Paradise Papers: Oxford and Cambridge invested tens of millions offshore

Funds invested in by the universities include a joint venture to develop oil exploration and deep-sea drilling

The universities of Oxford and Cambridge, and nearly half of all Oxbridge colleges, have secretly invested tens of millions of pounds in offshore funds, including in a joint venture to develop oil exploration and deep-sea drilling, leaked documents from the Paradise Papers reveal.

The files show that both universities have committed significant funds to multibillion-dollar private equity partnerships based in the Cayman Islands, a tax haven popular with American and British hedge funds.