • TIFF's Secondaries team expects target transaction sizes of $2 million to $20 million, focusing on smaller, more complex secondary transactions in inefficient market segments.
- • The team will pursue LP fund interests, co-investments, GP-led transactions, continuation vehicles, and other vehicles holding private equity assets, serving both investors seeking shorter-duration exposure and GPs and existing asset holders seeking liquidity.
- • TIFF, an employee-owned Outsourced CIO with more than $11 billion in AUM as of April 1, 2026, is formalizing and expanding a secondaries capability it already practiced as part of its alternatives strategy.
Summary
TIFF Investment Management (TIFF) has announced the appointment of Andrew Murray and Stephen Grau to lead its private equity Secondaries practice, adding dedicated senior resources to the firm's broader alternatives platform. Murray joins as Managing Director and Head of Secondary Investing, and Grau as Executive Director, Secondary Investing. According to the firm, the two bring more than three decades of combined experience across private equity secondaries, advisory, and investing.
TIFF states it has been active in secondaries as part of its alternative investment strategy, and the appointments formalize and expand that capability. The team is positioned to source, evaluate, and execute secondary opportunities across traditional LP fund interests, co-investments, GP-led transactions, continuation vehicles, and other vehicles holding private equity assets.
CEO Kane Brenan said secondaries have become an increasingly important part of the private markets toolkit as investors seek more flexible ways to manage liquidity, pacing, and private equity exposure. Brendon Parry, Head of Private Markets and Deputy CIO, said the hires should enhance TIFF's private equity program and make the firm more critical to its underlying general partners.
TIFF expects target transaction sizes of $2 million to $20 million. The team will focus on inefficient segments, including smaller and more complex secondary transactions, where the firm cites its sponsor relationships, institutional process, and experience as both a direct and fund investor in lower-middle-market private equity.
The Secondaries team is intended to serve investors seeking shorter-duration private equity exposure as well as GPs and holders of existing private equity assets. TIFF says it aims to act as a responsive, transparent counterparty for tailored liquidity solutions, with rapid pricing, efficient execution, and a long-term relationship approach.
Murray previously helped build and lead secondary investment efforts at Mill Creek Capital Advisors. Grau spent the past seven years on large global secondary advisory teams at Lazard and Jefferies. The two previously worked together at Morgan Stanley.
TIFF is an independent, employee-owned firm specializing in Outsourced Chief Investment Officer services and alternative strategies, founded in 1991. The firm reports more than $11 billion in AUM as of April 1, 2026, calculated on a basis that includes fund NAV plus unfunded commitments and differs from its SEC Form ADV figures. TIFF is a certified B Corporation.
TIFF states it has been active in secondaries as part of its alternative investment strategy, and the appointments formalize and expand that capability. The team is positioned to source, evaluate, and execute secondary opportunities across traditional LP fund interests, co-investments, GP-led transactions, continuation vehicles, and other vehicles holding private equity assets.
CEO Kane Brenan said secondaries have become an increasingly important part of the private markets toolkit as investors seek more flexible ways to manage liquidity, pacing, and private equity exposure. Brendon Parry, Head of Private Markets and Deputy CIO, said the hires should enhance TIFF's private equity program and make the firm more critical to its underlying general partners.
TIFF expects target transaction sizes of $2 million to $20 million. The team will focus on inefficient segments, including smaller and more complex secondary transactions, where the firm cites its sponsor relationships, institutional process, and experience as both a direct and fund investor in lower-middle-market private equity.
The Secondaries team is intended to serve investors seeking shorter-duration private equity exposure as well as GPs and holders of existing private equity assets. TIFF says it aims to act as a responsive, transparent counterparty for tailored liquidity solutions, with rapid pricing, efficient execution, and a long-term relationship approach.
Murray previously helped build and lead secondary investment efforts at Mill Creek Capital Advisors. Grau spent the past seven years on large global secondary advisory teams at Lazard and Jefferies. The two previously worked together at Morgan Stanley.
TIFF is an independent, employee-owned firm specializing in Outsourced Chief Investment Officer services and alternative strategies, founded in 1991. The firm reports more than $11 billion in AUM as of April 1, 2026, calculated on a basis that includes fund NAV plus unfunded commitments and differs from its SEC Form ADV figures. TIFF is a certified B Corporation.
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