Topic: Private Markets

Brendon Parry, TIFF’s Managing Director of Private Investments, is cited in the March 25, 2022 issue of WSJ Pro Venture Capital. Brendon is quoted on TIFF’s buyout and growth-equity strategy which is focused on investing in lower-midmarket general partners and specialists.

Specialist Managers Gain Traction with Fund Investors

TIFF hosted a webinar with Williams College titled Private Equity Education and Q&A on September 30th.   Chris Anderson, Brendon Parry, CFA, and Kevin O’Connell, CFA were joined by Julia Crosby, Managing Director, from the Williams College Investment Office.

The discussion included a review of key fundamental principles of private equity investing and why it remains an important component of endowment portfolio construction.  TIFF introduced a Private Equity Primer to provide information about Private Equity basics on the call.  You can access the Private Equity Primer here.

You can view the webinar through the link below.

Webinar: Private Equity Education and Q&A

Please note that this webinar has been edited from its original recording to shorten its length.  This webinar is for general informational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy securities. The asset classes discussed may not be suitable for all investors.  All expressions of opinion are subject to change.  Past performance does not guarantee future results.  All investments are subject to risk, including the possible loss of principal.

PANELISTS

JULIA T. CROSBY
Managing Director, Johnson, Williams College Investment Office
Julia Crosby serves as Managing Director, focusing on global public equity (long-only) and private equity (buyouts, venture capital, and real estate). Prior to joining the Investment Office in 2012, Ms. Crosby was a Research Consultant at NEPC, Private Equity Senior Manager at Alcatel-Lucent Investment Management Corporation, Vice President at Silicon Valley Bank, and Senior Associate at BancBoston Capital. Ms. Crosby holds a B.S. in Business Administration from Babson College.

CHRIS ANDERSON
Director, Private Investments – TIFF Investment Management
Chris Anderson joined TIFF in 2015. He performs investment research and selects and monitors external investment managers, secondary interests, and co-investments, focusing on TIFF’s Private Investments Program. Prior to joining TIFF, Mr. Anderson spent six years managing the private equity portfolio for Alcatel-Lucent Investment Management Corp., and three years as an investment associate focusing on buyout and venture capital investments at SVG Advisers. He holds a BS in marine engineering systems from the United States Merchant Marine Academy and an MBA from the F.W. Olin Graduate School of Business at Babson College. Mr. Anderson also serves as Chairman of the private equity committee for the Babson College Endowment and is a member of the College’s investment committee.

BRENDON PARRY, CFA
Managing Director, Private Investments – TIFF Investment Management
Brendon Parry joined TIFF in 2011 and serves as a Managing Director, overseeing TIFF’s Private Investments Program, including the selection and monitoring of external managers, secondary interests, and co-investments; risk management; and portfolio construction. He is a member of TIFF’s Investment Committee. Prior to joining TIFF, Mr. Parry was a Senior Associate at Providence Equity Partners and worked in the consulting group at Cambridge Associates. Mr. Parry holds an AB in economics from Brown University and an MBA from Harvard Business School. He is a CFA charterholder and serves on the Investment Committee of Belmont Day School.

KEVIN O’CONNELL, CFA
Director, Member Strategy – TIFF Investment Management
Kevin O’Connell joined TIFF in 2017 and serves as a Director in the Member Strategy Group. He focuses on outreach to existing and interested member organizations, communicating TIFF’s strategies, portfolio characteristics, investment approach, and policies. Before joining TIFF, Mr. O’Connell was a vice president in the Private Wealth Management group at Goldman Sachs and previously served in outreach roles at BNY Mellon Investment Management and Westfield Capital Management. He holds a BA in art history from Boston College, holds an MBA from the University of Virginia’s Darden School of Business, and is a CFA charterholder. Mr. O’Connell serves as President of the Alumni Council of The Roxbury Latin School and and is a member of the Weston Soccer Club Board of Directors.

Brendon Parry, TIFF’s Managing Director of Private Equities, is quoted in the June 7, 2021 issue of WSJ Pro Private Equity. Brendon is quoted on the recent boom in the Special Purpose Acquisition Companies (SPAC) market and the impact they have on the alignment between limited and general partners.

Private Equity Firms Wrestle With SPAC Dilemma: Inside or Outside the Fund?

TIFF Managing Director Brendon Parry discusses with Preeti Singh at The Wall Street Journal how some private equity general partners and institutional investors are expected to shrink from backing smaller companies after the pandemic.

TIFF Investment Management’s Parry Weighs In on Lower Midmarket Investing

Note: This article was first published in September 2019; it has been updated to reflect performance through June 30, 2020.

Within TIFF’s private equity (PE) program, we constantly strive to assemble a roster of best-in-class managers combined with attractive co-investments and secondaries that, together, we believe have the potential to meet our long-term goal of generating at least 500 basis points of outperformance vs. public equities across market cycles. We have historically surpassed this goal, thanks in large part to our ongoing ability to identify, and willingness to place capital with, relatively new managers that we believe have the potential to become top-tier groups—firms we label “emerging fund managers.” Private equity firms have a definable life cycle. In our view, smart portfolio construction therefore includes taking the pulse of, and when appropriate, investing in high-potential, emerging fund managers in order to continually refresh our manager roster and make sure every dollar we invest has the potential to grow several times over. Of course, TIFF pursues emerging managers focusing on marketable equities as well, and you can read more about that effort in a companion article. In private equity, the long-term nature of the strategy means the benefits of finding a strong emerging manager can deliver rewards for a decade or more. A mistake will be with you for that long, as well.