TA, Thoma Bravo help kick off ultra-early PE recruiting “circus”; Vista’s Smith gifts $34 mln to Morehouse
Happy first day of fall, Hubsters. This will be a quick missive as I’m heading to PartnerConnect West later this morning. I’ll be interviewing Jon Korngold of Blackstone on Wednesday, who’ll be talking about today’s investment environment. What should I ask him?
Robert Smith, chairman and CEO of Vista Equity Partner, made good on his pledge. In May, Smith said he would pay the college loan debt for Morehouse College’s 2019 graduating class. Smith is now doing one better. He’s not only paying off the debt for the graduating seniors but also for their parents or guardians.
Morehouse said Friday that Smith and his family had donated $34 million to the Morehouse Student Success Program. More than 400 students, parents and guardians of the Class of 2019 will have their educational loans erased with the gift under the program. Eligible for the program are alumni who graduated in May or who finished their degree requirements during the summer of 2019. Parents and guardians are also eligible. See our brief here.
“With the Student Success Program in place, there is a model for all colleges and universities, starting with Morehouse and HBCUs, to receive gifts from alumni and other supporters that can offset the burden of student loans and give students the freedom to pursue their dreams, the capital to invest in the economic growth of their families and the time that they can give back meaningfully to strengthening their communities,” Smith said in a statement.
Hubsters, we’ve discussed Smith’s Morehouse donation. Some of you think it sets a bad precedent for students. Some mentioned the tax implications of such a donation. Personally, my life would’ve been much different if I didn’t have a truckload of loans to pay off after school. The Morehouse students are very lucky.