Academically gifted, low-income graduates of the Chicago public school system who aspire to attend prestigious — and expensive — Northwestern University now have hedge funds-of-funds executive Michael J. Sacks in their corner.
The majority — $3.6 million — of a $5 million gift Mr. Sacks and his wife, Cari, made to Evanston, Ill.-based NU has been earmarked to endow scholarships for needy Chicago public school students.
Mr. Sacks is CEO and managing director of Grosvenor Capital Management LP, Chicago. He also is a Northwestern alumnus and has been a university trustee since 2007.
“The idea Cari and I like is that we continue to support the institutions that we like, are connected to and want to support, but that we train that support on the kids here so that we get more leverage for the city,” Mr. Sacks said via e-mail.
“We are grateful for Michael and Cari's continued support of Northwestern and their extraordinary commitment to CPS students,” said NU President Morton Schapiro in a university news release.