| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
TIFF celebrates 35 years of providing institutional-quality investment solutions to nonprofits, endowments, foundations, and other institutional clients. The firm delivered strong investment performance in 2025, with their liquid portfolio outperforming benchmarks through diversified exposures including metals and mining, fundamental and systematic strategies. While private markets lagged public equities, the gap narrowed considerably with encouraging signs of increased deal activity. TIFF continues evolving across three dimensions: expanding investment opportunities through systematic managers and event-driven strategies, broadening client solutions from single asset class to fully customized portfolios, and integrating AI into workflows and investment processes. The firm strengthened its infrastructure through multi-year technology roadmap advancement and welcomed new clients while expanding internationally. Key risks include tariff-related market volatility and private market underperformance, while catalysts include Fed rate cuts, AI optimism, and thawing private market exit activity. TIFF remains optimistic about 2026 with continued commitment to long-term private equity investments and delivering institutional-quality solutions to organizations of all sizes.
TIFF continues to provide institutional-quality investment solutions to organizations of all sizes while evolving across three key dimensions: where they invest, solutions they provide to clients, and how they work, with particular emphasis on AI integration and expanding customization capabilities.
TIFF remains optimistic and appropriately cautious as they look ahead into 2026. They see encouraging signs for increased deal activity in 2026 and remain committed to the long-term investment case for private equity. The firm expresses confidence about their team and platform heading into their next chapter.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | - | AI, Endowments, Foundations, Hedge Funds, Institutional, OCIO, private equity, technology | - | AI is described as one of the most transformative innovations of our time with potential to reshape operations. TIFF is thoughtfully integrating AI into workflows from daily efficiencies to firm-wide initiatives in knowledge management, analytics, and operational infrastructure. AI is being used to enhance investment processes by shifting team time towards judgment-driven decisions and away from mechanical tasks. TIFF provides access to specialized strategies in private equity, venture capital, and hedge funds as part of their comprehensive investment solutions. The firm continues to explore new opportunities including private equity secondaries and enhancing derivatives capabilities for risk management purposes. |
| Oct 1 2025 | 2025 Q3 | - | - | - | |
| Jul 7 2025 | 2025 Q2 | - | - | - | |
| Jan 6 2025 | 2024 Q4 | - | - | - | |
| Sep 10 2024 | 2024 Q3 | - | - | - | |
| Jul 2 2024 | 2024 Q2 | - | - | - | |
| Apr 2 2024 | 2024 Q1 | - | - | - | |
| Jan 4 2024 | 2023 Q4 | - | - | - | |
| Oct 2 2023 | 2023 Q3 | - | - | - | |
| Jun 30 2023 | 2023 Q2 | - | - | - | |
| Apr 3 2023 | 2023 Q1 | - | - | - | |
| Jan 4 2023 | 2022 Q4 | - | - | - | |
| Jul 1 2022 | 2022 Q2 | - | - | - | |
| Apr 1 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Private CreditThe space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. |
Credit Lending Risk |
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