Northwestern Raises $4 Billion Two Years Ahead Of Schedule

EVANSTON, IL — Northwestern University announced Thursday that it has surpassed the fundraising goal of its "We Will" campaign nearly two years ahead of schedule. It launched publicly in March 2014 with a goal of collecting $3.75 from at least 141,000 donors. As of Aug. 31, the campaign had raised $4.06 billion from 149,094 people. The goal has been raised to $5 billion, the university said.

Trustee and alumnus Bon French and wife Holly French pushed the campaign over the $4 billion mark, the university said in a release. Mr. French is the chairman of Adams Street Partners, one of the largest private equity firms in the world. Northwestern described their gift as a "transnational bequest commitment" to benefit programs at the university and its business school.

“Bon and I have been thrilled to be a part of the impact the Campaign has had across Kellogg and the University, and we look forward to growing that impact,” said Holly French, a longtime volunteer with the university. “We hope others will join us in ensuring an even brighter future for Northwestern and its students.”

According to the university, 1,283 families have donated $100,000 or more during the campaign. Many of those benefactors include members of the Northwestern University Board of Trustees.

Northwestern President Morton Schapiro said he was immensely grateful to the Frenches for their unspecified gift.

“Their generosity has enabled us to reach our goals faster than we ever imagined — and raised our expectations for the future of the University," Schapiro said in the release.

Schapiro told Crain's Chicago Business the expansion of the fundraising campaign "doesn't really relate at all" to the university's budget shortfall. A Northwestern spokesperson told the Daily Northwestern the Frenches' donation will not be used to balance the deficit in university's operating budget. In July, Northwestern announced expense reductions across departments and laid off 80 administrative staffers.

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