TIFF Investment Management has named Andrew Murray as Managing Director, Head of Secondary Investing, and Stephen Grau as Executive Director, Secondary Investing, to lead a dedicated private equity Secondaries practice within its broader alternatives platform. The move formalizes TIFF’s activity in the growing secondaries market and is aimed at giving clients more flexible ways to manage liquidity, pacing, and private equity exposure.
With more than three decades of combined experience across private equity secondaries, advisory, and investing, Murray and Grau will focus on sourcing and executing a wide range of secondary transactions. This includes traditional LP interests, co‑investments, GP‑led deals, continuation vehicles, and other structures that hold private equity assets, with typical transaction sizes expected to range from $2 million to $20 million. TIFF plans to concentrate on smaller, more complex and inefficient market segments where its relationships with quality sponsors and institutional investment process can create value.
TIFF sees secondaries as an increasingly important tool for both investors and general partners. The dedicated team is intended to serve investors seeking shorter‑duration private equity exposure, as well as GPs and asset holders looking for tailored liquidity solutions. The platform emphasizes rapid pricing, efficient execution, and a long‑term relationship approach, positioning TIFF as a responsive, transparent counterparty in the alternatives space.
Murray joins TIFF from Mill Creek Capital Advisors, where he helped build and lead secondary investment efforts, while Grau brings seven years of experience from global secondary advisory teams at Lazard and Jefferies. The pair previously worked together at Morgan Stanley, giving TIFF an established team with a shared investment approach as it scales its Secondaries capabilities within its outsourced CIO and alternatives offering.
KEY QUOTES:
“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. 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.”
Kane Brenan, Chief Executive Officer, TIFF Investment Management
“Clients want more flexible ways to access alternatives, while GPs and asset holders need experienced counterparties who understand the assets and can move efficiently. TIFF’s platform gives us the ability to bring both sides together with discipline, transparency, and a focus on durable relationships.”
Stephen Grau, Executive Director, Secondary Investing, TIFF Investment Management
