American billionaire Scott Shleifer gives $20 million to the University of Pennsylvania

American billionaire Scott Shleifer, the former Tiger Global Management partner who built the hedge fund's private equity business, and his wife, Elena, have pledged $20 million to the University of Pennsylvania, most of it to pay for the education of middle-income students.

The commitment, announced by the university on Wednesday, is the couple's second eight-figure gift to Penn in less than five years. Shleifer graduated from the university's Wharton School in 1999.

The largest part of the pledge, $12 million, will create and endow the Shleifer Scholars Program, a permanent group of undergraduates who will receive full tuition. The money is aimed at middle-income families, who often earn too much to qualify for the most generous financial aid but struggle to pay the full cost of an Ivy League education. The program will also pay for experiences outside the classroom, including research with faculty members, internships, start-up ventures, community work and study abroad.

The scholars will be supported through the Quaker Commitment, Penn's pledge to meet all of the demonstrated financial need of undergraduates who qualify for aid.

A matching challenge for new donors

Another $3 million will fund the Shleifer Family Quaker Commitment Challenge, which is designed to bring new donors into Penn's scholarship program. Under the challenge, six people who have not previously funded a named scholarship can each create a $1 million endowed scholarship by giving $500,000. The Shleifer family will match each gift dollar for dollar, which would add $6 million in permanent financial aid if all six places are taken.

The remaining $5 million will go to the President's Priorities Fund, which gives Penn's leadership flexible money to spend on Penn Forward, the university's long-term strategic plan, and on needs that arise.

"Investing in students is one of the most meaningful ways we can invest in Penn's future," Shleifer said in the university's statement. He said Penn had a profound effect on his life and that he hoped the challenge would encourage others to build permanent support for financial aid.

Penn President J. Larry Jameson said the couple "have demonstrated an extraordinary commitment to Penn and our students."

In January 2022, the Shleifers gave Penn $18 million to support Penn First Plus, a program for first-generation college students and students from low-income families. The gift named the Shleifer Family Penn First Plus Center in College Hall. The couple has also funded undergraduate scholarships and given to the School of Arts and Sciences, the Graduate School of Education and Wharton. In 2021, Shleifer gave $1.8 million to Beaverton High School in Oregon, where he graduated in 1995.

From Blackstone to Tiger Global

Shleifer, 49, worked as an analyst at private equity firm Blackstone for three years after leaving Wharton. In 2003, he co-founded the private equity business at Tiger Global, the New York investment firm started by Chase Coleman. He made Tiger one of the most aggressive backers of internet companies in China and other emerging markets, with large early bets on e-commerce group JD.com, ride-hailing company Didi Chuxing and food delivery platform Meituan, according to Forbes.

Under his leadership, Tiger Global became one of the most active venture capital investors in the world, writing checks to hundreds of start-ups during the technology boom of 2020 and 2021. Many of those investments lost value when tech valuations fell in 2022. Shleifer stepped down as head of the private equity business at the start of 2024 and became a senior adviser to the firm.

Shleifer has a net worth of $3.8 billion, according to Forbes. He lives in New York and in 2021 paid about $123 million for a 21,000-square-foot oceanfront mansion in Palm Beach, Florida, one of the most expensive home purchases in U.S. history at the time.