Princeton University
EndowmentNew Jersey · as of FY2024
AUM
$34B
Held in U.S. securities
$7B
19% of AUM
Return target
~5% real long-run
Asset allocation policy
Target weights set by the investment committee in the plan's Investment Policy Statement.
| Asset class | Target | $ value |
|---|---|---|
| Private equity / VC | 38% | $13B |
| Independent return (hedge funds) | 23% | $8B |
| Public equity | 15% | $5B |
| Real assets | 12% | $4B |
| Fixed income | 7% | $2B |
| Cash | 5% | $2B |
Holdings overview
Multi-asset portfolio implemented entirely through external managers. Private equity and venture allocations among the largest by share, similar in shape to Yale.
Board mandates
- PRINCO (Princeton University Investment Company) manages the endowment under board oversight.
- Endowment funds ~70% of operating budget — among the highest dependency ratios of major U.S. universities.
- No tobacco investments by long-standing trustee policy; no other blanket exclusions.
Spending rule
4–6.25% target band; smoothing weights last year + inflation-adjusted prior spend
Source: www.princeton.edu/princo