Key Takeaways
- • TIFF Investment Management, an outsourced CIO provider, has appointed Andrew Murray as managing director and head of secondary market investing, and Stephen Grau as executive director of secondary investing, to lead a dedicated private equity secondaries platform.
- • The firm plans to target inefficient segments of the secondaries market with transaction sizes between $2 million and $20 million, focusing on traditional limited-partner-fund interests, co-investments, GP-led transactions, and continuation vehicles.
- • Murray brings over a decade of secondaries experience from Mill Creek Capital Advisors, where he built and led the firm's secondaries platform; Grau joins from Jefferies' private equity liquidity solutions team with extensive deal execution expertise.
- • TIFF CEO Kane Brenan emphasized that secondaries have become increasingly critical for institutional investors seeking flexible liquidity management, pacing control, and diversified private equity exposure beyond traditional fund commitments.
- • The move capitalizes on TIFF's existing lower-middle-market private equity relationships and evaluation capabilities, positioning the firm to serve clients demanding more efficient access to alternative investment opportunities.
Summary
TIFF Investment Management, a provider of outsourced chief investment officer services, has formally established a dedicated private equity secondaries investment platform through the appointment of two senior investment professionals. Andrew Murray has joined as managing director and head of secondary market investing, while Stephen Grau has been named executive director of secondary investing. The duo bring more than three decades of combined experience in the secondaries market, positioning TIFF to expand its alternative investment capabilities.
The secondaries platform will focus on sourcing and executing opportunities in traditionally inefficient market segments, with transaction sizes targeted between $2 million and $20 million. TIFF's investment scope encompasses traditional limited-partner-fund interests, co-investments, general-partner-led transactions, continuation vehicles, and other private equity investment structures. This focused approach allows the firm to leverage its existing relationships and operational expertise in lower-middle-market private equity evaluation.
Murray, who previously served at Mill Creek Capital Advisors, was instrumental in building that firm's secondaries platform and brings hands-on experience across the full spectrum of secondary transactions. Grau, joining from Jefferies where he was a vice president in the private equity liquidity solutions team, brings expertise in structuring and executing deals across diverse market conditions. Kane Brenan, TIFF's CEO, noted in a statement that secondaries have become an "increasingly important part of the private markets toolkit" as investors seek more flexible approaches to managing liquidity, pacing, and private equity exposure.
The strategic rationale reflects broader institutional investor demand for alternatives to traditional commitment structures. As Grau noted, "Clients want more flexible ways to access alternatives, while GPs and asset holders need experienced counterparties who understand the assets and can move efficiently." The platform positions TIFF to capture opportunities in a market segment where transaction efficiency and asset-specific expertise create competitive advantages for specialist operators.
The secondaries platform will focus on sourcing and executing opportunities in traditionally inefficient market segments, with transaction sizes targeted between $2 million and $20 million. TIFF's investment scope encompasses traditional limited-partner-fund interests, co-investments, general-partner-led transactions, continuation vehicles, and other private equity investment structures. This focused approach allows the firm to leverage its existing relationships and operational expertise in lower-middle-market private equity evaluation.
Murray, who previously served at Mill Creek Capital Advisors, was instrumental in building that firm's secondaries platform and brings hands-on experience across the full spectrum of secondary transactions. Grau, joining from Jefferies where he was a vice president in the private equity liquidity solutions team, brings expertise in structuring and executing deals across diverse market conditions. Kane Brenan, TIFF's CEO, noted in a statement that secondaries have become an "increasingly important part of the private markets toolkit" as investors seek more flexible approaches to managing liquidity, pacing, and private equity exposure.
The strategic rationale reflects broader institutional investor demand for alternatives to traditional commitment structures. As Grau noted, "Clients want more flexible ways to access alternatives, while GPs and asset holders need experienced counterparties who understand the assets and can move efficiently." The platform positions TIFF to capture opportunities in a market segment where transaction efficiency and asset-specific expertise create competitive advantages for specialist operators.
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