The Jefferson Scholars Foundation at the University of Virginia has announced a $100 million gift from alumnus David Walentas ('61, MBA '64) and his wife, Jane, in support of scholarships, fellowships, and professorships.

The bulk of the gift, $75 million, will fund scholarships and fellowships for first-generation students. To be launched with $50 million from Walentas and $20 million in matching funds from the university's Bicentennial Scholars Fund, the merit-based Walentas Scholars program will provide full-ride scholarships to first-generation undergraduates, with an initial focus on students from Virginia; Rochester, New York, where Walentas — himself a scholarship student and the first in his family to go to college — grew up; and New York City, where he built his real estate business. Another $25 million will create a Walentas Fellows program at the Darden School of Business for MBA students who are the first in their families to graduate from a four-year college or university.

The remaining $25 million will support fellowships and professorships through the Jefferson Scholars Foundation and the business school, including support for the Darden Jefferson Fellowship Program and the A. Macdonald Caputo Leadership Excellence Fund; a Jefferson Scholars Foundation Visiting Professorship; and three Jefferson Scholars Foundation Professorships, one in real estate and two to be determined by the university's president.

"Growing up I didn't know anyone who had been to college, but I knew that it was a way out of poverty and a path to opportunity," said Walentas, founder of Two Trees Management. "Thanks to a scholarship, I was the first in my family to attend college, and my time at UVA completely changed my life. There are so many talented young people in this country — in places like New York City and Rochester, where I grew up — who can help make our society a better place if given the opportunity. I can't wait to see how these first-generation college students change the world."