RADNOR, PA — TIFF Investment Management has hired private equity veterans Andrew Murray and Stephen Grau to establish dedicated leadership for its secondaries investment strategy, reflecting growing institutional demand for liquidity solutions in private equity markets.
The appointments formalize TIFF’s secondaries practice within its alternatives platform as investors increasingly turn to secondary transactions to manage portfolio exposure, liquidity and capital deployment in private equity.
Murray joins as managing director and head of secondary investing, while Grau has been named executive director of secondary investing. Together, they bring more than 30 years of combined experience in private equity investing, advisory work and secondary transactions.
TIFF indicated the expanded team will focus on sourcing and executing investments across limited partner fund interests, co-investments, GP-led transactions, continuation funds and other vehicles holding private equity assets.
The firm expects to pursue transactions ranging from approximately $2 million to $20 million, targeting smaller and more complex deals in the lower middle market that it believes receive less competition from larger secondary investors.
Kane Brenan, TIFF’s chief executive officer, described the growth of the secondary market as creating additional opportunities for institutional investors seeking greater flexibility in managing private equity portfolios. “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,” he said.
Brendon Parry, TIFF’s head of private markets and deputy chief investment officer, noted the additions are expected to strengthen the firm’s broader private equity investment program through expanded transaction experience and industry relationships.
Before joining TIFF, Murray helped build and lead secondary investment activities at Mill Creek Capital Advisors. Grau most recently spent seven years advising on global secondary transactions at Lazard and Jefferies.
The two executives also previously worked together at Morgan Stanley, experience TIFF believes provides an established foundation for expanding its secondaries platform.
Murray called the firm’s existing relationships in the lower-middle-market private equity sector a strong foundation for pursuing an active investment strategy as demand for secondary transactions continues to grow.
The company indicated the dedicated secondaries team is intended to provide institutional investors, general partners and existing private equity holders with additional liquidity options while offering faster transaction execution and pricing across a range of private equity assets.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.