Henry Kravis, co-founder, co-chairman and co-CEO of iconic buyout firm, Kohlberg Kravis Roberts & Co. LP is very, very good to his alma mater.
Earlier this month, Mr. Kravis pledged $100 million to Columbia Business School, the largest gift in the school's history. The money will be used to help build a new campus in the Manhattanville manufacturing zone in New York. One of the buildings will bear his name.
“I hope the new facilities will be a place that fuels the most innovative thinking and a place where the entrepreneurial spirit thrives,” Mr. Kravis said in videotaped comments.
This is not the 1969 graduates's first gift to the his school, explained Sona Rai, senior media relations officer at the Columbia Business School. Mr. Kravis donated a total of $24.2 million before making the $100 million contribution. For example, in 2006, Mr. Kravis provided $10 million in seed funding for Columbia CaseWorks, which develops teaching materials based on the research and expertise of the school's faculty members. Mr. Kravis, who is co-chair of Columbia Business School's Board of Overseers, also helped fund the Meyer Feldberg Distinguished Fellowship Program, and multiple endowed professorships.
It is also not his first investment in the neighborhood. Mr. Kravis also founded in 1996 and heads the $110 million New York City Investment Fund, a private fund designed to create jobs and help sustain small inner-city businesses in New York. The fund provides equity or debt to New York businesses of any stage of business development and seeks to exit in about five years.