The Princeton University Investment Company has increased its venture capital allocation target, according to people familiar with the fund's latest asset allocation review, leaning further into a category where its decades-old relationships with top-tier venture firms have historically been difficult for newer allocators to replicate.
Princeton's endowment has been among the strongest performing large US endowments over the past two decades, a track record its investment office has attributed significantly to early and sustained access to venture capital's top quartile.
Access as moat
Consultants who work with university endowments note that access to closed, oversubscribed venture funds remains one of the few genuinely defensible edges left in institutional portfolio construction.