Tsinghua U. Gets $100-Million and Help Raising More for Fellowship Program
The financier Steve Schwarzman wants to attract students from all over the world to study in China
By Maria Di Mento
Senior Editor
May 5, 2013 | Read Time: 1 minute
How much: $100-million
Who got it: Tsinghua University, in Beijing
Who gave it: Stephen Schwarzman, co-founder of the Blackstone Group, an investment firm
Where the money will go: Mr. Schwarzman’s pledge will endow the Schwarzman Scholars program to provide tuition aid to graduate students from all over the world to study at the university’s School of Economics and Management.
Donor’s connection to the institution: Mr. Schwarzman is a member of the advisory board of the economics school.
Where other money for the program will come from: Mr. Schwarzman is helping Tsinghua raise an additional $200-million for the program, and says he has already raised half of that.
Why the donor gave: Mr. Schwarzman says he was worried that economic frustrations in the West and elsewhere could turn into resentment over China’s robust economic strides. “I wanted to do something that could try to ameliorate and address this problem.”
Impact of the gift: The fellowships will act as an endorsement of international education and international philanthropy, says Mr. Schwarzman.
