Bill Gross, founder and chief investment officer of Pacific Investment Management Co., and his wife, Sue, are donating a combined $43.5 million to support two separate programs: the expansion of a hospital in PIMCO's hometown of Newport Beach, Calif., and financial aid for students at Duke University.
The couple gave Hoag Memorial Hospital Presbyterian of Newport Beach, the largest donation in the facility's history. They contributed $20 million earlier this month to support the Women's Pavilion, a new center for women's health that's expected to open in October, said hospital spokeswoman Debra Legan. In recognition, the new tower and the women's wellness center will be named for the benefactors. Total contributions for the project now total more than $72 million.
Separately, the couple is giving $23.5 million to Duke, Durham, N.C., according to a news release. About $15 million of the gift will endow undergraduate scholarships, and another $5 million will provide scholarships for medical students. "The $20 million the Grosses are providing for financial aid equals a 1998 gift from Duke alumna Melinda French Gates and her husband, (Microsoft Corp. Chairman) Bill, as the largest from individuals for scholarships in the university's history," according to the release. The $3.5 million balance of the gift will be used to support faculty members in Duke's Fuqua School of Business and other priorities.
Mr. Gross is a 1966 graduate of Duke's Trinity College and was an A.B. Duke Scholarship recipient as an undergraduate.