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May 12, 2015

$150 Million Schwarzman Gift to Create Culture Hub at Yale

Private-equity billionaire Stephen A. Schwarzman is donating $150 million to Yale University to develop a new center for student life and cultural programming, reports the New Haven Register. The gift, announced Monday, will combine two existing campus buildings, the Commons and Memorial Hall, into a central venue for performances, meetings, dining, and other amenities and events.

The new complex, dubbed the Schwarzman Center, is slated to open in 2020. "This is a lot different than anyplace I could go at Yale. ... It's a major change for the university and also for New Haven," said Mr. Schwarzman, the chairman and CEO of the Blackstone Group and a 1969 Yale alumnus. He has previously made $100 million gifts to the New York Public Library and a scholarship program for master's students at Tsinghua University in Beijing.