Under contemporary conditions, top managers in a university, during implementation of strategic development program, face the problem of creating the optimal portfolio of activities. At the same time, human capital is one of the priority areas of investment; raising its level is an important condition for sustainable development that makes it possible to achieve on time strategic objectives set by the university. We propose a method for the formation of optimal portfolio of activities in the area of human capital development, taking into account the uncertainties that occur when making management decisions. An economic-mathematical model is considered whose objective function is an integral indicator that takes into account a degree of achievement of strategic tasks by structural divisions of the university. Optimization variables are the Boolean variables for the inclusion of activities for employees in the portfolio at a certain moment of time. Solution to the model is found numerically using the developed software. The solution is a plan of activities in the area of human capital development for structural units of the university. The plan is structured by time, units, employees, and directions of investment. We examine the example of determining a portfolio of activities in the area of human capital development for three structural divisions of the university in order to achieve the university's objectives on the horizon of planning over 5 years. Results of the calculations make it possible to form a "road map" in the field of human capital development and prove to be one of the main components in investment strategy of the university.