BusinessWeek on Rubenstein Gift

Carlyle Founder Gives Chicago Law School $10 Million
Oliver Staley
September 8, 2010

David M. Rubenstein, co-founder of Carlyle Group Inc., the private equity firm, donated $10 million to the University of Chicago Law School for 60 scholarships.

The gift, the largest from an individual in the law school’s 108-year history, will pay the full tuition for 20 students from each entering class during a three-year period, the university said today in a statement on its website.

Rubenstein, 61, is a trustee of the University of Chicago and a 1973 graduate of the law school, which he attended on a scholarship, according to the statement. The donation will enable the law school to compete for students with Harvard University, in Cambridge, Massachusetts, and Yale University, in New Haven, Connecticut, said Dean Michael Schill. The grants will be awarded on the basis of academic merit, not financial need, Schill said.

“In terms of quality, we know that Harvard and Yale are our peer institutions,” Schill said. “In terms of financial ability, when you look at their endowments, you’re talking about orders of magnitude in difference.”

Michael H. Schill