George Roberts gives Claremont McKenna College $140 million
One of the richest people in the world, George Roberts, is giving Claremont McKenna College $140 million. The money will be used to “expand and fully develop the eastern half of the CMC campus.”
When Roberts, who graduated in 1966, gave money to the liberal arts college on Friday, Claremont McKenna said in a statement that the money will be used to build new athletic facilities and campus buildings. It brings the total amount of money raised for the school’s recent campaign to $916 million.
If this gift helps keep CMC as the college for the future, it should help “deserving young people learn how to be leaders and compete in the world to come,” Roberts said.
Eight athletic fields, an aquatics center, three pedestrian malls, academic buildings, and other things will be built at Claremont McKenna, the school said in a report. Student apartments are going to get a lot bigger thanks to the gift, too.
Henry Kravis and Jerome Kohlberg helped Roberts, 78, start KKR in 1976. They were his cousin and his business partner. As a co-chairman of the private equity firm, Roberts is in charge of more than $500 billion in assets. It says that he has a net worth of $10.4 billion, which is how much money he has.
This is how it works: Roberts gave the college $50 million in 2012. He also helped fund two academic buildings, both of which bear his name. For $75 million, Kravis and his wife gave the money to Claremont McKenna through their foundation. Kravis graduated from the same school as Roberts, who did not.