A successor to Andy Goldan has been chosen.
The Princeton University Investment Company, which manages the institution’s $34.1 billion endowment, announced Monday that Vincent Tuohey will become its new president and leader when Golden retires at the end of the academic year in 2024.
Tuohey is currently an investment director at the Massachusetts Institute of Technology’s Investment Management Company, where he manages a multi-billion-dollar portfolio of funds and direct investments across multiple asset classes, including private equity, venture capital, public equity, hedge fund, commodities and real estate.
“Vince Tuohey combines outstanding investment acumen and experience with proven leadership ability,” President Christopher Eisgruber said. “He also has a deep appreciation for Princeton’s mission and the special achievements of Andy Golden and the superb team at PRINCO. I am confident that Vince will be an excellent president for PRINCO as well as a valued colleague for all of us in the University administration.”
The head of PRINCO reports both to the university president and to the chair of the 12-member PRINCO board of directors.
“It was an extremely thorough and rigorous process, and we had the pleasure and benefit of interviewing a number of very talented investors,” PRINCO Board Chair Bob Peck said. “While we believe all our finalists would do a fine job of leading PRINCO, Vince stood out to us as having a full complement of multiple talents that will allow him to lead PRINCO superbly for years to come.”
Tuohey, who was a U.S. Army captain and private equity associate before he joined MITIMCo in 2010, is replacing a venerable endowment investor in Golden. The bartender and photographer who went on to work for the late David Swenson and ultimately became the longtime head of PRINCO, is known for his sense of humor and investing success. The average annual return on Princeton’s endowment for the past 10 years is 10.8 percent and is 10.5 percent for the past 20 years.
Earnings from the endowment provide about two-thirds of the Ivy League university’s net operating revenues, and the endowment currently funds about 70 percent of the undergraduate financial aid budget. That commitment to the institution and its students is partly why Tuohey was interested in the job, he said in a statement.
“The team at PRINCO are thought leaders in endowment management and have set a high bar for excellence in long-term investing,” Tuohey said. “I’m really looking forward to working with the great team at PRINCO, being a part of the vibrant and collegial Princeton community, and collaborating with PRINCO’s enviable roster of investment partners.”
