TIAA-CREF Shakes Up Its Alternative Investment Program
Big shakeup in the LP community, as Sheryl Schwarz is out as head of alternative investments at TIAA-CREF. Actually, alternative investments as a dedicated group is basically gone, with the insurance company opting to integrate it into the broader portfolio management and private placements divisions. My colleague Bernard Vaughan first broke the news in Buyouts Magazine. The question now is what happens going forward. TIAA-CREF reportedly had around $10 billion worth of alternative asset commitments as of 2007, and is known to invest in both venture capital and buyout funds. I spoke to a few secondary market sources who said they haven’t heard about a big portfolio coming to market, and most team members still seem to be around (based on emails/voicemails being operational -- whereas Schwartz's are not).
