Institutional asset manager TIAA-CREF has launched Covariance Capital Management with $1 billion in seed capital to expand its endowment management business.
Covariance will be based in Houston, Texas, and operate as a wholly-owned subsidiary of TIAA providing outsourced chief investment officer services. The business will target nonprofit organizations with $100 million or more in assets under management.
Through its business model, Covariance will provide access to traditional and alternative asset classes including commodities, hedge funds, private equity and real estate. Covariance plans to customize its services for nonprofit organizations through their liquidity and risk and return profiles. Covariance is scheduled to start investing capital in the third quarter.
Scott W. Wise serves as president and chief investment officer of Covariance. The business has also formed its senior investment team.
Michael J. Jawor serves as deputy chief investment officer. He previously served as chief investment officer at Glenwood Capital Investments.
Daniel E. Feder serves as senior investment manager of private equity and venture capital. He was previously managing director of private markets at Sequoia Capital Heritage Fund.
Ansel C. Mullins serves as senior investment manager of public markets and hedge funds. Before that, he served as managing director and partner at Wave Management, a credit hedge fund.
Holly A. Hardy serves as senior investment manager of real assets. She previously managed energy and real estate investments at Rice University’s endowment fund.
Andrea V. Reed serves as chief operating officer. She was previously a partner at Perella Weinberg Partners and risk manager at the Perella Agility Funds.
Shannon H. Morton serves as managing director of marketing and investor relations. She previously served as vice president and senior portfolio manager for AllianceBernstein Investments.
Sheel J. Patel serves as chief financial officer. She was previously chief financial officer for energy-focused investment bank Simmons and Company International.