Karl Scheer is Chief Investment Officer at the University of Cincinnati, a role he has held for over 13 years. He previously worked in a series of consulting and other financial roles. Karl gave a wonderful overview of his career in this Capital Allocators Podcast with Ted Seides, so we wanted to take up where that left off, and hear about his evolution in the CIO role since that interview.We start by asking about what, from his rich background, Karl continues to draw upon in his CIO work and ask what has changed, both about the market backdrop and how he perceives the role.  We discuss the constraints that come with size, and how the venture capital and private equity ecosystems are evolving. We also tackle the shifts he has made in managing the fund from a material hedge fund position and active management in public equities to a focus on private equity, growth equity, and real assets.With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.