Assessment and Qualifications Alliance

Investment oversight ultimately falls under the trustee board chaired by David Laws, with operational execution managed by chief operating officer and chief finance officer Nick Stevens. The charity does not publicly list a separate chief investment officer or external investment committee, suggesting the treasury function is embedded within the finance team. There is no disclosed use of an outsourced chief investment officer (OCIO) or external consultant.

AQA's portfolio accumulated from examination entry fees paid by schools and colleges over decades of operation as England's largest exam board. Unlike a family office or foundation, there is no single endowment event or donor. The surplus generated from its charitable examination activities has been retained and invested, creating a self-sustaining balance sheet that underpins the organization's long-term financial resilience.

Publicly available evidence points to a concentrated allocation in directly held UK commercial property — including offices in Manchester, Milton Keynes, and Guildford — alongside cash reserves and on-site renewable-energy assets such as solar PV systems. The charity has also partially de-risked its pension liabilities through a buy-in arrangement. There is no public disclosure of venture capital, private equity, hedge fund, or traditional equity and bond mandates.

AQA and Oxford University Press (OUP) jointly own Oxford International AQA Examinations Limited, a vehicle that delivers internationally recognized qualifications outside the UK. The joint venture leverages AQA's assessment expertise and OUP's global publishing and distribution network. This commercial subsidiary sits alongside the charitable parent, aligning with AQA's regulated public-benefit mission in England.

AQA is primarily regulated by Ofqual as an awarding organization for qualifications in England. Its investment activities fall under the governance of UK charity law and the oversight of its trustee board, rather than financial conduct regulation. The Charity Commission for England and Wales requires transparent reporting and alignment with AQA's charitable objects, but the portfolio is not subject to FCA authorization for investment management.

AQA operates a charitable fund called AQA Unlocking Potential, which awards grants to schools and community organizations. This program is distinct from the main commercial and investment operations, drawing on charitable expenditure budgeted by the trustee board. It focuses on supporting educational projects that align with AQA's core mission rather than functioning as a separately endowed grant-making foundation.

There is no public evidence that AQA participates in co-investments, fund commitments, or LP-style relationships with external general partners. The charity's disclosed asset base — directly owned property and operating subsidiaries — suggests an internal treasury model rather than an institutional allocation program. Any future shift toward third-party fund commitments has not been signaled in publicly available materials.