Princeton University is working with the New Jersey Educational Facilities Authority to help colleges and universities invest with more diverse asset managers, Princeton announced Thursday.
After Princeton issued $430 million in bonds through the EFA, the university worked with the agency to invest 50 percent of the bond proceeds with Ramirez Asset Management of New York, a diverse-owned asset management firm.
“This is a major milestone for Princeton University and for the New Jersey EFA,” Tim Graf, associate vice president for treasury services at Princeton, said in a statement. “Princeton is in a unique position as a well-respected leader in higher education and as a global institution. It is our hope that this model will encourage other universities to similarly think creatively, expanding existing relationships with minority, women or veteran owned firms.”