Schwarzman Scholars Endowment Achieves $300 Million Fundraising Milestone
Largest philanthropic effort in China’s history from largely international donors
Schwarzman Scholars participates in fifth annual U.S.-China Consultation on People-to-People Exchange
In conjunction with its official participation in the fifth annual U.S.-China Consultation on People-to-People Exchange (CPE), Schwarzman Scholars is pleased to announce that it has achieved its initial fundraising goal of $300 million in just over one year.
In April 2013, Blackstone Chairman, CEO and Co-Founder Stephen A. Schwarzman announced a $100 million personal gift and $200 million fundraising campaign to build and endow Schwarzman Scholars, an elite international scholarship program at Tsinghua University in Beijing designed to educate future world leaders about China. The program has received widespread international support and recognition. Due to the tremendous success of the fundraising effort, the ultimate target was recently increased to $350 million to allow the program to better execute its mission and match the capabilities of the world’s top endowed scholarship programs.
The announcement is made as Steve Schwarzman and the Schwarzman Scholars leadership team participates in the CPE, which is designed to strengthen high-level ties between the United States and China and advance joint cooperation on important issues such as education. This is the second time Schwarzman Scholars has been jointly invited by the U.S. State Department and Chinese Ministry of Education to participate in the CPE. Schwarzman Scholars will present to the Education Pillar on July 9th and participate in the closing session at the Great Hall of the People with U.S. Secretary of State John Kerry and Chinese Vice Premier Liu Yandong on July 10th.
“Schwarzman Scholars is honored to participate in this important dialogue and contribute to efforts to strengthen ties between nations,” said Schwarzman Scholars Founder, Stephen A. Schwarzman. “Our program’s mission has received high-level recognition from both the U.S. and Chinese governments as well as widespread support from around the world for its focus on forging deeper relationships that promote greater international stability. I am particularly appreciative of our generous donors who support this mission. Endowing Schwarzman Scholars with $350 million will allow the program to make a positive impact for generations to come.”
The Schwarzman Scholars Program reached its initial $300 million fundraising goal thanks to the announcement of new Supporters: Assicurazioni Generali, KPMG, Shaklee Corporation, Ruth & Andrew Suzman, and TRW Automotive.
The program has been supported by a group of high-profile corporations, corporate foundations, private foundations, and individuals, including: Cornerstone Partner BP, and Founding Partners the Chan Soon-Shiong Family Foundation, the Dalio Foundation, Delta Air Lines, Glencore, and EMC Corporation. Partner donors include: Bank of America Merrill Lynch, The Boeing Company, China Resources (Holdings) Company Ltd., GE, and Robert Bosch GmbH. Funders include: Bloomberg Philanthropies, Digicel, The Dow Chemical Company, Far East Organization, Lenovo, Margarita Louis-Dreyfus, Howard S. Marks, Dr. Richard Merkin, Pershing Square Foundation, Schneider Electric, Urs Schwarzenbach, Whirlpool Corporation, and Viktor F. Vekselberg. Supporters include: AT&T, Bayer Corporation, Caterpillar, Coatue Foundation, Credit Suisse, Deloitte LLP, EY, Fluor Corporation, GoldenTree Asset Management, Daniel S. Loeb, the Marcus Wallenberg Foundation for Advanced Education in International Industrial Entrepreneurship, and Sun Capital Partners Foundation, Inc. Additional anonymous donors have contributed at most levels.
“We are pleased with the outstanding fundraising success of the Schwarzman Scholars program and continue to ready the program for the first class of Schwarzman Scholars in 2016,” said Dr. Chen Jining, President of Tsinghua University. “This program has tremendous potential to help shape the world’s top students and eventual leaders in the coming decades and beyond.”
Considerable progress has been made since April of last year, and the program is on track to welcome the first class of Schwarzman Scholars in 2016. Offices have been opened in New York and Beijing, curriculum preparation, faculty and staff hiring are all well underway, construction at the Schwarzman College site is on schedule and many important partnerships and relationships have been formed. The program has also attracted a world-class Advisory Board and a talented Academic Advisory Council comprised of academic leaders from top institutions around the world.
About Schwarzman Scholars:
Schwarzman Scholars was inspired by the Rhodes Scholarship, which was founded in 1902 to promote international understanding and peace, and is designed to meet the challenges of the 21st century and beyond. Blackstone Co-Founder Stephen A. Schwarzman personally contributed $100 million to the program and is leading a fundraising campaign to raise an additional $250 million from private sources to endow the program in perpetuity. The $350 million endowment will support 200 scholars annually from the U.S., China and around the world for a one-year Master’s Degree program at Tsinghua University in Beijing, one of China’s most prestigious universities and an indispensable base for the country’s scientific and technological research. Scholars chosen for this highly selective program will live in Beijing for a year of study and cultural immersion, attending lectures, traveling, and developing a better understanding of China. Admissions will open in the fall of 2015, with the first class of students in residence by the summer of 2016. Learn more at www.schwarzmanscholars.org
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Support for Schwarzman Scholars
Iain Conn, Managing Director, BP: “BP is delighted with the progress of the Schwarzman Scholars Program at Tsinghua University. As a Cornerstone Partner in the Program and a major investor in China, we are committed to enhancing the understanding between China and the World through the development of Chinese and international talent at Tsinghua.
