CMU alum bestows $67M on university
A trade publication last year ranked investor and hedge fund manager David A. Tepper as the top earner in the industry. This month, Tepper, a 1982 graduate of Carnegie Mellon University, gave CMU $67 million — the largest gift ever from an alumnus.
CMU plans to announce Tepper's gift on Friday as the university prepares to install former National Science Foundation director Subra Suresh as its ninth president.
“David Tepper is a visionary, both as a businessman and a philanthropist, and we are grateful for his generous support of the university and the business school that bears his name,” Suresh said.
In 2004, Tepper gave CMU $55 million, a gift that precipitated the renaming of CMU's business school as the Tepper School of Business.
Tepper, 56, a Pittsburgh native, is the founder of Appaloosa Management.
Institutional Investor's Alpha, a trade publication, ranked his $2.2 billion paycheck as the highest in the industry after a strong showing for the fund in 2012.
University officials said the new gift from Tepper's charitable foundation will enable CMU to establish a university gateway and interactive hub through the creation of the “David A. Tepper Quadrangle” and the construction of a 295,000-square-foot building that will be a new home for the Tepper School of Business.
“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. “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.”
Debra Erdley is a staff writer for Trib Total Media. She can be reached at 412-320-7996 or firstname.lastname@example.org.