TIFF has a long history of making “opportunistic” private investments. The label can easily be misunderstood. To some, “opportunistic” may sound short term and risky or imply some sort of exception to an otherwise well-founded, long-term strategy. Sometimes the difference between a single, off-the-beaten-path investment and a less traditional but long-term strategic investment approach may seem blurry, especially to our members, who aren’t with us analyzing investments every day. We at TIFF even employ a fund category labeled “opportunistic” for many of our direct co-investments and investments in fund interests acquired on the secondary market. The category is more of a convenience than a statement about ranking assets or strategies. The fact is, thinking of secondaries and co-investments as somehow outside the bounds of a core private investment approach devalues the importance of this form of investing to our PE program.
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