Finance mogul Stephen Schwarzman and his wife, Christine, have donated $40 million to Archdiocese of New York's Inner-City Scholarship Fund, the New York Daily News and The Wall Street Journal write. The gift boosts a $125-million fund drive the archdiocese announced Monday for the scholarship program, which provides financial aid to thousands of students from low-income and minority communities.
Mr. Schwarzman is the chairman and chief executive of private-equity firm the Blackstone Group and a major education donor. The Schwarzmans first gave in 2001 and have donated more than $8 million a year in the past, according to a news release. The archdiocese has also committed $40 million to the new "Kids Are Our Capital" campaign.
Correction: An earlier version of this post incorrectly stated that the Schwarzmans had given $3 million to the Inner-City Scholarship Fund in 2013.