Topic: Private Markets

In September 2025, TIFF Investment Management hosted our inaugural Capital Connections event at the Boston Harbor Hotel—an invitation-only gathering designed exclusively for independent sponsors, managers, leading E&F investors, and TIFF Board Members. TIFF has been making direct investments alongside Independent Sponsors since 2014 and remains an active participant in this growing area of the Lower Middle Market. We were thrilled to host this event as a way to spark candid conversations, share ideas, and strengthen long-term partnerships.

The program began with a two-hour closed-door educational session led by InRider Partners, where independent sponsors engaged in interactive discussions on go-to-market and fundraising strategy. Key takeaways included:

• Market your investments effectively: Clearly articulate Why You, Why Your Fund, and Why Now. With investors, first impressions matter—and your materials must speak for you even when you’re not in the room.
• Position with clarity and differentiation: In a crowded marketplace, memorable points of differentiation and a concise strategy statement ensure your edge stands out—because every word counts.
• Plan for a strong fundraise: Success depends on preparation. Strong closings balance timing and amount, and the best GPs plan early, knowing scrutiny only intensifies with each subsequent investment and fund.

Building on these insights, the evening also highlighted broader themes shaping today’s investment landscape:

• Lower Middle Market Opportunity: TIFF’s conviction in the lower middle market remains stronger than ever, with compelling opportunities for high real returns.
• Fundraising Fundamentals: Success with institutional LPs requires thoughtful preparation, positioning, and relationship-building—not just a strong strategy.
• The Power of Partnership: Enduring relationships across the TIFF community—sponsors, managers, clients, board, and friends—remain central to our mission of generating returns and creating lasting impact.

We extend our gratitude to all who contributed their expertise, creativity, and partnership to make this evening possible. We look forward to hosting Capital Connections as an annual event, and invite you to reach out to learn how you can be part of the next event.

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

These materials may contain forward-looking statements relating to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms or other comparable terminology. Although TIFF believes the expectations reflected in the forward-looking statements are reasonable, future results cannot be guaranteed.

Kane Brenan, CEO, and Anne Duggan, Managing Director, Client CIO Group, at TIFF Investment Management, join host Bill Kelly on the Educational Alpha podcast for a comprehensive conversation about TIFF’s mission, investment philosophy, and role in today’s evolving market landscape.

The conversation explores:
• TIFF’s origin story and 30+ year mission of delivering institutional-quality investment management to endowments and foundations.
• How TIFF continues to evolve—expanding from small institutions to larger, more complex organizations requiring customized portfolios.
• The firm’s access to what it believes to be top-tier private equity and hedge fund managers, driven by its longstanding industry relationships.
• TIFF’s investment philosophy and macro views, including strategic asset allocation, short-duration positioning, and perspectives on the U.S. dollar and long-term debt.
• The implications of the newly expanded endowment tax tiers, and how institutions may adapt portfolio strategies in response.
• Why liquidity is top of mind for nonprofit investors, and how private market exposure, secondary sales, and tax strategies are being re-evaluated.
• Why TIFF believes private equity remains compelling—even as many institutions pull back—and how current market sentiment may present attractive entry points.
• How TIFF approaches hedge funds as diversifying strategies requiring disciplined manager selection, risk management, and thoughtful portfolio construction.

Listen on Spotify→
Listen on Apple→

Disclaimer: Kane Brenan is the CEO, and Anne Duggan is the Managing Director, Client CIO Group at TIFF Investment Management. All views expressed by them on this podcast are solely their opinions and do not reflect the opinions of TIFF. You should not treat any opinions expressed by Kane or Anne as a specific endorsement to make a particular investment. References to any securities are for informational purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Any past performance discussed is not indicative of future results. Please keep in mind that investment in a fund entails a high degree of risk, including the risk of loss. Please note that the ads featured in this podcast are not endorsed by TIFF, and TIFF is not a sponsor of these ads.

Educational Alpha is a podcast hosted by Bill Kelly, Founder and Managing Member of Educational Alpha, LLC. The show features candid conversations with senior leaders on capital allocation, investment innovation, and long-term thinking in finance.

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

These materials may contain forward-looking statements relating to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms or other comparable terminology. Although TIFF believes the expectations reflected in the forward-looking statements are reasonable, future results cannot be guaranteed.

Jay Willoughby, CFA, CIO of TIFF Investment Management, was featured in FIN News sharing how private equity and hedge funds may help endowment portfolios under fiscal pressure, including tax burdens and federal funding cuts.

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The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

These materials may contain forward-looking statements relating to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms or other comparable terminology. Although TIFF believes the expectations reflected in the forward-looking statements are reasonable, future results cannot be guaranteed.

Anne Duggan, Managing Director, Client CIO Group at TIFF Investment Management, spoke with reporter Rod James at The Wall Street Journal about how scaled-back endowment taxes in the new legislation may prevent major shifts in university investment strategies. She noted that in response, some endowments might turn to tax-loss harvesting to manage the new burden effectively.

Read the full article

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

These materials may contain forward-looking statements relating to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms or other comparable terminology. Although TIFF believes the expectations reflected in the forward-looking statements are reasonable, future results cannot be guaranteed.

On April 2, 2025, TIFF hosted a webinar exploring insights from the white paper, “Why Venture Capital Still Works (early-stage VC that is),” led by Chris Anderson and Elizabeth Egan.

In this session Chris and Elizabeth highlighted the bear and bull case for why early-stage venture capital in today’s environment.  Topics covered:

• • Where’s the liquidity? (bear case)
  • Risk of an overhyped AI market (bear case)
  • Widening universe for innovation (bull case)
  • Early-stage as best access point (bull case)

Read the white paper here.

Watch the webinar recording, and more, here.

This webinar is for general informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. The asset classes discussed may not be suitable for all investors. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities. Past performance does not guarantee future results. All investments are subject to risk, including the possible loss of principal.

These materials may contain forward-looking statements relating to future events. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of such terms or other comparable terminology. Although TIFF believes the expectations reflected in the forward-looking statements are reasonable, future results cannot be guaranteed.