In this article, we explore forms and possible implications of new masculinities in universities, and elucidate how they relate to hegemonic masculinity. ‘New masculinities’ coins a particular tradition of naming in Nordic masculinity studies. In the Nordic context, gendered social relations are shaped by State policies and equality discourses, which are increasingly embracing father‐friendly initiatives. New masculinities refers to the increased involvement of men in caring practices and especially in fathering. Our empirical study comprises in‐depth interviews with young male academics in a Finnish business school. We elucidate, first, the ambivalence and struggles between masculinities in the discourses of these men and, second, how the construction of masculinities is specific to societal, sociocultural and local contexts. Relations of class, and middle‐class notions of the ‘good life’ in particular, emerge as central for understanding the experiences of these men. Beyond the Nordic countries, we argue that while the change potential of caring masculinity stems from particular contexts, the concept of new masculinities is helpful in capturing the ambivalence and struggles between hegemonic and caring masculinities rather than dismissing the latter as subordinate to the former.