The Pershing Square Foundation has announced the U.S. launch of the Oxford Pershing Square Graduate Scholars Program for promising social change leaders studying in the Oxford 1+1 Program at the University of Oxford's Saïd Business School.

Earlier this summer, the foundation made a £4.5 million ($6.6 million) gift to Oxford to endow, on an annual basis, five scholarships for the MBA component of the Oxford 1+1 Program, which allows students to pair the one-year MBA with one of Oxford's many one-year master's programs. The university will provide an additional £3 million ($4.6 million) for the scholarship program, boosting the endowment for the program to £7.5 million ($11.72 million). The first five Oxford Pershing Square Scholars will join the 1+1 MBA program in the fall of 2014.

"The Pershing Square Foundation is committed to supporting innovative global leaders who can deliver scalable and sustainable impact while tackling important social issues," said Bill Ackman, founder and CEO of Pershing Square Capital Management. "The Oxford Pershing Square Graduate Scholars Program will support the world's future leaders so they can create positive change around the world."

"This unique program will redefine business education and prepare students for successful careers that address issues that will challenge us far into the future," said Saïd Business School dean Peter Tufano. "Our hope is that, over time, the Pershing Square Scholars will grow into a powerful community, supporting each other to bring about lasting social change through business."