Aspects such as human capital, structural capital and customer capital are important variables of the whole intellectual capital management programme, which forms part of the knowledge management initiatives of institutes of higher learning. The skills and expertise of university staff as part of its human capital are discussed. Structural capital will encompass aspects such as the role of innovation and intellectual property rights. Customer capital of the university and the knowledge of stakeholders in the field of tertiary education are becoming more important. The results of a study done at a South African university are used to indicate which of these aspects needs to be measured and a new framework for measurement and management of IC is discussed.