Babson College in Wellesley, Massachusetts, has announced a $20 million gift from alumnus Robert Weissman and his wife, Jan.

According to Babson officials, the unrestricted gift — the largest-ever individual gift in the school's history — will support undergraduate financial aid and faculty development. Weissman, chairman of the private-investment firm Shelburne Investments and a 1964 Babson graduate, said the gift wasn't so much a donation as an investment in the American "open-market" principal that enabled his own success. "Babson is a place where smart people learn how to marry worthy goals with capital, entrepreneurial skill, and focused energy to achieve great results," he said. "Jan and I hope our gift helps the next generation of Babson students make their dreams a reality."

Weissman has been active in Babson corporate governance since 1976, holding several positions, including vice chairman of its board of trustees and chairman of the board's strategic-planning committee.