Another Wall Street billionaire has made a massive donation to an Ivy League school.
Hedge fund manager John Paulson donated $US400 million to endow Harvard’s School of Engineering and Applied Sciences, Bloomberg News reports.
Harvard, which has the largest endowment in the country, said it’s the largest gift in the university’s history.
Paulson, who graduated from Harvard Business School in 1980, will also get his name on the building. The school will be called the Harvard John A. Paulson School of Engineering and Applied Sciences.
Paulson launched his hedge fund in 1994 with about $US2 billion in capital. He shot to fame after making billions betting against subprime during the housing crisis. He now manages close to $US20 billion and has an estimated networth of $US11.2 billion.
Just last month, billionaire private equity chief Steve Schwarzman donated $US150 million to Yale University to build a new campus center. The commons will be called the “Schwarzman Center.”