Oxford’s Quiet Powerhouse: How Neamul Mohsin Is Shaping Endowment Investing

When Simon Brewer sat down with Neamul Mohsin, the newly appointed Chief Investment Officer of Oxford University Endowment Management (OUem), it was clear from the outset that this was no ordinary conversation about asset allocation. Oxford, with its nine-century legacy of intellect and influence, relies on its multi-billion pound endowment to secure its academic and institutional future. Mohsin, who joined OUem in 2012 and became CIO in 2025, now steers that mission with a blend of analytical rigour, human insight, and a refreshing lack of dogma.

The Oxford Endowment Fund's (OEF) mandate remains straightforward but formidable: deliver a 5% real return while maintaining a 4.25% annual distribution for over £6 billion assets from 46 investors including Oxford, many of its colleges, charitable trusts and other UK charities. “We’re supporting today’s scholars and tomorrow’s,” Mohsin explains. “It’s a constant balancing act, meeting today’s needs without compromising the spending power of future generations.” This dual challenge defines his investment philosophy: protect the capital base while enabling Oxford’s intellectual and social reach to thrive indefinitely.

Mohsin’s route to Oxford wasn’t preordained. After a formative gap year with Arthur Andersen he trained in corporate finance, valuing businesses across sectors and jurisdictions. “It taught me that valuation is more art than science,” he reflects. That appreciation for nuance has shaped his investment thinking. A stint in a London family office introduced him to multi-asset investing before a cold email to OUem’s founding CIO, Sandra Robertson, set him on the path that would define his career.

Under Mohsin’s leadership, the OEF's asset allocation is deliberately fluid. He resists rigid frameworks: “We don’t subscribe to an allocation model that says ‘X% in private equity, Y% in public.’ We start from first principles: what’s the best route to achieve our 5% real return?” Private markets, he believes, can justify their illiquidity: “if they deliver a true premium and we can still meet our annual cash obligations.” But he’s equally sceptical of assumptions based on history: “Just because private equity did deliver a premium doesn’t mean it will again.”

In venture capital, Mohsin embraces patience and humility. He acknowledges the “power law” of venture returns, where a few firms and founders capture disproportionate value, and only backs managers with exceptional access and conviction. “You need to be in that top decile, or you may as well not play the game,” he says bluntly. The fund's 16% allocation to venture capital is a testament to its faith in innovation, from AI to material science, but Mohsin is adamant: access trumps allocation.

Selecting partners, for Mohsin, is as much psychology as analysis. He looks for three traits above all: focus, competitiveness and alignment. “You can’t fake focus,” he says. “The best are single-minded and live by the scoreboard.” Alignment, he adds, goes beyond financial commitment: “I want to see philosophical alignment. Are they still hungry, still willing to take risks, or are they in wealth preservation mode?” Perhaps most intriguingly, he looks for what he calls “the chip on the shoulder,” a personal insecurity that continues to drive elite performance. “We actually ask that question: what’s their chip on the shoulder? Everyone we back has one.”

In public markets, OUem blends active and passive exposure pragmatically. “We’re not ideologues,” Mohsin says. “Most active managers underperform, but there are outliers who consistently beat benchmarks. Our job is to find them.” Passive exposure, meanwhile, provides flexibility when capital isn’t yet deployed. It’s an approach rooted in realism and self-awareness: “Everyone thinks they’re above average; investors, managers, allocators. The key is having a process that recognises how easy it is to be wrong.”

That self-discipline defines OUem’s team culture too. Mohsin prizes curiosity, “we’re still slacking each other at midnight about investment ideas,” but insists on focus, honesty and psychological safety. “People must feel they can admit mistakes. Vulnerability makes us better investors.” He admits he’s learned hard lessons himself: the danger of holding underperforming managers for too long out of loyalty or misplaced patience. “The hardest discipline is selling, knowing when an amber flag is about to turn red.”

Managing an endowment from in Oxford brings unique opportunities and temptations. The university teems with intellectual capital, from quantum computing to biotechnology, but Mohsin is selective in tapping it. “We’re fortunate to have world-class expertise around us, but we must keep an arm’s length. We’re stewards of capital, not venture scouts for every exciting idea.”

On sustainability, OUem’s philosophy is integrated but pragmatic. ESG, for Mohsin, isn’t about ticking boxes. “We engage with our managers continuously, not just at the start. Some have policies, others don’t, but the best live it in their decision-making. The definitions keep shifting, so we stay flexible.”

As for his tenure ahead, Mohsin sees evolution, not revolution. “The principles won’t change. What I want is to improve our ability to see around corners, to spot amber flags earlier, to act decisively.” That blend of caution and curiosity seems emblematic of OUem’s quiet power: patient, precise, purpose-driven.

Oxford’s endowment has long been a symbol of endurance and intellect. Under Mohsin, it is also a laboratory for disciplined innovation, balancing spreadsheets and psychology, spreadsheets and souls. “This business,” he says with a wry smile, “is part art, part science. The trick is knowing which part matters most at any given moment.

Click here to listen to the full interview

About OUem

Oxford University Endowment Management (OUem) is responsible for managing the long-term assets of 46 investors including the University of Oxford, many of its colleges, related trusts and other UK charities. Established in 2007, OUem manages the Oxford Endowment Fund (OEF) of over £6 billion, investing globally across public and private markets.

Its mandate is to achieve a 5% real return above inflation while providing a rolling average 4.25% annual distribution to support teaching, research, scholarship and other charitable causes. The portfolio is deliberately long-term and equity-oriented, with significant allocations to public equities, private equity, and venture capital, alongside other diversifying assets.

OUem is recognised for its flexible, first-principles approach to asset allocation, its emphasis on partnership with top-tier managers, and a culture that blends academic rigour with commercial discipline – ensuring its investors' financial strength for generations to come.

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