Position Type: Investments

Rick Morgan, CFA joined TIFF in 2019 as a senior member of the Private Markets group, and he focuses on all aspects of Private Markets investments, including sourcing, diligence, and ongoing portfolio construction and maintenance. He works across PE direct investments, primary commitments, and secondary opportunities.

Prior to joining TIFF, Rick spent seven years working on the investment team at New Mountain Capital, a multi-strategy investment firm. In the earlier stages of his career, he worked at a small value-based hedge fund, as well as an investment banking analyst in New York City. He has a broad range of experience across various industries and has been exposed to multiple asset classes in his work as a generalist.

Rick holds a Bachelor of Arts in Economics and Mathematics and graduated magna cum laude from Middlebury College. He is also a CFA® charterholder. Rick has a strong interest in children’s education and has been a dedicated long-time supporter of Teach for America.

Jay Willoughby, CFA, is Co-Chief Investment Officer of TIFF Investment Management and has chaired TIFF’s Investment Committee since 2015. Having served as the firm’s sole Chief Investment Officer, he now partners with Co-Chief Investment Officer Trevor Graham to co-lead the firm’s investment strategy and oversee portfolio management, helping clients harness the full power of the endowment model and active management in support of their long-term missions

With more than four decades of investment experience, Jay developed his fundamental belief in the power of equities to drive long-term returns during his four years as Chief Investment Officer of the $50 billion Alaska Permanent Fund, his tenure as Co-Managing Partner at Ironbound Capital Management, and his near-decade at Merrill Lynch Investment Managers, where his roles included serving as CIO of the Private Investors Group, Portfolio Manager of the Merrill Lynch Real Estate Fund and Head of Research for Equity Funds.

He holds a BA in Biology from Pomona College and an MBA from Columbia University. He is also a Chartered Financial Analyst® and member of the CFA Institute.

Jay also serves on the TIFF Advisory Services (TAS) Board and the board of American Homes 4 Rent (AMH), a real estate investment trust.

Stephen Williams, CFA joined TIFF in 2015 as a senior member of the Private Markets group. He is focused on managing the private equity and venture capital segments of the portfolio. His responsibilities include overseeing all aspects of private market investments, including primary fund commitments, PE direct investments alongside funds and independent sponsors, and secondary investments. Stephen also concentrates on asset allocation and portfolio modeling, providing support to the broader investment team, and assisting TIFF’s clients in developing long-term exposure to private markets.

Prior to joining TIFF, Stephen began his career at Cogent Partners, a boutique investment bank serving the private equity secondary market.

A CFA® charterholder and member of the CFA Society Boston, Stephen earned a BA in Mathematics from the University of Chicago and an MA in History from Yale’s Graduate School of Arts and Sciences, where he specialized in early modern European economic history and cross-cultural trade. Initially located in TIFF’s Boston office, he is now based in Los Angeles, CA.

Brendon Parry joined TIFF in 2011 and serves as Head of Private Markets, Deputy CIO and Managing Director. He works across all aspects of TIFF’s private markets efforts and manages its private portfolio, which is focused on early-stage venture capital and lower middle market buyout and growth equity. He and the private markets team invest across primary fund commitments, PE direct investments alongside funds and independent sponsors, and secondary transactions. Brendon also serves on TIFF’s Investment Committee, on the Belmont Day School investment committee, and as a board observer for TIFF’s direct investments in ARCM, ATSG, Bobcat of Connecticut, Calpine Containers, Service Country, SMART Safety and Team First.

Previously, Brendon worked at Providence Equity Partners, a leading technology, media, and communications private equity firm. Before entering the direct private equity world after business school, he began his career focused on private markets consulting at Cambridge Associates and earned his CFA® charter concurrently.

He earned his AB in Economics at Brown University and his MBA at Harvard Business School, where he was first introduced to TIFF working with a finance professor on an HBS case study and became captivated by TIFF and its mission.

Trevor Graham is Co-Chief Investment Officer of TIFF Investment Management. He co-leads the firm’s investment strategy, asset allocation, and portfolio construction, helping to guide client portfolios in support of long-term objectives.

Since joining TIFF in 2012, Trevor has been a voting member of the Investment Committee and worked closely with Jay Willoughby and TIFF’s prior CIO in shaping portfolios across public equities, hedge funds, and real assets. His experience spans asset allocation, manager selection, and risk management, with a focus on integrating investment insights across asset classes to drive consistent, long-term performance.

Prior to TIFF, Trevor held investment roles at New York-Presbyterian Hospital and The Museum of Modern Art, where he focused on endowment management and portfolio construction. Earlier in his career, he worked on direct investments at Putnam, focusing on asset manager transactions, and in venture capital at Lehman Brothers, investing in emerging technology businesses. He began his career in Lehman’s technology mergers and acquisitions group.

Trevor earned a BA in Economics from Vanderbilt University, where he was inducted into the Phi Beta Kappa honor society, and an MBA from the Yale School of Management, where he was recognized as a Dean’s Scholar. He serves on the Advisory Board and Investment Committee of The Trustees of Reservations, a leading land conservation organization in Massachusetts.