Northeastern University in Boston has announced a gift of $60 million from alumni Richard D'Amore and Alan McKim to the university's school of business.

In recognition of the single largest gift in the university's history, the Northeastern College of Business Administration will be renamed the D'Amore-McKim School of Business, making it the first named college or school at the university. The gift will help the school build on its strength in global entrepreneurial programs, enabling it to set even higher standards and goals for faculty and students.

D'Amore, who received his bachelor of arts degree from Northeastern in 1976, is a co-founder and general partner at North Bridge Venture Partners, a venture capital firm in Waltham, Massachusetts. McKim, who earned a masters in business administration from the university in 1988, is founder and CEO of Clean Harbors, a provider of environmental, energy, and industrial services. The two met in 2004 and subsequently teamed up to endow a professorship currently held by their mutual mentor, Daniel McCarthy. Over the past five years, D'Amore and McKim have become actively engaged with the university as members of the board of trustees. Their previous gifts to the university have focused on innovation and entrepreneurship.

"As an entrepreneur, I believe in supporting entrepreneurial institutions," said McKim. "I strongly support the mission and current leadership at Northeastern, and I'm proud to join with Rich and make this investment. It will be an honor to have my name forever associated with this great university."