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March 25, 2016

Buffett Associate Munger Commits $200 Million to Cal Campus

The University of California at Santa Barbara announced a $200 milllion pledge Thursday from billionaire investor Charles Munger to build new student housing, reports the Santa Barbra Independent.

Mr. Munger, an executive at Warren Buffett's Berkshire Hathaway investment firm, donated some $65 million worth of company stock in 2014 to construct a residence hall for scientists visiting the Santa Barbara campus, which his grandson attended. The new funding will support a $1.4 billion project to add what the donor described as ultramodern student housing as the campus embarks on a long-range plan to increase enrollment.