Investor Pledges Massive Donation to Columbia Business School
Wednesday, October 06, 2010
The investor and business financier Henry Kravis is pledging $100 million to his alma mater, the Columbia University Business School. It is the largest gift that school has ever received.
The funds will be used on construction of new facilities in the school's expansion into Manhattanville. The school will name one of their buildings after Kravis, according to a statement on the school's Web site.
In the statement, Kravis is quoted as saying, “We’re not just constructing a building -- we are creating a community of entrepreneurs. I hope these new facilities will be a place where the entrepreneurial spirit thrives.”
In June this year, the state's highest court ruled against two local business that claimed they would be displaced by Columbia University's $6.3 billion expansion plan. The court ruled that the state had properly determined that the area was blighted and could seize private property through eminent domain.
Kravis is co-founder, co-chairman and co-CEO of the global investment firm, Kohlberg Kravis Roberts & Co. He also founded the New York City Investment Fund, which aims to create jobs and help sustain small inner-city businesses in New York.