Princeton cuts GP numbers
Princeton University is halving the number of GPs it invests in, as part of an overhaul of its private equity exposure.
The university's $14.4bn endowment fund currently employs 70 private equity managers, but plans to commit new capital to just 35. Following the financial crisis, the fund's private equity exposure had increased to around 35%, well above its 23% target.
It says it wants to have "fewer, better, stronger relationships" across its investment portfolio in the future.
The university has not named specific GPs who will lose out on funding as a result of the decision.
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