Princeton Draws Inquiry Over Efforts to Diversify Its Endowment Fund
The Democrat who represents the district where Princeton is located asked the Ivy League school about possible policy changes.
(Bloomberg) -- Princeton University was questioned by a congresswoman about the school’s efforts to include more diverse asset managers when investing its $26 billion endowment, the nation’s fifth-largest.
Representative Bonnie Watson Coleman, a New Jersey Democrat who represents the district where Princeton is located, also asked the Ivy League school about possible policy changes that make the inclusion of such firms more likely, according to a Nov. 12 letter to President Christopher Eisgruber and Andrew Golden, head of the Princeton University Investment Co.
The letter is similar to one last month from six members of Congress to the National Association of College and University Business Officers. They asked the trade association to provide information about investments with women- and minority-owned firms and if the group would consider leading a diversity pledge among its members.
Earlier this year, Golden detailed the fund’s efforts to add more women and minorities as investment managers, including two venture capital firms selected by the school. Golden also began a pilot mentoring program for women and minorities in investing.
“As requested, we look forward to a dialogue with the congresswoman on our efforts related to these important issues,” said Ben Chang, Princeton’s spokesman.
Coleman was among sponsors of a bill last year to repeal the new endowment tax levied on about 30 of the richest U.S. universities, including Princeton.
To contact the reporter on this story: Janet Lorin in New York at jlorin@bloomberg.net
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Steven Crabill, Dan Reichl
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