Topic: TIFF Updates

Previously the COO and Managing Director at Columbia University’s endowment, Mercado will lead key operational teams, elevating both the investment and client experience.

Radnor, PA – April 16, 2026 – TIFF Investment Management, an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, announced today that Julius Mercado, the former COO and Managing Director at Columbia University’s endowment, has joined TIFF as Executive Director and Head of Operations, Reporting, and Data.

In this role, Mercado will lead investment and fund operations, portfolio reporting, and data and analytics. He will oversee TIFF’s investment and client platforms, strengthening the quality, consistency, and accessibility of data and reporting, while supporting more efficient execution and coordination across the firm.

“Julius has built his career at the intersection of institutional experience and operational leadership,” said David Brenner, Chief Operating Officer of TIFF. “He has a demonstrated history of building and scaling multi-asset investment operating platforms across public and private markets, and brings deep expertise in data architecture and performance reporting. He will be key in advancing our platform and delivering an even stronger client experience.”  Mercado’s addition deepens TIFF’s operational leadership and reflects the firm’s continued focus on building a high-performing, client-focused team.

Prior to joining TIFF, Mercado served as a strategic consultant to an OCIO supporting mission-driven organizations and began his career at PwC in the Asset and Wealth Management practice.

About TIFF Investment Management

TIFF Investment Management is an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, including private equity, venture capital, and hedge funds. Founded in 1991, with approximately $10Bⁱ in assets under management, TIFF draws on decades of experience to serve nonprofits, family offices, RIAs, and other sophisticated investors. As a certified B Corporation^TM, TIFF embeds accountability, transparency, and sustainability into its operations and investment process. TIFF combines nonprofit expertise with institutional-quality access, partnering with long-term investors to deliver sustainable growth and enduring results that can advance their objectives over time. Learn more at www.tiff.org. 

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. There is no guarantee that any particular asset allocation or mix of strategies will meet your investment objectives.

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 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.

Trevor Graham will serve alongside Jay Willoughby as Co-CIO, with the two working closely together to guide portfolio construction, manager selection, and the firm’s overarching investment strategy and asset allocation. Brad Calder, who has worked in close partnership with Graham, has been named the new Head of Equities.

Radnor, PA — March 31, 2026 – TIFF Investment Management, an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, announced today that Trevor Graham has been named Co-Chief Investment Officer alongside Jay Willoughby.

Graham, who joined TIFF in 2012, has worked closely with Willoughby for more than a decade and has served as Head of Equities and Deputy CIO, playing an increasingly central role in portfolio construction, implementation, and overall investment leadership. He also has been a member of the Investment Committee for 14 years, contributing valuable insight and supporting the continuity of TIFF’s investment program.

“Trevor is one of the brightest investment minds we have at TIFF and has played a central role in shaping the investment process and philosophy underpinning our client portfolios,” said TIFF CEO Kane Brenan. “His deep experience across asset classes, including public equities, hedge funds, and private markets makes him uniquely qualified to excel as an investment leader in the OCIO world. Jay and Trevor have worked very closely for the last decade, and it is great to see this partnership continuing.”

Graham and Willoughby will serve as Co-CIOs as part of a thoughtful, ongoing leadership transition, with Willoughby expected to gradually shift from day-to-day responsibilities and continue supporting TIFF in an advisory capacity.

I’ve worked closely with Jay for many years and have been part of building the investment approach we have today,” Graham said. “As Co-CIO, I’m focused on strengthening that approach while working to deliver consistent results for our clients. We have a phenomenal team, and we believe in the structural advantages in manager access, which I am thrilled to continue leveraging.”

In addition to Graham’s appointment as Co-CIO, Brad Calder has been named Head of Equities and will join the Investment Committee. Having worked closely with Graham on the equities program for over a decade, Calder’s appointment ensures continuity in a core area of TIFF’s investment platform.

Trevor has been deeply involved in our investment process and a trusted partner for many years,” said Jay Willoughby. “He has the experience and perspective that defines our approach, and I look forward to continuing to work with him in this role.”

