Hedge Funds

Appaloosa's Tepper gives record gift


In what may be the largest gift ever to a university by a hedge fund manager, Appaloosa Management's David Tepper in March gave a record $55 million to Carnegie Mellon University in Pittsburg, Penn.

The gift, which drew national attention, will result in the university renaming one of its colleges the David A. Tepper School of Business. The bulk of the money will go to nearly double the size of the school's endowment with a smaller $5 million sum going to hire and pay the salaries of new professors at the business school.

Tepper, who heads the $3 billion Chataham,