University of Pennsylvania's Wharton School of Business receives $50M from two alums

PHILADELPHIA (WPVI) -- University of Pennsylvania's Wharton School is now $50 million richer, courtesy of a gift from two alums.

It's no secret students compete extremely hard to get into the University of Pennsylvania and then maintain the highest levels of achievement.

In return, they expect the school to provide limitless opportunities.

When it comes to the Wharton School of Business that rings especially true, as it is arguably the best business school in the world.

On Tuesday, Dean Geoffrey Garrett said, with the help of generous alumni, they now have an even greater edge.

"The gift comes from a wonderful man named Marc Rowan who is the co-founder of the second largest private equity firm in the world, Apollo Global Management," said Garrett. "Marc was an undergraduate at Wharton and did his MBA at Wharton."

Rowan and his wife Carolyn's recent gift to Penn is a school record.

Garrett said one of the main objectives the money will be used for is to pay for the best business minds to come in and teach.

"We want not only people who are great scholars in a head down sense, but also people who can be catalytic on campus and in the community," said Garrett.

The dean said the benefits will reach beyond Penn.

"We bring talented people from all over the world to study on campus and when then send our students to the world on graduation," he said.

And most importantly, he said, cultivate a better business climate for the Delaware Valley.

"We now have regionally based companies that are global leaders in Comcast and Vanguard, two obvious ones, headed by Wharton alums. So I think Philadelphia can certainly become desirable for our students when they graduate," said Garrett.

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