About TIFF Investment Management

TIFF Investment Management is an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, including private equity, venture capital, and hedge funds. Founded in 1991, with approximately $10Bⁱ in assets under management, TIFF draws on decades of experience to serve nonprofits, family offices, RIAs, and other sophisticated investors. As a certified B Corporation^TM, TIFF embeds accountability, transparency, and sustainability into its operations and investment process. TIFF combines nonprofit expertise with institutional-quality access, partnering with long-term investors to deliver sustainable growth and enduring results that can advance their objectives over time. Learn more at www.tiff.org.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. There is no guarantee that any particular asset allocation or mix of strategies will meet your investment objectives.

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 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.

Footnotes

ⁱ TIFF assets under management (AUM) is as of 9/30/25 and includes discretionary and non-discretionary client assets for which TIFF affiliates provide investment management or advisory services. The private markets portion of TIFF AUM is calculated based upon fund net asset value plus unfunded commitments. Calculation of TIFF AUM differs from the calculation of regulatory assets under management in TIFF’s Form ADV filings with the SEC and may differ from the AUM calculation methodologies used by other investment managers.

B Lab is the independent third party that certifies companies as B Corporations when they meet rigorous standards of social and environmental performance, accountability, and transparency. B Lab certified TIFF Advisory Services, LLC as a B Corporation on September 12, 2025. To remain certified, B Corporations must update and verify their information every three years.

Appointment reunites representation from both founding organizations — The Rockefeller Foundation and the MacArthur Foundation — as TIFF marks its 35th anniversary.

Radnor, PA — March 17, 2026 – TIFF Investment Management, an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, is pleased to announce that Chun Lai, Chief Investment Officer of The Rockefeller Foundation, has joined the firm’s TAS Advisory Board.

Mr. Lai first joined The Rockefeller Foundation in 1996 and is currently responsible for overseeing the management of the foundation’s $7 billion endowment. His deep expertise in endowment management, asset allocation, and mission-driven investing will provide invaluable perspective to TIFF’s work on behalf of nonprofits and other long-term investors.

Mr. Lai joins a group of leading institutional investment minds on the TAS Advisory Board who together provide indispensable insight and guidance to TIFF— a key cornerstone of the firm’s differentiated investment advantage.

TIFF was originally founded in 1991 by the MacArthur and Rockefeller foundations with the goal of creating an organization where nonprofits could gain access to sophisticated investment strategies typically reserved for the largest institutions. With Mr. Lai’s appointment, TIFF is proud to have representation from both the MacArthur and Rockefeller foundations — its two founding organizations — on the TAS Advisory Board during its 35th anniversary year.

“We are honored to welcome Chun to TIFF’s TAS Advisory Board,” said Kane Brenan, CEO of TIFF Investment Management. “Chun is one of the most respected leaders in endowment investing, and his perspective will be incredibly valuable to our investment team and the clients we serve. His appointment is especially meaningful given the role the Rockefeller Foundation played in establishing TIFF 35 years ago.”

About TIFF Investment Management

TIFF Investment Management is an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, including private equity, venture capital, and hedge funds. Founded in 1991, with approximately $10B1 in assets under management, TIFF draws on decades of experience to serve nonprofits, family offices, RIAs, and other sophisticated investors. As a certified B Corporation^TM,2 TIFF embeds accountability, transparency, and sustainability into its operations and investment process. TIFF combines nonprofit expertise with institutional-quality access, partnering with long-term investors to deliver sustainable growth and enduring results that can advance their objectives over time. Learn more at www.tiff.org.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. There is no guarantee that any particular asset allocation or mix of strategies will meet your investment objectives.

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 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.

Expanded leadership team strengthens TIFF’s ability to deliver deeper expertise, continuity, and strategic insight to their mission-driven clients.

Radnor, PA –January 20, 2026 – TIFF Investment Management, an independent, employee-owned investment firm specializing in OCIO and private markets solutions for mission-driven organizations and sophisticated investors, proudly announces four employees have been named Managing Directors: Brad Calder, Ellen Lieberman, Rick Morgan, and Stephen Williams.

