Schwartz out in reorg at TIAA-CREF

Sheryl Schwartz has officially stepped down from her position as the long-time head of alternative investments at TIAA-CREF, although officials at the firm say she still works for the giant money manager.The move comes as the private equity program she oversaw undergoes a reorganization.

PE Week reported last week that Schwartz was no longer heading the PE program at TIAA-CREF, although it still remains unclear what her role is. Schwartz still could not be reached for comment.

A source familiar with the situation implied that the situation at TIAA-CREF remains murky: “I wouldn’t say it’s a shock, but I also wouldn’t say the path forward is terribly clear yet.”

TIAA-CREF’s private equity investments will be unaffected by the reorganization, and the company remains committed to the asset class, says spokesperson Abby Cohen. Cohen says that she could not comment on what Schwartz’s new role is or will be, or if there would be any layoffs as a result of the reorganization.

Schwartz—who’s a regular speaker on the conference circuit, including with Thomson Reuters (publisher of PE Week)—joined TIAA-CREF in 1988 and has held five different positions there, according to the 2007 profile. She previously worked in private debt placement and on the secondary trading desk.

TIAA-CREF, which manages about $426 billion in assets, invests in buyout and venture capital funds. It has backed funds managed by The Blackstone Group, The Carlyle Group, Cerberus Capital Management, Clayton Dubilier & Rice and TPG, as well as smaller market funds managed by Harvest Partners and Riverside Co. —Bernard Vaughan and Dan Primack