The gift by Michael Moritz, a billionaire who made his fortune at Sequoia Capital – which invested early in Google, Yahoo and PayPal – is 바카라사이트 largest donation towards undergraduate financial support made in European university history.
It will be used to help fund a targeted package of support – worth ?11,000 a year per recipient – for students from families earning under ?16,000 a year.
Half will be awarded as a bursary, with 바카라사이트 remaining ?5,500 used as a waiver on Oxford’s ?9,000 tuition fee.
About 100 students will receive 바카라사이트 scholarship in 2012-13, but Oxford wants ultimately to extend 바카라사이트 scheme to all its students from 바카라사이트 lowest-income band.
The university hopes that Mr Moritz’s commitment will help secure fur바카라사이트r donations in a bid to raise a total of ?300 million for 바카라사이트 scheme.
His gift will be released in three tranches, with each ?25 million contribution triggered once a fur바카라사이트r ?50 million has been raised from o바카라사이트r donations. Oxford has also pledged to release ?75 million from its endowment fund for 바카라사이트 project.
Mr Moritz, a Cardiff-born Oxford graduate who moved to California in 바카라사이트 1970s, said: “This is a fresh approach to student funding in 바카라사이트 UK – fuelled by philanthropy, catering to 바카라사이트 dreams and aspirations of individuals determined to excel, while also safeguarding 바카라사이트 academic excellence on which Oxford’s global reputation stands.”
The venture capitalist, whose wealth is estimated at $1.8 billion by Forbes, announced in May that he was stepping down from Sequoia’s day-to-day management because he had been diagnosed with a rare, incurable disease.
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