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Harvard Gets $30 Million Gift from Hutchins Foundation

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Oct. 24 (Bloomberg) -- Harvard University received a $30 million gift from the Hutchins Family Foundation to support initiatives of the Faculty of Arts and Sciences and renewal of its House system for undergraduates.

The foundation, endowed by Glenn Hutchins, co-founder of technology-focused private equity firm Silver Lake, will award matching gifts to donors interested in revitalizing the Houses, where 98 percent of undergraduates live, Cambridge, Massachusetts-based Harvard said today in a statement.

“This extraordinarily generous gift exemplifies Glenn’s leadership and dedication to Harvard,” President Drew Faust said today in the statement. “Because of his efforts to create this challenge fund, we are another step closer to strengthening one of our most cherished traditions.”

Harvard College’s House system, developed in the 1920s, includes 12 buildings where students live along with a faculty member and staff of graduate students. When alumni of the college meet for the first time, “the first question they ask is not ‘which year?’ but rather, ‘which House?’” Hutchins, 57, said in the statement.

Hutchins, a former resident of Winthrop House, received an undergraduate degree from Harvard in 1977, as well as an MBA and law degree in 1983. He also serves as a director at Harvard Management Co. and the Federal Reserve Bank of New York.

To contact the reporter on this story: Chris Staiti in Boston at cstaiti@bloomberg.net

To contact the editor responsible for this story: Lisa Wolfson at lwolfson@bloomberg.net