The Loomis Chaffee School announced today a gift of $100 million from Henry R. Kravis, according to a statement.
Kravis, co-founder and co-executive chairman of KKR, a leading global investment firm, is a 1963 graduate of the independent boarding school.
The gift to the school’s endowment is the largest single gift ever made to Loomis Chaffee and one of the largest made to an independent school, according to the statement.
“I’m a strong believer in the positive impact a world-class education can have on a person, especially during the formative high school years. Loomis Chaffee taught me how to appreciate different perspectives, and it ultimately made me a lifelong student of the world,” Kravis said in a statement. “Marie-Josee and I are delighted to continue our support and help others benefit from the great education this wonderful institution provides.”
“I am humbled by the extraordinary generosity of Henry and his wife, Marie-Josée, and so grateful for their unmatched long-standing commitment to Loomis Chaffee,” said Head of School Sheila Culbert in a statement. “This amazing gift reflects their dedication to fostering a culture of academic distinction and supports our Founders’ original commitment to access and opportunity.”
The gift will be distributed among three different funds:
The Henry R. Kravis ’63 Opportunity Initiative Scholars Fund
$50 million
Addressing the school’s long-term commitment to accessibility, this fund will “support students with significant demonstrated financial need and will increase the percentage of students on financial aid. In addition, it will fund the cost of books, computers, and some of the other extras that make such a difference in a student’s educational experience.”
The Sheila A. Culbert Fund for Faculty and Staff Support
$20 million
“The quality of a Loomis education depends directly on the quality of the faculty and staff. Competitive compensation is crucial to attracting the very best people to the school. This fund will allow the Trustees and administration to continue to prioritize salaries for both faculty and staff.”
The Henry R. Kravis ’63 Fund for Institutional Priorities
$30 million
Offering versatility and choice, this fund will provide the school with the “flexibility to invest in important educational initiatives and will have a positive impact on the lives of our students and faculty for years to come.”
According to a statement by the school, in addition to the gift, Kravis will continue to fund the existing Kravis Scholars Program with an additional commitment of $5 million over the next five years. Originally established in 1989, the program “enrolls students from underrepresented demographic and socioeconomically disadvantaged backgrounds with an emphasis on students who live outside of the New York City area. This year the school has 11 Kravis Scholars, who receive the financial support needed for all aspects of their Loomis education, including summer enrichment and travel abroad. Kravis Scholars also benefit from the guidance and mentorship of the director of the Kravis Scholars Program.”
The Trustees of Loomis Chaffee will name an award in his honor, the school said. The school will present the Henry R. Kravis ’63 Award for Distinguished Service each spring to a member of the alumni, faculty, or staff who has given selflessly to advance the mission of Loomis Chaffee through outstanding service and dedicated commitment to the institution.
This is not the first gift from Kravis to Loomis Chaffee. In addition to the Kravis Scholars Program, Loomis has built a dormitory, Kravis Hall, established the Henry R. Kravis ’63 Center for Excellence in Teaching, and named the Henry R. Kravis Instructorship in Economics in honor of his former economics teacher, James “Grim” Wilson, whom he credits for his interest in business as a career, the statement said.
“Marie-Josée and Henry’s philanthropic support of Loomis is without precedent in our community and historic for a boarding school,” said Duncan A.L. MacLean ’90, chair of the Loomis Chaffee Board of Trustees, in a statement. “Their generosity embodies our founders’ vision by endowing future generations with the gift of a Loomis education. Their leadership and demonstration of what it means to be one’s best self and serve the common good is an inspiration to us all.”
Head of School Sheila Culbert will be retiring in June 2024 after 16 years of outstanding service to the school, Loomis Chaffee said in the statement.
Jody Reilly Soja, head of school at the Indian Mountain School in Lakeville, Connecticut, for the last nine years, has been named Loomis Chaffee’s eighth head of school, a position she will assume on July 1, the statement said.