During the last year the Program has been significantly strengthened financially, in its design and curriculum and in its global academic relationships with other top universities around the World. We look forward to our ongoing involvement and support of the Program both generally and also through the 14 BP Fellows in each class.”
Patrick Soon-Shiong, Founder, The Chan Soon-Shiong Family Foundation: “The Chan-Soon-Shiong Family Foundation is honored to support the Schwarzman Scholars program. We share the belief that fostering collaboration among bright and energetic young men and women, towards a deeper understanding of international relations, science, medicine and the arts, will meaningfully further ties between the US and China. We are so pleased to be able to share in this culturally interdisciplinary experience.”
Ed Bastian, President, Delta Air Lines: “Delta is proud to play a strong, continuing role in the important work that the Schwarzman Scholars program is doing by providing students with the opportunity to further their education in China. Over the past several years, we have increased our presence in China and now operate more than 40 weekly flights, knowing that it is the next great frontier for Delta’s business and leisure travelers alike.”
Joseph M. Tucci, Chairman and Chief Executive Officer, EMC Corporation: “EMC is pleased to support the Schwarzman Scholars program’s commitment to bring together future leaders from around the world to explore and understand the educational, economic, and cultural factors contributing to China’s continued growth. It’s an honor for EMC to be involved with such a prestigious and innovative program, and we’re confident in the positive impact that will be felt globally.”
Ivan Glasenberg, Chief Executive Officer, Glencore: “As a Founding Partner of the Schwarzman Scholars program, we are delighted to see the substantial progress that has been made towards achieving an impressive fund raising target. The initiatives that the Schwarzman Scholars program have now put in place have resulted in a unique set of opportunities that will benefit both Chinese and Western students.”
Matthew Koder, President, Asia Pacific, Bank of America Merrill Lynch: “At Bank of America Merrill Lynch, we recognize that economic growth and prosperity are fueled by the power of global connections. We’re honored to partner with Tsinghua University to support the Schwarzman Scholars program to help develop the next generation of leaders empowered with strong financial acumen and cultural understanding.”
Jim McNerney, Chairman and Chief Executive Officer, The Boeing Company: “Collaboration is a bridge that enables the United States and China to grow and prosper together. Boeing supports the Schwarzman Scholars program because it will help develop future leaders with global sensibilities and further strengthen the ties between our two countries.”
Yudong Chen, President, Bosch (China) Investment Ltd.: “Bosch is honored to be part of the Schwarzman Scholars program. It will help the global leaders of tomorrow to better understand the Chinese economy as well as the society and culture of this country. Bosch has been present in China for more than 100 years and our donation underlines the long-term commitment of Bosch to China. Today, we employ more associates in China than in any other country outside Germany.”
Gabriele Galateri di Genola, Chairman, Assicurazioni Generali: “Generali believes in education as a clear route to foster innovation and support growth and prosperity. Generali Foundation supports theSchwarzman Scholars program to provide future leaders with first hand exposure to China and forge long lasting relationships within its academic and business environment. This elite scholarship program is designed to give students a better understanding of one of the most important economies in the world, where Generali is present since 2002 as one of the major foreign life insurer providers in the market.”
Andrew N. Liveris, Chairman and Chief Executive Officer, The Dow Chemical Company: “To succeed in today’s volatile and uncertain world, governments, organizations, and companies alike must make a permanent shift in how they think and operate, working across industries and sectors to foster partnership and a robust innovation economy. The Schwarzman Scholars program will prepare a new generation of global leaders to take up this mantle of sustainable growth, supporting the ideas and technologies of the future in China with an eye toward applying them for positive impact around the globe.”
John Veihmeyer, Global Chairman, KPMG: “There is no question that our future will see even greater economic interdependence between the US, China, and the rest of the world. There has never been a greater need to prepare our future leaders with the knowledge and experiences that will empower them to build partnerships and expand prosperity in the decades to come. KPMG is truly excited to support the Schwarzman Scholars Program and its vital mission.”
Roger Barnett, Chairman and Chief Executive Officer, Shaklee Corporation: “Schwarzman Scholars provides a unique and compelling opportunity to bring the best and brightest from around the world to deepen their understanding of the largest country in the world. The holistic experience will facilitate dialogue and understanding amongst the next generation of global leaders which can benefit peace and stability for decades to come.”
John Plant, Chairman and Chief Executive Officer, TRW Automotive: “TRW Automotive is proud to be a participating sponsor of the Schwarzman Scholars program, which together with the prestigious Tsinghua University in Beijing, will focus on developing future leaders who are responsive to the growing needs of globalization. We believe in the program’s vision of bringing the best young minds together to strengthen their understanding of the economic, political and cultural factors that drive global competitiveness and geopolitical stability. Supporting the Schwarzman Scholars program is one step TRW can take in supporting this vision.”