Overview
Kaspick & Company, LLC was founded in 1989 and became an indirect subsidiary of Teachers Insurance
and Annuity Association of America, a New York life insurance company (“TIAA”) in 2006, through
TIAA-CREF Redwood, LLC, a wholly owned subsidiary of TIAA (“TIAA Redwood”). Effective as of
April 1, 2018, Covariance Capital Management, Inc., another wholly owned subsidiary of TIAA Redwood,
merged with and into Kaspick. Following the merger, the combined business was renamed TIAA
Endowment & Philanthropic Services, LLC (“TEPS”) on April 18, 2018, and its two business units were
named: TIAA Kaspick and TIAA Endowments.
On November 5, 2019, TEPS announced its decision to wind down its TIAA Endowments business unit.
In connection with the wind down, TEPS terminated all of its TIAA Endowments investment management
agreements and liquidated its private commingled marketable securities and private illiquid “vintage”
funds, leaving TIAA Kaspick as the sole business unit of TEPS. On April 19, 2021, TEPS changed its
legal name to TIAA Kaspick, LLC (“TIAA Kaspick”).
TIAA Kaspick primarily provides investment management and/or gift administration services to charitable
organizations and their planned giving programs. A given client’s planned giving program may contain
charitable trusts,
charitable gift annuities, pooled income funds, donor advised funds, and/or other such
assets of the charitable organization. Each trust or gift arrangement has an account under umbrella
investment management and gift administration agreements between TIAA Kaspick and the
trustee/charitable organization. The charitable organization is TIAA Kaspick’s client and the intended
audience for the disclosures herein. Subject to any restrictions contained in applicable client account
agreements or investment guidelines, TIAA Kaspick invests its clients’ assets in mutual funds managed
by third party managers and/or affiliates of TIAA. In addition to investment management of planned giving
programs, TIAA Kaspick provides additional investment management services to charitable organizations,
including but not limited to endowment management and/or management of defined benefit plans.
TIAA Kaspick historically offered investment management services to individuals and continues to do so
for select legacy clients; however, this service is not available to new clients.
As of December 31, 2023, TIAA Kaspick managed $8,092,640,256 in discretionary assets and $2,357,678
in nondiscretionary assets for a total of $8,094,997,934 in regulatory assets under management.