TIAA-CREF has chosen Deutsche Bank to handle fund services for its private equity portfolio, PEI has learnt. TIAA-CREF is one of the largest retirement systems in the United States, with approximately $613 billion of assets under management.
Jeffrey Barnett, head of Alternative Investment Product Management at TIAA-CREF said the fund services arm of the bank was chosen for its experience with illiquid investments.
TIAA-CREF offers retirement, asset management, and insurance services for teachers and individuals. The asset management arm of TIAA-CREF offers investors a range of products including private equity and hedge funds.
TIAA-CREF is currently in market with its second agriculture focused fund, and has raised $1.4 billion so far, according to August SEC filings. TIAA-CREF Global Agriculture raised $2 billion for its first agriculture vehicle in 2012. The fund will focus on investments in farmland in the United States, Australia and Brazil.
Fund Services is part of Deutsche Bank’s Investor Services business, which has approximately $9 trillion in administered securities and another $200 billion in assets under administration.