Henry Kravis Pledges $100M for Columbia Business School Expansion
By Kiratiana Freelon on October 5, 2010 1:44pm
By Olivia Scheck
MANHATTAN — Columbia University picked up another $100 million to fund its expansion plans Tuesday.
The $100 million donation was pledged to the Columbia Business School by well-known private equity executive Henry R. Kravis and will constitute the largest gift in the school's history, according to a statement by the school.
The money will help fund the construction of two new buildings in Manhattanville, one of which will named after the businessman and philanthropist.
Kravis, 66, is a Columbia Business School graduate and co-founder of Kohlberg Kravis Roberts & Co., a private equity firm, which has bought out corporate giants like RJR Nabisco, Duracell and Toys "R" Us. Kravis is personally worth $3.4 billion, tying him for the title of 90th richest American, according to Forbes.
His previous donations have earned him a wing at the Metropolitan Museum of Art and the co-chairmanship of Columbia Business School's Board of Overseers, Forbes and the business school's website noted.
"What is most exciting to me about the move to Manhattanville is that it offers increased opportunities for the school to connect with fellow New Yorkers, especially those who own small businesses in the Morningside Heights, West Harlem, and greater New York City communities," Kravis said in the statement, praising the work of the Columbia Community Business Program, which assists local business owners.
Last week, another Columbia donor gave $50 million towards the medical school's $185 million expansion in Washington Heights.
A new sports complex is also planned for Upper Manhattan on the Inwood waterfront.