Carnegie Mellon Receives $67M Gift from David Tepper

Carnegie Mellon University alumnus David Tepper, namesake of the university’s business school, has donated $67 million to create a major new academic hub that will further strengthen collaboration among CMU’s schools and colleges, the school announced late last week.

Tepper QuadThe new David A. Tepper Quadrangle is the first expansion of the university’s north campus and will be located on a 4.5-acre site. CMU’s 10-year master plan for this location includes a 295,000 square-foot building that will be a new home for CMU’s Tepper School of Business, as well as other academic buildings.

The philanthropist and founder of hedge fund firm Appaloosa Management has committed more than $125 million in gifts to Carnegie Mellon in the past nine years, making Tepper the largest single donor in the school’s history.

CMU President Subra Suresh says, “Carnegie Mellon’s culture is historically holistic, integrating research and learning among individual schools and academic disciplines. Our vision for the new Tepper Quadrangle builds on these strengths, creating new interdisciplinary interactions for learning and research and connecting innovation to the business community.”

Carnegie Mellon initially will spend $201 million on the quadrangle, which will also provide a new welcome center and improved facilities, including larger classrooms, a fitness center and a cafe.  The Tepper gift serves as an “establishing gift” to launch this expansion.

“I’m excited by President Suresh’s and the university’s vision to make CMU the foremost entrepreneurial academic institution in the nation,” Tepper said in a prepared statement. “CMU has a long history of providing the world with innovative thinkers and the establishment of a true hub for entrepreneurship will help create the next generation of global leaders.”

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