University of Cincinnati

University of Cincinnati

The University of Cincinnati, founded in 1819, manages its endowment and related long-term assets through its Investment Office, led by Chief Investment Officer Karl Scheer. The pool supports one of Ohio's largest public research universities, which serves over 50,000 students across multiple campuses. Scheer, who has led the office for over a decade, previously held investment roles at the University of Dayton and the Ohio Public Employees Retirement System. The endowment allocates across a comprehensive institutional mix: public equities, private equity, real assets (including real estate and infrastructure), absolute return strategies, and fixed income. The private equity program spans buyout, growth equity, and venture capital funds, while the real assets bucket includes direct real estate holdings and REITs. The office constructs its portfolio through fund commitments and, increasingly, co-investments alongside established managers. Geographic exposure is predominantly U.S.-focused, with select developed and emerging market mandates. The endowment pool was valued at approximately $1.8 billion as of the university's most recent fiscal disclosures, with the broader Long-Term Investment Pool encompassing additional working capital. The Investment Office operates from Cincinnati, Ohio, and reports to the university's Board of Trustees. Scheer's team manages relationships with external managers across the alternatives spectrum, targeting risk-adjusted returns that support university operations, research, and financial aid. The office distinguishes itself through a relatively lean team structure for its asset base and a deliberate emphasis on manager selection and portfolio construction over trading or tactical allocation. Scheer's long tenure has provided continuity through multiple market cycles and leadership transitions at the university, reinforcing a steady governance framework that separates oversight from day-to-day implementation.