The expanded leadership team brings enhanced capacity to partner closely with investors, anticipate evolving needs, and provide more tailored guidance. Ultimately, these promotions reinforce TIFF’s long-term commitment to thoughtful stewardship and exceptional client service.

Brad Calder (Radnor) joined TIFF in 2015 and leads research and investment strategy across public equity, real estate, arbitrage, and crypto within the marketable portfolio. Prior to TIFF, Brad was a generalist investor at The Wallace Foundation and Lepercq de Neuflize & Co., after early career roles in education and consulting.

Ellen Lieberman (New York) joined TIFF in 2021 and plays a key leadership role in business development, leading relationship management and engagement with current and prospective clients. Prior to joining TIFF, Ellen was with Clearbrook, following leadership roles at Cowen and Convergex.

Rick Morgan, CFA (Boston) joined TIFF in 2019 and focuses on sourcing, diligence, and ongoing portfolio construction across primary, direct, and secondary private market investments. Before TIFF, Rick was on the investment team at New Mountain Capital, a multi-strategy investment firm.

Stephen Williams, CFA (Los Angeles) joined TIFF in 2015 and invests across private equity, venture capital, and secondary investments. Before TIFF, Stephen was with Cogent Partners focused on the secondary market.

“We recognize the significant contributions these individuals have made to TIFF and their continued leadership in advancing our mission-driven culture,” said Kane Brenan, CEO, TIFF Investment Management. “Alongside our existing Managing Directors, they will be instrumental in guiding the firm’s long-term success.”

“Managing Directors are critical to the effectiveness of TIFF’s investment platform, ensuring disciplined research, portfolio construction, and seamless integration with client objectives”, said Jay Willoughby, CIO, TIFF Investment Management. “Ellen, Stephen, Richard, and Brad each contribute specialized expertise that strengthens the connection between our investment process and its implementation across client portfolios.”

About TIFF Investment Management

TIFF Investment Management is an independent, employee-owned investment firm specializing in OCIO services and alternative investment strategies, including private equity, venture capital, and hedge funds. Founded in 1991, with approximately $10B1 in assets under management, TIFF draws on decades of experience to serve nonprofits, family offices, RIAs, and other sophisticated investors. As a certified B Corporation^TM2, TIFF embeds accountability, transparency, and sustainability into its operations and investment process. TIFF combines nonprofit expertise with institutional-quality access, partnering with long-term investors to deliver sustainable growth and enduring results that can advance their objectives over time. Learn more at www.tiff.org.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. There is no guarantee that any particular asset allocation or mix of strategies will meet your investment objectives.

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 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.

For a formatted presentation of the CEO’s annual letter, please download the PDF. The full text appears below.

35 Years at TIFF

2026 represents a milestone year at TIFF: 35 years of providing institutional-quality investment solutions to clients of all sizes. TIFF was founded in 1991 through the foresight of individuals at the MacArthur Foundation and the Rockefeller Foundation, who recognized an unmet need in the investment community. Their goal was as simple as it was seminal: to create a cooperative-style organization where nonprofit institutions of all sizes could access innovative investment techniques traditionally available only to large foundations and universities.

Today, TIFF partners with endowments, foundations, RIAs, family offices, and other institutional organizations seeking comprehensive OCIO services and access to specialized strategies in private equity, venture capital, and hedge funds. Although our scope has broadened over the decades, our mission remains unchanged: to provide investment solutions that we believe to be world class to clients of all sizes that help advance and support their goals.

Remaining True to Our Founding Principles

We are deeply proud of where we come from, and we continue to be guided by the core belief that TIFF can pursue investment excellence while also leaving a positive impact on society.

In 2025, TIFF became a Certified B Corporation™1, further strengthening the commitment already embedded in our public-benefit company structure. With this designation, TIFF is recognized for meeting high standards of verified performance, accountability, and transparency across measures that include employee benefits and charitable giving.

