The Perelman Family Foundation is donating $65 million to Princeton University as the lead gift to establish a new residential college at the school.
Perelman College will become the seventh residential college at the university as the undergraduate population at the school is expanded by 10 percent.
“The establishment of Perelman College will enable Princeton to admit more talented students from every sector of society, increasing our capacity to fulfill our mission and make a positive difference in the world,” Princeton University President Christopher Eisgruber said. “I am deeply grateful to the Perelmans for their extraordinary vision and generosity.”
The architecture firm Deborah Berke Partners has been selected to design the new residential college, which will be located south of Poe Field and east of Elm Drive. A construction timeline for the project has not been announced yet.
Princeton University’s latest strategic plan, adopted in 2016, called for the expansion of the undergraduate student body by 125 students per class. University officials said the expansion will allow Princeton to admit more talented students and enhance the diversity of the campus community.
“We are very excited that the establishment of Perelman College will support the University’s renewed mission to create a more diverse and inclusive campus,” Ronald O. Perelman said. “People of all backgrounds and communities deserve access to the extraordinary education and training offered by Princeton and all the wonderful opportunities afforded its graduates. I want to thank President Eisgruber for his vision and leadership and look forward to seeing Perelman College help fulfill the dreams of the next generation of Princeton students.”
Ronald O. Perelman is chairman and chief executive officer of MacAndrews & Forbes Inc. He previously made a gift to Princeton University to create the Ronald O. Perelman Institute for Judaic Studies. His daughter, Debra Perelman, is a member of Princeton University’s class of 1996. She was recently named Revlon’s first female chief executive officer. Previously she was Revlon’s chief operating officer, and had been an executive vice president at MacAndrews & Forbes.
“The creation of Perelman College will help fulfill Princeton’s mission to create a more culturally and economically diverse community,” Debra Perelman said. “Princeton not only offers an unparalleled education but it also teaches its students how to be contributors to society and the world and to truly have an impact. Perelman College will ensure a more diverse array of young people have access to the Princeton experience.”