Perelmans Commit $65 Million to Princeton for New Residential College

Perelmans Commit $65 Million to Princeton for New Residential College

Princeton University has announced an eight-figure gift from the Perelman Family Foundation to establish a new residential college. 

The gift from Ronald O. Perelman and his daughter, Princeton alumna Debra G. Perelman ('96) — which Bloomberg puts at $65 million — will support construction of the Ivy League university's seventh residential college. Residential colleges are a critical component of Princeton's mission and educational model and serve as the nexus of both academic and non-academic life on campus, playing an important role in creating an environment in which all students can flourish. The new college, which will be named after the Perelman family, will help support an increase in the school's undergraduate population of a hundred and twenty-five students per class, or around 10 percent — advancing one of the university's strategic priorities. 

The chair and CEO of MacAndrews & Forbes Inc., Perelman previously made a gift to Princeton to create the Ronald O. Perelman Institute for Judaic Studies. A 2010 signatory of the Giving Pledge, he also has made numerous gifts in support of higher education, health, and the arts.

"We are thrilled to be able to make this gift and to be so closely aligned with the mission of the university," said Debra G. Perelman, who recently was named Revlon's first female CEO. "The creation of Perelman College will help fulfill Princeton's mission to create a more culturally and economically diverse community. 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." 

"Perelman Family Foundation Makes Lead Gift for New Residential College." Princeton University Press Release 12/05/2018. Amanda L. Gordon. "Princeton Gets $65 Million From the Perelmans to Add Undergrads." Bloomberg 12/05/2018.