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Billionaire Tepper Gives $67 Million to Carnegie Mellon for Hub

Nov. 15 (Bloomberg) -- David Tepper, the billionaire co-founder of the Appaloosa Management LP hedge fund, donated $67 million to Carnegie Mellon University to expand its campus.

The gift, the largest in school history from an alumnus, will be used to create the David A. Tepper Quadrangle, the Pittsburgh-based university said today on its website.

Tepper, 56, who received an MBA at Carnegie Mellon, previously donated $55 million to the university’s business school, which is also named for him. After working for Goldman Sachs Group Inc., Tepper helped found Short Hills, New Jersey-based Appaloosa in 1993, specializing in buying distressed debt. Tepper, a minority owner of the Pittsburgh Steelers football team, is worth $7.9 billion and is the 158th richest person in the world, according to the Bloomberg Billionaires Index. Today’s gift was announced on the day the university inaugurated President Subra Suresh.

“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 statement on the website.

To contact the reporter on this story: Oliver Staley in London at ostaley@bloomberg.net

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

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