Wharton Lands Its Largest Single Gift: $50 Million - Poets&Quants

The University of Pennsylvania’s Wharton School

It’s no secret that tenured business school faculty are expensive. At many of the elite schools, it is not uncommon to have full professors who make close to half a million dollars a year.

So the Wharton School has to be especially glad to announce today (Oct. 2) the largest single gift ever given to the school, a $50 million pledge to attract and retain top faculty and support the University of Pennsylvania’s economic policy analysis program. The pledge is part of a $1 billion fundraising campaign launched by Wharton, in the aftermath of a similar effort at Harvard Business School which has since topped $1 billion. As of today, Wharton says it has raised $679,976,855 for its “More Than Ever’ campaign, 68% of its goal.

The $50 million gift comes from Marc and Carolyn Rowan, two Wharton alums. Co-founder and senior managing director of one of the nation’s largest private equity firms, Apollo Global Management, Marc graduated with his undergraduate degree in 1984. His wife, Carolyn, graduated from Wharton with an MBA in 1985. Rowan, whose net worth is estimated by Forbes to top $3.3 billion, founded Apollo in 1990 with Leon Black and Joshua Harris after working with them at investment bank Drexel Burnham Lambert. Marc Rowan is also chair of Wharton’s Board of Overseers, a Penn trustee and co-chair of the school’s current fundraising campaign.

GIFT WILL SUPPORT THREE ROWAN DISTINGUISHED PROFS AND SEVERAL ROWAN FELLOWS

Marc Rowan Photo courtesy of Wharton

According to the school, the money will be used to recruit three Rowan Distinguished Professors who are global leaders in their fields, who will inspire faculty and students alike, and who will build bridges between academia and business. The Rowans’ gift will also support the appointment of a select number of Rowan Fellows for five-year terms to recognize and support Wharton’s most distinguished faculty in their commitment to innovative research and teaching.

“I am deeply grateful for Marc and Carolyn’s extraordinary gift, which reflects their passion to bring to Wharton the most innovative researchers working on the world’s most pressing and important questions,” said Wharton Dean Geoffrey Garrett. “Their commitment is the cornerstone of a campaign that will empower Wharton, more than ever, to create leaders who will change the world.”

The Rowans has long been a generous benefactor to both Wharton and the university. Contributing to Wharton and Penn since 1984, the Rowan’s philanthropy has supported undergraduate and MBA financial aid, faculty, capital projects, the Dean’s fund, Wharton Customer Analytics, The Wharton Fund, the Institute of Contemporary Art, the football program, Penn Medicine’s Basser Center for BRCA, and Penn Medicine’s Orphan Disease Center.

“Inspiring Wharton faculty who were committed to cutting edge business education were catalysts for my success,” said Marc Rowan in a statement. “Carolyn and I are honored to join the vision of the Wharton community to bring the school’s outstanding students face to face with the most important thinkers of our time. As top Wharton researchers advance and shape their fields, they transform the lives of their students, preparing them to make a difference in the business world and beyond.”

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