Princeton University
Overview
The Princeton University Investment Company (Princo) manages the endowment of Princeton University, providing perpetual financial support to the institution. The endowment generates approximately two-thirds of the University's net annual operating revenues, making Princo's investment performance central to Princeton's financial independence and academic mission. Headquartered in Princeton, New Jersey, the organization operates with a flat structure that emphasizes open debate, independent thinking, and diverse professional backgrounds among its investment team.
As of June 30, 2025, Princo managed $35.7 billion in endowment net assets, up 7.0 percent or $2.3 billion from the prior year. The organization comprises approximately 20 investment professionals across multiple levels, from analysts to managing directors. Vince Tuohey became President in May 2024, leading a team that includes six managing directors and multiple associate directors. The Treasurer's report puts endowment net assets at $35.7 billion at June 30, 2025 and cites a $36.4 billion traditional Endowment figure; this profile uses the $35.7 billion net-assets figure.
Princo invests through a global network of external managers, leveraging the endowment's natural advantages: a long investment horizon, low liquidity needs, singularity of interests, and access to top-tier managers. The organization seeks to identify and gain access to highly attractive opportunities often located far from the beaten path, with sufficient asset size to support niche opportunities. The endowment's scale and reputation enable Princo to partner with managers early, often before they close to new clients, creating additional value through strong relationships and constructive dialogue.
Investment Mandate
Princo's mission is to optimize investment of Princeton's endowment to assure perpetual financial health and independence of the University. The strategy capitalizes on the endowment's structural advantages: a perpetual time horizon that permits illiquidity tolerance, a single institutional client with aligned interests, and a reputation that provides access to top-tier managers. The organization invests across traditional and alternative asset classes including public equities, private equity, venture capital, hedge funds, real estate, and fixed income, employing an active management approach across all categories.
The investment philosophy emphasizes partnership with external managers through continuous, vigorous, yet cooperative dialogue. Princo seeks to encourage full utilization of manager skill and endowment advantages, engaging managers to maximize the value of the relationship beyond simple capital allocation. The organization's flat structure and culture of open debate support independent thinking and contrarian positioning when warranted. Target allocation and actual allocation details are disclosed in the Report on Investments within the Report of the Treasurer, though the specific percentages or ranges are not detailed in the primary sources provided for this profile.
Princo's global mandate permits investment across geographies and strategies without regional constraints. The organization's size, at $35.7 billion, provides sufficient scale to support niche opportunities and specialized managers while maintaining diversification across asset classes and strategies. The endowment's low liquidity needs, driven by a disciplined spending policy, enable Princo to commit capital to illiquid strategies that offer return premiums over public markets.
Financial Position
Endowment net assets were $35.739 billion at June 30, 2025, compared with $33.402 billion at June 30, 2024 and $33.381 billion at June 30, 2023. The Treasurer's report also cites a $36.4 billion traditional Endowment figure, of which the vast majority is managed by PRINCO; this profile uses the $35.7 billion endowment net-assets figure from the consolidated financial statements.
The portion of the Endowment actively managed by PRINCO generated an 11.0 percent investment gain in fiscal year 2025. The ten-year annualized return was 9.0 percent, compared with 7.3 percent for the composite passive benchmark and 8.1 percent for the broad college and university median. The endowment payout for fiscal 2025 was $1.8 billion and the spending rate was 5.37 percent.
Endowment net assets from the Report of the Treasurer 2024-25. Source: Report of the Treasurer 2024-25, published January 5, 2026.
| Item | Value |
|---|---|
| 2023 | 33.4 |
| 2024 | 33.4 |
| 2025 | 35.7 |
DEEP Disclosure Rating
The DEEP Disclosure Rating measures how much a fund discloses about itself. It is a disclosure and governance measure only, and not a judgment of investment quality or creditworthiness.
The Princeton University Investment Company's DEEP Disclosure Score is 57 of 100, band Adequate. Last assessed October 2026.
Items that cannot apply to a fund's type are excluded from its score rather than scored as zero. The fund-specific basis is included in the DEEP Disclosure Report. A detailed, pillar-by-pillar and item-by-item breakdown of this fund's score is available as a DEEP Disclosure Report on request.
Manager Approach and Matching Profile
Pursuit verdict: Top-tier external managers across private equity, independent return, developed and emerging markets, and real assets who can access PRINCO's network should pursue this allocator. Managers who need a published RFP calendar, mandate benchmarks or fees, or a named manager roster should not expect a public route in.
- Target vs. actual allocation: Mandate-level target allocations are not disclosed. Actual managed investments by category at June 30, 2025 are shown in the mandate table. The report's 65% global equities and 35% U.S. bonds mix is the overall passive benchmark used for the ten-year comparison, not a mandate target.
