TIFF closes $300M fifth fund for lower-middle-market buyouts

TIFF Investment Management has closed its PE Direct Fund V at $300 million. The fund continues the firm's focus on the lower end of the lower middle market.

Fund V targets companies with less than $10 million of Ebitda. TIFF looks to partner with independent sponsors that take an active operational role in building portfolio companies through closely aligned ownership structures.

The close lands amid steady fundraising for smaller, operationally focused strategies. Peers such as Pantheon, which closed a $3.2 billion global co-investment fund in 2026, signal continued investor appetite for private equity vehicles across the market.