Carnegie Mellon University in Pittsburgh has announced a $67 million gift from alumnus and hedge fund billionaire David A. Tepper (MBA '82) to create an academic hub on its north campus.

The largest gift ever to the university from an alumnus will fund construction of the David A. Tepper Quadrangle, which will include a new home for the Tepper School of Business. The 300,000-square-foot building will include a welcome center, larger classrooms, a fitness center, and a café. "There are natural intersections between the business school and the research and teaching taking place at each of the seven schools and colleges at Carnegie Mellon," said Robert M. Dammon, dean of the Tepper School. "The new home for the business school will enable us to enhance our undergraduate and graduate programs in business and economics, expand the possibilities for innovative research and interdisciplinary degrees, and allow us to offer a flexible technological framework that anticipates the needs of next-generation learning. The combined involvement of faculty, students, alumni, and staff from across the CMU campus is a rare, powerful resource."

Including his latest gift, Tepper has pledged or contributed more than $125 million to CMU over the past decade, including a $55 million gift in 2004 to rename the Graduate School of Industrial Administration. The founder of hedge fund Appaloosa Management serves as a CMU trustee and a member of the Business Board of Advisors for the Tepper School of Business.

"CMU has a long history of providing the world with innovative thinkers, and the establishment of a true hub for entrepreneurship will help create the next generation of global leaders," said Tepper in a statement. He told the New York Times that the school's original benefactor, Andrew Carnegie, became philanthropic in the later stage of his career. "I'm still young," said Tepper. "These days I think you're seeing people become conscious of giving back a little earlier."