- Historical AUM and return series: Endowment net assets are disclosed for June 30, 2023, 2024, and 2025, with the fiscal 2025 and ten-year returns for the PRINCO-managed portion.
Period AUM Return June 30, 2023 $33.381 billion Not publicly disclosed June 30, 2024 $33.402 billion Not publicly disclosed June 30, 2025 $35.739 billion 11.0% (fiscal 2025, PRINCO-managed portion) Ten-year annualized through June 30, 2025 Not publicly disclosed 9.0% 
Fiscal 2025 gain and ten-year annualized return for the PRINCO-managed portion, with the report's passive benchmark and college and university median. Source: Report of the Treasurer 2024-25, published January 5, 2026.
Item Value FY2025 11.0% 10-year annualized 9.0% Passive benchmark 7.3% University median 8.1% - External manager roster and consultant detail: PRINCO invests through external managers but does not publish individual manager names, mandate benchmarks, or fees, and does not name an investment consultant of record. Gross managed investments were $35,927.9 million at June 30, 2025.
Mandate Benchmark or strategy AUM Manager Fee or expense Private equity Not publicly disclosed $14.7 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Independent return Not publicly disclosed $8.2 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Developed markets Not publicly disclosed $4.3 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Real assets Not publicly disclosed $3.9 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Emerging markets Not publicly disclosed $2.7 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Cash and other Not publicly disclosed $1.5 billion External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed Fixed income Not publicly disclosed $617.1 million External managers selected by PRINCO; individual managers not publicly disclosed Not publicly disclosed - Commitment pacing: Princeton does not disclose private-market commitment pacing or a capital deployment schedule.
- RFP, procurement, and board calendar: No investment consultant of record, procurement portal, RFP calendar, published unsolicited-proposal policy, or board meeting calendar is disclosed. Entry is selective through PRINCO's network and reputation for access to top-tier managers.
Matching profile: these data points feed the cross-fund manager matching profile.
Sources: Report of the Treasurer 2024-25, published January 5, 2026; PRINCO website.
Governance and Leadership
Princo is governed by the Board of Trustees of Princeton University; specific Princo governance structure and committees are not detailed in the primary sources. The organization emphasizes a flat structure with open debate, independent thinking, and diverse backgrounds among team members. Vince Tuohey serves as President, appointed in May 2024. The senior leadership team includes six managing directors: Jenn Birmingham, Susan Ciniglio, Theo Kim, Annie Weiss, Amy Zhou, and a sixth managing director not individually named in the sources. The team also includes multiple associate directors and analysts, with the organization comprising approximately 20 investment professionals as of 2026.
- Vince Tuohey, President (appointed May 2024)
- Jenn Birmingham, Managing Director
- Susan Ciniglio, Managing Director
- Theo Kim, Managing Director
- Annie Weiss, Managing Director
- Amy Zhou, Managing Director
- Aaron Rosenblum, Director
- Max Franzblau, Associate Director
- Zachary Holecek, Associate Director
- Max Manicone, Associate Director
- Amanda Moskowitz, Associate Director
- Shruti Patel, Associate Director
- Lydia Spencer, Associate Director
The sources do not name board members or detail committee structures, meeting schedules, or governance materials such as board minutes. The University's Board of Trustees oversees Princo, but specific Princo governance materials are not published in the primary sources reviewed.
How to Engage
PRINCO partners with skilled external investment management firms and states that much of its success reflects its ability to select and gain access to top-tier managers. It does not publish a manager-selection process, an investment consultant of record, a procurement portal, an RFP calendar, or an unsolicited-proposal policy, and no board meeting calendar is published.
The realistic route in is selective and relationship-driven through PRINCO's network. PRINCO's careers route is for investment staff recruitment and is not a manager entry route.
Sources and Documents
- PRINCO website (princo.princeton.edu) - homepage, mission/values, investment strategy, team pages (accessed October 2026)
- Finance and Treasury website (finance.princeton.edu) - Report of the Treasurer landing page (accessed October 2026)
- Report of the Treasurer 2024-25 (published January 5, 2026) - endowment net assets, returns, spending policy, financial highlights (fiscal year ended June 30, 2025)
Data Notes and Methodology
This profile is based on the Report of the Treasurer 2024-25 (published January 5, 2026, fiscal year ended June 30, 2025) and materials on the PRINCO and Princeton Finance and Treasury websites, assessed as of October 1, 2026. All figures are in United States dollars.
The profile AUM is endowment net assets of $35.739 billion at June 30, 2025 from the consolidated financial statements, excluding agency funds in custody for others. The report's $36.4 billion traditional Endowment figure is not used as the profile AUM. Mandate amounts are managed investments by category at June 30, 2025 on a manager-mandate basis; gross managed investments were $35,927.9 million. Individual external managers, mandate-level benchmarks, and fees are not publicly disclosed.