The new indirect subsidiary of TIAA-CREF is understood to be preparing to begin hedge fund allocations in the coming months.
Covariance Capital Management will be putting seed capital from TIAA-CREF to work shortly and is hoping to attract additional institutional capital. Headed up by Scott Wise, who joined last year from Rice University, the firm is focused on offering fund of fund programmes to university and not-for-profit portfolios, such as foundations, across the US.
Wise is building out the team and has already added Michael Jawor, former chief investment officer of Glenwood, as deputy CIO. Wise joined TIAA-CREF