diff --git a/cmake/macros/Private.cmake b/cmake/macros/Private.cmake
index 48fe107dd..79fdad022 100644
--- a/cmake/macros/Private.cmake
+++ b/cmake/macros/Private.cmake
@@ -1185,8 +1185,10 @@ function(_pxr_library NAME)
             # XXX --- Why this difference?
             _get_install_dir("plugin/usd" pluginInstallPrefix)
         endif()
+    elseif(WIN32 AND args_TYPE STREQUAL "SHARED")
+        _get_install_dir("${CMAKE_INSTALL_BINDIR}/usd" pluginInstallPrefix)
     else()
-        _get_install_dir("lib/usd" pluginInstallPrefix)
+        _get_install_dir("${CMAKE_INSTALL_LIBDIR}/usd" pluginInstallPrefix)
     endif()
     if(args_SUBDIR)
         set(pluginInstallPrefix "${pluginInstallPrefix}/${args_SUBDIR}")
@@ -1266,17 +1268,25 @@ function(_pxr_library NAME)
     # Where do we install library to?
     _get_install_dir("include" headerInstallDir)
     _get_install_dir("include/${PXR_PREFIX}/${NAME}" headerInstallPrefix)
-    _get_install_dir("lib" libInstallPrefix)
+    if(WIN32 AND args_TYPE STREQUAL "SHARED")
+        _get_install_dir("${CMAKE_INSTALL_BINDIR}" libInstallPrefix)
+        _get_install_dir("${CMAKE_INSTALL_LIBDIR}" libInstallPrefixArchive)
+    else()
+        _get_install_dir("${CMAKE_INSTALL_LIBDIR}" libInstallPrefix)
+        _get_install_dir("${CMAKE_INSTALL_LIBDIR}" libInstallPrefixArchive)
+    endif()
     if(isPlugin)
         if(NOT isObject)
             # A plugin embedded in the monolithic library is found in
             # the usual library location, otherwise plugin libraries
             # are in the plugin install location.
             set(libInstallPrefix "${pluginInstallPrefix}")
+            set(libInstallPrefixArchive "${pluginInstallPrefix}")
         endif()
     endif()
     if(args_SUBDIR)
         set(libInstallPrefix "${libInstallPrefix}/${args_SUBDIR}")
+        set(libInstallPrefixArchive "${libInstallPrefixArchive}/${args_SUBDIR}")
     endif()
     # Return libInstallPrefix to caller.
     if(args_LIB_INSTALL_PREFIX_RESULT)
@@ -1408,8 +1418,8 @@ function(_pxr_library NAME)
     # The former is for helper libraries for a third party application and
     # the latter for core USD libraries.
     _pxr_init_rpath(rpath "${libInstallPrefix}")
-    _pxr_add_rpath(rpath "${CMAKE_INSTALL_PREFIX}/${PXR_INSTALL_SUBDIR}/lib")
-    _pxr_add_rpath(rpath "${CMAKE_INSTALL_PREFIX}/lib")
+    _pxr_add_rpath(rpath "${CMAKE_INSTALL_PREFIX}/${PXR_INSTALL_SUBDIR}/${libInstallPrefix}")
+    _pxr_add_rpath(rpath "${CMAKE_INSTALL_PREFIX}/${libInstallPrefix}")
     _pxr_install_rpath(rpath ${NAME})
 
     #
@@ -1450,14 +1460,14 @@ function(_pxr_library NAME)
         if(isPlugin)
             install(
                 TARGETS ${NAME}
-                LIBRARY DESTINATION ${libInstallPrefix}
-                ARCHIVE DESTINATION ${libInstallPrefix}
-                RUNTIME DESTINATION ${libInstallPrefix}
+                LIBRARY DESTINATION ${pluginInstallPrefix}
+                ARCHIVE DESTINATION ${pluginInstallPrefix}
+                RUNTIME DESTINATION ${pluginInstallPrefix}
             )
             if(WIN32)
                 install(
                     FILES $<TARGET_PDB_FILE:${NAME}>
-                    DESTINATION ${libInstallPrefix}
+                    DESTINATION ${pluginInstallPrefix}
                     OPTIONAL
                 )
             endif()
@@ -1482,7 +1492,7 @@ function(_pxr_library NAME)
                 TARGETS ${NAME}
                 EXPORT pxrTargets
                 LIBRARY DESTINATION ${libInstallPrefix}
-                ARCHIVE DESTINATION ${libInstallPrefix}
+                ARCHIVE DESTINATION ${libInstallPrefixArchive}
                 RUNTIME DESTINATION ${libInstallPrefix}
             )
         endif()