HOUSTON-TIAA-CREF has launched a new company that will provide investment and asset management services to nonprofits. Dubbed Covariance Capital Management, the company is backed by $1 billion in seed capital from TIAA-CREF.
Led by Scott W. Wise and based in Houston, Covariance will operate independently as a wholly-owned subsidiary of TIAA. It will focus on nonprofits with assets under management of $100 million or greater.
Covariance will provide investment management for traditional asset classes, as well as alternative asset classes such as private equity, real estate, commodities and hedge funds. In addition, it will offer customized investment solutions.
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