A component of the B Corp certification reflects TIFF’s continued commitment to serving the nonprofit community through various avenues, including:

• direct corporate charitable donations;
• an employee matching program;
• financial support of employees who serve on nonprofit boards; and
• direct firm involvement with nonprofit volunteering

One example of this commitment is this year’s Impact Day, which brought multiple nonprofit leaders to TIFF to speak to our entire firm about their work and to help inspire our community to do good in the world around us.

Throughout all of this, we remain steadfast in our commitment to serving organizations of all sizes, proudly offering investment solutions that give even the smallest clients access to institutional-quality resources.

Continued Evolution:

Remaining true to our founding principles does not mean standing still. To thrive in a dynamic environment, we must continue to innovate. Change is not only necessary for survival; it also allows us to enhance the value we deliver to clients. Our evolution continues across three key dimensions:

Where we invest: While we believe the TIFF investment program has never been stronger, we never stop searching for alpha. Markets evolve, opportunities shift, and we remain vigilant, continuously exploring new ideas and uncovering promising avenues for future growth. Recent examples include increasing allocations to systematic managers across long-only and hedge fund strategies, exploring a return to private equity secondaries, allocating to the event-driven space after multiple years without exposure, and enhancing our derivatives capabilities for risk management purposes.

Solutions we provide to clients: For much of TIFF’s existence, we offered a single commingled multi-asset class product. Today, we provide a broad suite of solutions, spanning single asset class sleeves (e.g., private equity), diversified commingled multi-asset products, and fully customized portfolio solutions. We continue to refine our customization capabilities and expand our Client CIO team, enabling us to partner more deeply with clients in designing tailored portfolios. Although our client base remains primarily U.S.-based, interest in our strategies is expanding internationally, particularly in Asia and the Middle East.

How we work: Artificial intelligence, one of the most transformative innovations of our time, has the potential to reshape the way we operate. We are thoughtfully integrating AI into our workflows, from daily efficiencies such as document and meeting summarization to firm-wide initiatives in knowledge management, analytics, and operational infrastructure. We are also using AI to enhance our investment process, shifting more of our team’s time towards judgment-driven decisions and away from mechanical tasks. Examples include drafting initial investment memos informed by TIFF’s due diligence, summarizing and aggregating manager quarterly letter content, and expanding portfolio factor analysis. We have worked closely with our Advisory Board on the use of AI as we collectively look for ways to maximize our efficiency and investment results.

Supporting this transformation is a multi-year technology roadmap, discussed below. As we celebrate 35 years, we are energized by the path forward. Our mission, our values, and our dedication to serving the nonprofit and broader investment community have never been stronger. With continued innovation and a commitment to delivering exceptional investment solutions, we look toward the next 35 years and beyond, with optimism and purpose.

2025 Year in Review

2025 stands out as one of TIFF’s strongest years to date, reflecting the success of the investment program, the breadth of solutions offered to our client base, and continued progress in strengthening our business infrastructure.

2025 continued the recent trend of strong equity markets, though the path was not smooth. Tariff concerns led to the sharpest pullback since early COVID-19, but markets quickly rebounded, fueled by AI optimism and Federal Reserve rate cuts. Balancing the ebullience surrounding AI, macroeconomic concerns drove returns higher for traditional safety-net assets, with, for example, gold reaching an all-time high. While private markets lagged public equities, the divergence narrowed considerably over the course of the year. Following tariff-related slowdowns in exit activity, there were signs of thawing in the second half of 2025, including several high-profile IPOs and increasing deal activity. We remain optimistic and appropriately cautious as we look ahead into 2026. For additional market perspective, I encourage you to read CIO Jay Willoughby’s Q4 letter.

Our investment engine continued to perform at a high level, delivering strong results across strategies and reaffirming the value of our disciplined investment approach. Our liquid portfolio was an area of notable strength for TIFF in 2025. The diversified nature of the program worked in our favor, with a variety of contributors driving outperformance versus benchmarks. Despite the continued dominance of the Magnificent 7 and AI, our Public Equities portfolio outperformed its benchmark in part due to specific sector exposures, such as metals and mining, as well as contributions from both fundamental and systematic strategies. Diversifying Strategies, by design, benefitted from a range of contributors, such as traditional equity long/short, macro, and systematic approaches. We are very pleased with the investment results, particularly in light of the portfolio’s diversified risk profile.

