A $30 million gift from a University of Pittsburgh alumnus will help bolster a scholars program.
Pitt officials announced Friday the donation, from 1997 graduate Michael Rees, will create an endowed fund that will expand the number of students who are part of the David C. Frederick Honors College receiving full room, board and tuition scholarships.
“My hope is, they’re able to explore a very well-rounded set of opportunities here at the university,” said Rees of New York City.
The scholarship comes through the existing Chancellor Scholarship program.
A group of 64 students at a time, now known as Rees-Chancellor scholars, will each receive an annual, funded enrichment opportunity to cover the cost of learning opportunities, such as research projects or studying abroad.
Rees founded Dyal Capital, which was a predecessor firm to Blue Owl Capital Inc., where Rees is co-president and a member of the board of directors. The 2024 Forbes magazine list of billionaires estimated his net worth at $1.7 billion.
“My time at Pitt laid the foundation for my career, and my honors program experiences are what really shaped me into the person I am today,” said Rees, a Pittsburgh native who earned a bachelor’s degrees in mechanical engineering and political science at Pitt.
“I’m excited to see the next generation of students enjoy even greater benefits and to help this program reach new heights.”
Rees’ gift also adds more staff to the honors college, creating a team dedicated to support the Rees-Chancellor scholars. Staff will establish a recruitment pipeline to attract the best candidates and will work with students through their honor college experience, recognizing targeted guidance in applying and preparing for international scholarships.
The first group of students supported by the donation will begin in the 2027-28 school year.
The scholars program will continue in perpetuity, adding 16 new incoming students each year, Pitt officials said.
Honors College Dean Nicola Foote said recruitment will be nationwide and be similar to athletics, identifying potential students during their sophomore year of high school.
“This will ensure that students know early on that the University of Pittsburgh is excited about their potential and that we have made a commitment to their education,” Foote said.
Foote said the gift allows for the recruitment strategy and advances Pitt’s efforts to be the top public university producing international scholars, such as Rhodes and Fulbright scholars.
“Michael Rees exemplifies the possibilities of a Pitt education,” Chancellor Joan Gabel said. “His transformational gift not only ensures that the best and brightest continue to be served by Pitt, but that our honors college continues its incredible momentum.”
