Columbia Business School to Receive $45 Million in Donations

Business School Alumni Russell Carson, Henry Kravis, and Arthur Samberg All

Make Extraordinary Gifts

May 11, 2006, 01:00 ET from Columbia Business School

    NEW YORK, May 11 /PRNewswire/ -- Columbia Business School announced
 today that three prominent alumni will make gifts to the school totaling
 $45 million. Russell L. Carson and Henry R. Kravis each will donate $10
 million, and Arthur J. Samberg will give $25 million.
     All three alumni donors are leaders in the investing community. Russell
 Carson is a founding partner of Welsh, Carson, Anderson & Stowe, one of the
 country's largest private equity firms and a leader in healthcare and
 information services investing. A legendary private equity investor, Henry
 Kravis pioneered corporate acquisitions through his firm Kohlberg Kravis
 Roberts & Co. Arthur Samberg is chairman and chief executive of Pequot
 Capital Management, one of the world's leading hedge funds, based in
 Westport, Connecticut. Carson and Kravis are co-chairs of Columbia Business
 School's Board of Overseers and Samberg is a member of the Executive
     These leadership gifts will be used to launch new strategic initiatives
 in curriculum and faculty development, advancing Columbia Business School's
 position as a global business thought leader.
     Glenn Hubbard, Dean of Columbia Business School, said in a University
 Lecture entitled "Business, Knowledge, and Global Growth" that he presented
 Tuesday at Columbia: "The present challenge for the top business schools,
 as I see it, is to inspire our researchers to be in close contact with
 business leaders and to answer practical questions for the rigorous and
 vigorous scrutiny of real-world application." About the donations, the Dean
 commented, "These alumni have demonstrated a commitment to cultivating
 ideas that will help business schools shape society and foster growth.
 Their commitment represents an unprecedented endorsement of Columbia
 Business School, its teaching approach, faculty, relevance, and future
     "These impressive commitments to Columbia Business School are powerful
 signals not only of the school's core importance to the future of the
 University, but also of the momentum Columbia is now building toward a
 critical mass of excellence across every field of undergraduate and
 graduate education," said President Lee Bollinger. "We are deeply thankful
 to Russell L. Carson and Henry R. Kravis and Arthur J. Samberg for their
 generous support and to Glenn Hubbard for his dynamic leadership that is
 making Columbia Business School one of the most exciting and innovative in
 the world."
     These gifts launch three critical areas of Columbia Business School's
 new strategy. The largest, the Samberg gift, is a challenge grant designed
 to build the Columbia Business School faculty. It will endow chairs through
 a matching grant, helping to recruit faculty in burgeoning subject areas
 and strengthen Columbia Business School's existing faculty. The challenge-a
 one- to-one match-is designed in particular to encourage the next
 generation of supporters of the School.
     A portion of the Carson gift will reinforce the Samberg focus on
 faculty by supporting new Business Practice Partnerships, allowing faculty
 to team with corporate leaders through sabbaticals, internships, and
 research partnerships. The Partnerships reflect one of Columbia's major
 advantages-its New York City location-providing a constant interchange
 between theory and practice as the School takes a leadership role in the
 business community. This gift will also be used to significantly grow the
 School's Social Enterprise Program-another linkage with New York City.
     The Kravis gift, which, like the Carson donation, is an unrestricted
 gift, will underwrite a new center for case study development, advancing
 the development of a Columbia Business School case model-focused on short
 cases with strong quantitative and analytical data, modeled on real-time
 decision making. Columbia students have clamored for additional cases
 developed along the lines of Columbia's teaching style. The cases will
 reflect the imperfect world of decision-making that students will encounter
 in the business world.
     Russell L. Carson is a general partner of Welsh, Carson, Anderson &
 Stowe, one of the country's largest private investment firms, which he
 co-founded in 1978. Over the past 24 years, WCAS has raised 14
 institutionally funded limited partnerships with total capital in excess of
 $15 billion and has invested in more than 250 companies. The firm has
 evolved into the leading specialist in the buyout of privately owned
 companies in the information services and health care industries. Mr.
 Carson has focused on WCAS's health care investment activities and is
 currently a director of four portfolio companies. From 1967 to 1978, Mr.
 Carson was employed by the Citicorp Venture Capital subsidiary of Citicorp
 and served as its chairman and chief executive officer from 1974 to 1978.
 Mr. Carson received his BA degree in economics from Dartmouth College in
 1965, where he is currently a trustee, and received his MBA from Columbia
 Business School in 1967. Active in community affairs, Mr. Carson is
 chairman of the Rockefeller University Board of Trustees, a trustee of the
 Metropolitan Museum of Art, director of the Partnership for New York City
 and a director of the World Trade Center Memorial Foundation. He resides in
 New York City with his wife Judy.
     Henry Kravis is Founding Partner of Kohlberg Kravis Roberts & Co., a
 merchant banking firm he founded with two partners in 1976. He earned a BA
 in Economics from Claremont McKenna College, California, and an MBA from
 Columbia Business School in 1969. While at the Business School, Mr. Kravis
 was also vice president of Katy Industries, where he designed and
 implemented its acquisition program. He then joined Bear Stearns & Co.,
 where he became partner, and remained there until he and two colleagues
 from Bear Stearns founded KKR, a firm that pioneered the development of the
 management buyout. Mr. Kravis has been involved in the largest and most
 successful acquisitions via management buyouts, including RJR Nabisco,
 Beatrice, Duracell, and Owens- Illinois. His firm has completed more than
 140 transactions with a total acquisition price of approximately $185
 billion. Mr. Kravis has served or is serving on numerous corporate boards,
 including RJR Nabisco, Safeway, Gillette and Borden. He is a member of the
 Council on Foreign Relations and serves on the boards of the Partnership
 for New York City, the New York City Investment Fund, the Metropolitan
 Museum of Art, Mount Sinai Hospital, Public Television Channel 13/WNET New
 York, and the Rockefeller University. He and his wife, Marie-Josee, live in
 New York City.
     Arthur J. Samberg is chairman and chief executive of Pequot Capital
 Management, a leading diversified alternative investment firm. He holds an
 SB from Massachusetts Institute of Technology, where he serves as a member
 of the MIT Corporation and as vice chairman of the MIT Investment Company.
 He earned his MBA in 1967 from Columbia Business School and an MS from
 Stanford University. Prior to establishing Pequot Capital, Mr. Samberg
 served as President of Dawson-Samberg Capital Management, where he
 established the first Pequot Investment Fund in 1986. Previously he was a
 partner at Weiss, Peck & Greer and a member of its Management Committee.
 Mr. Samberg is on the New York-Presbyterian Hospital Board of Trustees and
 its Executive and Investment Committees. He is also on the Board of
 Overseers at the Children's Hospital of New York and the Board of Directors
 of Historic Hudson Valley. He lives in the New York area with his wife,
     About Columbia Business School
     Widely admired for its global and cutting-edge curriculum, Columbia
 Business School is one of the leading business schools in the world. In
 addition to its renowned MBA program, Columbia Business School offers the
 prestigious Executive MBA (EMBA) and non-degree Executive Education
 programs. The School's faculty comprises internationally respected
 professors and includes Joseph Stiglitz, who won the Nobel Prize in
 Economics in 2001 and was the chair of President Clinton's Council of
 Economic Advisers from 1995 to 1997.

SOURCE Columbia Business School