Type: Press Release

Andrew Murray and Stephen Grau join TIFF Investment Management to lead the Secondaries practice within the firm’s broader alternatives strategy.

Radnor, PA – July 7, 2026 – TIFF Investment Management (TIFF) today announced the appointment of Andrew Murray, Managing Director, Head of Secondary Investing, and Stephen Grau, Executive Director, Secondary Investing, to lead TIFF’s private equity Secondaries practice, adding dedicated senior resources to TIFF’s broader alternatives platform. Together, they bring more than three decades of combined experience across private equity secondaries, advisory, and investing.

TIFF has been active in the secondaries market as part of its alternative investment strategy, and these appointments formalize and expand the firm’s capabilities in this growing area. With dedicated leadership in place, TIFF is positioned to more efficiently source, evaluate, and execute secondary opportunities across a range of private equity situations, including traditional LP fund interests, co-investments, GP-led transactions, continuation vehicles, and other investment vehicles that hold private equity assets.

“Secondaries have become an increasingly important part of the private markets toolkit as investors look for more flexible ways to manage liquidity, pacing, and private equity exposure,” said Kane Brenan, Chief Executive Officer of TIFF. “Andrew and Stephen bring focused expertise to an area where we see a clear investment opportunity on behalf of our clients and where we can leverage our long-standing relationships, lower-middle-market private equity experience, and history of evaluating these types of opportunities.”

Brendon Parry, Head of Private Markets and Deputy CIO of TIFF added, “We are thrilled to add two seasoned private equity experts to our broader team. Andrew and Stephen bring a wealth of deal experience and relationships that should enhance TIFF’s overall private equity investment program and make us more critical to our underlying general partners.”

With expected target transaction sizes ranging from $2 million to $20 million, TIFF’s Secondaries team will focus on inefficient segments of the market, including smaller, more complex private equity secondary transactions where TIFF believes its experience, relationships with quality sponsors, and institutional process can create value.

“TIFF is well positioned to capitalize on growth in this market, with long-standing relationships, deep experience as both a direct and fund investor in lower-middle-market private equity, and a foundation that supports an active, outbound secondaries strategy,” said Andrew Murray. “I’m excited to partner with Stephen as we build out more dedicated resources and capabilities to meet evolving client needs.”

The creation of a dedicated Secondaries team is intended not only to benefit investors who may be seeking shorter-duration private equity exposure, but also GPs and holders of existing private equity assets. With TIFF’s deep experience in the alternatives sector, the firm aims to serve as a responsive, transparent counterparty for tailored liquidity solutions. The team is designed to provide rapid pricing, efficient execution, and a long-term relationship approach.

“Clients want more flexible ways to access alternatives, while GPs and asset holders need experienced counterparties who understand the assets and can move efficiently,” said Stephen Grau. “TIFF’s platform gives us the ability to bring both sides together with discipline, transparency, and a focus on durable relationships.”

Prior to joining TIFF, Murray helped build and lead secondary investment efforts at Mill Creek Capital Advisors. Grau has spent the past seven years working on large global secondary advisory teams at leading investment banks Lazard and Jefferies. Murray and Grau have also previously worked together at Morgan Stanley, giving TIFF an established team with a shared investment approach and a clear strategy for scaling its Secondaries capabilities.

About TIFF Investment Management

TIFF Investment Management is an independent, employee-owned investment firm specializing in Outsourced Chief Investment Officer services and alternative investment strategies, including private equity, venture capital, and hedge funds. Founded in 1991, with more than $11 billion in assets under management1, TIFF draws on decades of experience serving nonprofits, family offices, RIAs, and other sophisticated investors. As a certified B Corporation2, TIFF embeds accountability, transparency, and sustainability into its operations and investment practices. TIFF combines nonprofit expertise with institutional-quality access, partnering with long-term investors to deliver sustainable growth and enduring results that can advance their long-term objectives. Learn more at http://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.

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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.