Five Alumni Give Colgate University A Record $105 Million

Forbes

6 days ago

Colgate University in Hamilton, New York, reports receiving $105 million in gifts to support new ... More campus enhancements. (Photo by John Greim/LightRocket via Getty Images)
Five alumni have given Colgate University a total of $105 million, an amount that includes a $50 million donation from Peter Kellner, which the university described as the largest single gift in its history.
The new gifts will be used primarily to support a comprehensive residential building program in the university's lower campus located along Broad Street in Hamilton New York.
The project is part of Colgate's Third Century Plan, a long-term strategic framework unveiled in 2019. It sets out a strategy for the university to achieve several academic and financial goals in addition to transforming its physical campus and improving students' overall collegiate experience.
To help finance the plan, Colgate launched a $1 billion capital campaign titled The Campaign for the Third Century in 2022. Colgate has previously described that effort as the largest fundraising project by a liberal arts university of its size.
In addition to Kellner's gift, Jean-Pierre L. Conte has donated $25 million for a new social center that will host events, activities, and other programming on campus. In recognition, the social center will be named after him.
Three $10 million dollar gifts have also been received from 1981 Colgate graduates Becky and Christopher Hurley; Robert Fox, a 1959 graduate; and Stephen Sprague, who graduated from Colgate in 1972.
'I offer profound gratitude for these gifts,' said Colgate President Brian W. Casey in a news release. 'Colgate intends to offer the strongest residential liberal arts education in America, and the Lower Campus initiative is key to achieving that vision.'
'This moment is of great significance for Colgate, and will allow us to complete a 200-year-old campus,' Casey added. 'These projects — and the creation of a new part of the historic campus at Colgate — will set the trajectory of Colgate for decades to come.'
A key feature in Colgate's Third-Century Plan, launched in 2019, is the completion of a residential commons system through both new construction and the renovation and restoration of existing structures. The new projects on the lower campus are designed to enhance the residential life experience specifically for upperclassmen.
Colgate plans to invest more than $200 million over the next several years to complete the work. Last year, Vice President and Dean of the College Paul J. McLoughlin, II described the goal of the project this way: 'We are constructing not only sleeping spaces, but also social, dining, and study places, where juniors and seniors can embrace community while enjoying greater independence.'
Kellner, a former managing director at Morgan Stanley, said, 'when President Casey began working with the faculty, administration, and trustees on the Third-Century Plan, that really grabbed me — recognizing that it's not going to be done overnight."
'I wanted to do something that really would have an impact on the University,' added Kellner, who earned his BA from Colgate in 1965.
'My Colgate experience helped me achieve my personal and professional dreams, as both a first-generation student and the son of immigrants, by providing me with an education that continues to serve me today,' said Jean-Pierre L. Conte, chairman and managing partner of Genstar Capital, a San Francisco-based private equity firm. 'The new Conte House will be a vital gathering place for students of all backgrounds, and supporting future generations in this way is nothing short of an honor for me and my family.'
Colgate has hired Robert A.M. Stern Architects, in addition to other architects, to design the lower campus buildings. Michael Van Valkenburgh Associates will design the landscapes.