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The Rady family has pledged a further $100m to the business school at UC San Diego, bringing its financial commitment to the school to close to $140m. The business school already bears the Rady name as the result of the $30m that Evelyn and Ernest Rady gave to establish the school in 2004.
The $100m gift will be used to help recruit and retain top scholars and fund strategic priorities, according to Rady dean Robert Sullivan. “The transformational support from Evelyn and Ernest Rady is the largest single commitment in history to a business school of Rady’s size and youth and will continue to propel the Rady School on its meteoric rise.”
The school has built a reputation as an entrepreneurial institution with particular strengths in life sciences. According to the school, Rady students and alumni have created 82 companies in the past 10 years that are still operational, and in 2014 companies founded by Rady alumni contributed an estimated $2bn to the regional economy.
Mr Rady is one of San Diego’s most prominent philanthropists and business leaders. “I didn’t truly appreciate the speed or depth of impact that this programme could have on a single individual and the multiplier effect that individual could have on others,” he says. “I expect to see results compound and the graduates have an even greater impact in the future.”
The Rady commitment is the second major gift to be given to a US business school in the past week. The business school at Boston University has just changed its name to the Questrom school following the donation of $40m by retired retail executive Allen Questrom and his wife Kelli. Combined with the $10m given to the business school by Mr Questrom in 2012, the donation represents the largest gift ever to Boston University.