Oklahoma State University, Stillwater, will invest a $20 million donation from alumnus Sherman Smith with BP Capital Management, the hedge fund company run by fellow OSU alum T. Boone Pickens. Investment income from Mr. Smith's gift will be used to maintain a proposed multipurpose indoor athletics practice facility, said Mike Holder, OSU director of athletics and vice president for athletic programs.
The new building will go up across the street from Boone Pickens Stadium in OSU's athletic village, according to a university news release. Messrs. Smith and Pickens have been "friends, fraternity brothers and business partners" since attending OSU in the 1940s, Mr. Pickens said in the release. Mr. Smith founded and later sold Tulsa, Okla.-based Service Drilling Co., according to a published report.
BP Capital Management manages about $4 billion in two energy-focused hedge funds.