Capital Allocators – Inside the Institutional Investment Industry CIO Greatest Hits: Endowments – Andy Golden (Princo)
Jul 21, 2025
Andy Golden, retired after thirty years at Princeton University Investment Management Company, shares his deep expertise in endowment strategies. He compares investment styles with Scott Wilson from Washington University, revealing insights into Princo’s renowned decision-making process. They discuss the evolution of investment governance, the significance of internal talent cultivation, and the balance between qualitative and quantitative data in investment strategies. Golden reflects on leadership lessons and the emotional complexities of managing investment teams, making for an insightful conversation.
AI Snips
Chapters
Books
Transcript
Episode notes
From Photographer to CIO
- Andy Golden transitioned from a photographer to an investment professional after exploring various jobs and pursuing a management program at Yale.
- His first investing role was inspired by an informational interview that reshaped his view on socially responsible investing.
Empowered Staff-Centric Model
- At Princeton, the investment process evolved from trustee-driven decisions to a fully empowered staff-centric decision model.
- This structure allows the investment team to operate with autonomy, increasing efficiency and accountability.
Leverage Specialized Outside Managers
- Use specialized outside managers rather than internal teams to leverage focused expertise and bandwidth.
- Foster a shared sense of mission within your team to attract and retain talent despite compensation disadvantages.
