Duke University received $50 million from Bruce Karsh, president of Oaktree Capital Management LP, and his wife to fund undergraduate scholarships.
The donation includes $30 million for U.S. students and $20 million for foreigners, the Durham, North Carolina-based university said today in an e-mailed statement.
Karsh, a Duke trustee and 1977 graduate, co-founded Los Angeles-based Oaktree in 1995. The private-equity firm has $73 billion under management, according to its website. Martha Karsh is an attorney and co-founder of an architecture and development firm. Both Karshes attended the University of Virginia School of Law and previously donated $35 million to Duke for financial aid.
“We are deeply grateful to the Karshes for this remarkable gift and for the way they have championed one of the university’s highest priorities,” Duke President Richard Brodhead said in the statement. “This gift helps safeguard our commitment to keeping a Duke education accessible to students from a wide range of backgrounds.”
A portion of the donation will also be used to support graduates from Knowledge is Power Program charter schools who enroll at Duke. The total cost of attendance at Duke for undergraduates is estimated to be $57,180 per year, according to its website.