The founder of private equity and hedge fund firm Blackstone Group will donate a total of $300 million to a scholarship fund at a Chinese university.
Reuters reported that Stephen Schwarzman unveiled in a ceremony in Beijing Sunday that he will personally donate $100 million and has raised another $100 million from a group of donors that include Bridgewater Associates founder Ray Dalio to Tsinghua University. Schwarzman is working to raise an additional $100 million to fulfill the university’s planned $300 million endowment.
Schwarzman said that “the goal is to build the most prestigious and well-funded international scholarship program in the most populous country in the world."
Considered one of the largest internationally-funded philanthropy project, the Reuters article said that Tsinghua approached Schwarzman with the idea years ago.
The world’s largest alternative asset management firm, Blackstone has total assets under management of about $159 billion.