Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group co-founder, Chairman, and CEO Stephen A. Schwarzman. The university plans to use the nine-figure gift to create a new cultural and student life center.

“My hope is that the Schwarzman Center will serve as the crossroads for the campus, but also place Yale at the crossroads of the world,” Schwarzman said in a statement. The university will renovate two existing buildings to create the student center, which will feature lounges, an art gallery and performance spaces.

The center will likely open in 2020.

Schwarzman, a 1969 Yale graduate, has given the school it’s second largest gift in its history. Several other schools including Princeton University, University of California, San Diego, and Northwestern University have received gifts in excess of $100 million in recent months.

Schwarzman is expected to earn more than $200 million in a first-quarter payout after the company recently announced its largest quarterly dividend payment in firm history. Last year, he earned roughly $690 million in dividends, fund payouts, and compensation, according to regulatory filings. 

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