Princeton University's endowment chief is stepping up his efforts to bring more women and minorities into a money management industry dominated by men.
Andrew Golden, who has run Princeton's now $25.9 billion endowment for a quarter century, plans to begin a one-year pilot program next month to mentor women and minorities interested in asset management. He is starting the program to help fix structural challenges that keep them out of Princeton's pipeline for new managers.
"We will have a better chance of having a more diverse roster if the industry is more diverse," Mr. Golden, 60, said Wednesday at the Bloomberg Invest New York conference.
Princeton, which uses more than 70 outside outside managers, has been expanding its diversity efforts. The school added three external managers in this academic year, including a venture capital firm managed by a woman and a venture fund run by two African-American men. Firms owned by women and minorities manage just 1.3% of assets in the $69 trillion investment industry, according to a Knight Foundation study published in January.
Mr. Golden will provide mentoring to at least 50 people over the next school year. Candidates for the program may range from those as young as high school students to investment professionals thinking of starting new funds.
Princeton has joined other institutions in flocking to private equity. The Ivy League school raised its target allocation to the asset class to 30% from 27%, but its actual allocation is 39%, Mr. Golden said.
Princeton led the eight-school Ivy League in returns for the year ended June 2018, the most recent data available, with a 14.2% gain.