Scott Shleifer pledges $20 million to the University of Pennsylvania

Investor Scott Shleifer and his wife, Elena, have committed $20 million to the University of Pennsylvania, the university said on October 14, according to Billionaires.Africa.

The bulk of the money, $12 million, endows the Shleifer Scholars Program, which will cover full tuition for a standing group of undergraduates and also pay for internships, faculty research, study abroad and community work. The program targets families whose incomes are too high for the largest aid packages but who cannot easily absorb Ivy League costs. A further $3 million funds a matching challenge under which six donors who have never endowed a named scholarship can each establish a $1 million fund by contributing $500,000, with the family covering the rest. The final $5 million goes to a discretionary fund controlled by the university's leadership.

"Investing in students is one of the most meaningful ways we can invest in Penn's future," Shleifer said in the university's statement.

Shleifer, 49, graduated from Wharton in 1999, worked at Blackstone, then co-founded Tiger Global Management's private equity arm in 2003, backing JD.com, Didi Chuxing and Meituan. He stepped down from that role at the beginning of 2024 and became a senior adviser. Forbes puts his net worth at $3.8 billion. The couple gave Penn $18 million in January 2022.

This story was first reported by Billionaires.Africa.