Princeton University endowment chief Andrew Golden plans to retire next year after almost three decades at the helm.

Golden, 63, the third president of Princeton University Investment Co., will step down on June 30, 2024, the university said in a statement Friday. A search for his successor will take place over the coming year.

“My goal for the year ahead is to sprint through the tape, and to make sure that Princeton is positioned for success over the next 25 years,” Golden said in the statement.

He has led the endowment since 1995, when it was valued at less than $4 billion. As of June 30, it had reached $35.8 billion — with an annualized return of 12.6% during Golden’s tenure.

In 2021, Princeton said its endowment returned 46.9% and rose to $37.7 billion in the fiscal year — driven by a surge in its private equity portfolio. The next year, the endowment fell 1.5%, roughly in line with its Ivy League peers.

The fund supplies about 65% of Princeton’s operating revenue. It also supports the university’s no-loan financial aid program and a new policy that waives tuition for students from families earning up to $100,000.

Before Princeton, Golden served as an investment director at Duke Management Co.

Prior to that, he was a senior associate in the investments office at Yale University. He worked with the late David Swensen, who was known for transforming Yale’s endowment into one of the nation’s best performers.

This article was provided by Bloomberg News.