As with many endowment-style portfolios, TIFF’s private markets strategies lagged public equities in 2025, though this gap has narrowed relative to recent years. We are cautiously optimistic, and see encouraging signs for increased deal activity in 2026, and we remain committed to the long-term investment case for private equity.

The expansion of our investment solutions, particularly our customized portfolios and implementation capabilities, continues to resonate with clients and enables us to pursue our goal of delivering investment excellence to organizations of all types, sizes, and objectives. We welcomed a number of exciting, new clients to TIFF in 2025, further expanding, diversifying, and strengthening our client base by type, size, and location.

2025 was also marked by significant progress in strengthening the infrastructure that supports our work. We maintained momentum on our multi-year technology roadmap and advanced efforts to enhance TIFF’s operational platform. While much of this work occurs behind the scenes (e.g., data platforms), these improvements are essential to ensure that TIFF operates with precision, resilience, and efficiency.

This success reflects the strength of our investment platform, our client relationships, and the dedication of every member of the TIFF team.

Firm Updates

• We know that we are only as strong as our team, and our team enhances the firm’s ability to deliver the best investment offerings and solutions for our clients. We are proud to highlight several key team accomplishments this year:
• We are proud to recognize Jay Willoughby’s 10 years of service, marked by investment excellence, strong stewardship, and a deep commitment to our clients’ success. His leadership has made a meaningful impact on TIFF, and we are grateful for his continued partnership.
• This year, we also celebrated 10 years of service from senior investment team members Chris Anderson, Jessica Bolster, Brad Calder, and Stephen Williams. Each has been a steady and meaningful contributor to our investment results, with their tenure underscoring the strength and stability of TIFF’s investment team.
• Jessica Portis, Chief Client Officer, was named to Pension & Investments’ “Influential Women in Institutional Investing” list, recognizing her leadership, expertise, and dedication to delivering exceptional service to TIFF’s clients.
• We also continued building our team in 2025, adding early- to mid-career talent across nearly all areas. These additions expand our capacity to meet the evolving needs of our investment program, clients, and business.

2025 was another exciting year for our Advisory Board members, with two experiencing career transitions and three recommitting to continued service to TIFF.

• Bola Olusanya became CIO of The MacArthur Foundation in June 2025. We are thrilled to have the CIO of one of our founding organizations on our Board.
• Tom Lenehan became Managing Director at Euclidean Capital, an innovative single-family office, in September 2025.
• Three Advisory Board members with expiring terms agreed to serve an additional term:
  • Robert Durden of UVIMCO, continuing as Advisory Board Chair. We thank him for his past three years as Chair.
  • Bola Olusanya of The MacArthur Foundation, recommitting for a second term.
  • Deb Boedicker of Boedicker Group, recommitting for a third term.

Conclusion

As we reflect on 2025 and commemorate TIFF’s 35-year journey, we are reminded that our progress has always been driven by the strength of our mission, the trust of our clients, and the dedication of our exceptional team. What began as a bold idea—to bring institutional-caliber investment resources to nonprofit organizations of every size—has grown into a dynamic, purpose-driven firm serving a diverse and expanding community of institutional partners.

This year’s achievements across investment performance, innovation, operations, growth, and talent underscore the momentum we carry into our next chapter. With a resilient platform, a clear purpose, and a continued commitment to delivering institutional-quality solutions to organizations of all sizes, we look ahead with confidence, optimism, and a deep appreciation for the partnerships that make our work possible.

As we look toward 2026, I have never been more confident—or more excited about—the team we have built to help TIFF deliver advice, investment results, and service to our clients. We are grateful that you have chosen to entrust us with your capital and your mission.

We wish you a healthy, happy, and prosperous 2026.

Sincerely,

C. Kane Brenan
Chief Executive Officer

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. There is no guarantee that any particular asset allocation or mix of strategies will meet your investment objectives.

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 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.