Record donation to support poorest Oxford undergraduates

The gift by Michael Moritz, a billionaire who made his fortune at Sequoia Capital ¨C which invested early in Google, Yahoo and PayPal ¨C 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 ¨C worth ?11,000 a year per recipient ¨C 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 ¨C 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.

jack.grove@tsleducation.com