With Andrew Golden planning to retire by June 30, 2024, Princeton University Investment Company (PRINCO) has named its next president, Vincent Tuohey for its $34.1 billion endowment. Tuohey was recruited from his post as investment director on the Global Investment staff for the $23.5 billion Massachusetts Institute of Technology’s Investment Management Company (MITIMCo) where he is responsible for managing 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, according to a PRINCO press release. MITIMCo was “created to manage and oversee the investment of the Institute’s endowment, retirement and operating funds,” according to MIT.
Tuohey, a decorated former captain in the U.S. Army, earned his M.B.A. from Harvard Business School, a master’s degree in European studies from the University of Cambridge and a bachelor’s degree in economics from Harvard University, which he attended on an Army ROTC scholarship. He served in the U.S. Army from 2002 to 2006, earning the Bronze Star Medal while deployed to Iraq, among other military awards for his leadership and achievement.
The president of PRINCO reports both to the University president and to the chair of the 12-member PRINCO board of directors.
“Vince Tuohey combines outstanding investment acumen and experience with proven leadership ability,” President Christopher L. 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.”
Golden has been president of PRINCO since 1995.
According to media reports, Princeton’s endowment reported a net return of -1.7% for the year ended June 30 and -1.5% for the year before. MITIMCo’s produced a return of -2.9% for the fiscal year ended June 30, and a net return a -5.3% for the fiscal year ended June 30, 2022.
Tuohey joined MITIMCo in 2010, and is responsible for idea generation, sourcing, selection and relationship management of investments for MIT’s endowment and pension fund. He has sourced investment opportunities and spearheaded numerous initiatives in the U.S., Asia, Europe and Latin America.
He has led multiple strategic reviews of MITIMCo’s asset allocation, portfolio construction and competitive positioning. He was part of a small team, which included MITIMCo’s president and MIT’s treasurer, that developed policy frameworks for major financial decisions, including debt issuance, endowment payout and pension fund management. He also represents MITIMCo on more than 15 advisory boards.
From 2016 to 2021, Tuohey was a Stephen M. Kellen Term Member at the Council of Foreign Relations.
Before working for MITIMCo, he was a private equity senior associate at Littlejohn & Co. from 2008 to 2010.