Biggest donation ever in history of institution.
By Raif Karerat
WASHINGTON, DC: Harvard University received its largest donation in the history of the institution, on Wednesday, from one of its wealthiest alumni, Wall Street hedge fund mogul John Paulson, who has handed over $400 million to his alma mater’s School of Engineering and Applied Sciences (SEAS).
According to Reuters, the 59-year-old investor credits much of his professional success to the education he received at Harvard Business School, from where he went on to found Paulson & Co., which is now worth $19 billion.
“There is nothing more important to improve humanity than education,” Paulson said in a statement, adding, “SEAS is the next frontier for Harvard, and its expanding campus in Allston promises to become the next major center of innovation.”
The engineering and applied sciences school, which Reuters noted counts former Microsoft CEO Steve Ballmer and NASA astronaut Stephanie Wilson among its graduates, will be duly rechristened the Harvard John A. Paulson School of Engineering and Applied Sciences.
Three weeks ago Rice University experienced a similar injection of philanthropic funding when venture capitalist John Doerr and his wife, Ann, both Rice bachelor’s and master’s degree holders, donated $50 million to the private university through their family’s foundation.
The university will use the donation to start the Doerr Institute for New Leaders, which will cater to entrepreneurially inclined students as well as those interested in improving their global leadership skills, reported the Houston Business Journal.
“One of the program’s cornerstones will be a focus on increasing diversity and cultural inclusion. The program’s graduates will be trained to be global entrepreneurial leaders,” elaborated the Texas-based paper.