Bain Capital Co-Managing Partner John Connaughton and his wife, Stephanie, are doubling down on their support for Mr. Connaughton's alma mater, the McIntire School of Commerce at the University of Virginia, with a $10 million gift for need-based scholarships.
Matched with another $10 million from the university's Bicentennial Scholars Fund, Mr. and Ms. Connaughton's donation will also fund the launch of a new program, "Commerce for the Common Good," to advance the role of business "as a force for good in society," the Charlottesville, Va.-based university announced last month.
"Having spent our professional careers in the private sector, we believe that business can and must be a constructive force in addressing the enormous issues facing our society and our economy," said Mr. Connaughton, who is also global head of Bain Capital's private equity business.
The firm has about $160 billion total in assets under management.
Since 2022, Mr. Connaughton has also been a member of the University of Virginia Investment Management Co. board, which manages the university's $13.6 billion endowment. Private equity is the endowment's largest asset class, accounting for 28% of total assets as of June 30.
Ms. Connaughton is an angel investor and senior adviser to startups.
She, "along with John, is passionate about investment in curriculum that enables students to use commerce as an avenue to positively impact society," said Bain Capital spokesman Scott Lessne in an email.
This most recent gift follows a $5 million donation from Mr. and Ms. Connaughton in 2019 to create the Connaughton Alternative Investing Professorship Fund, which is being used to recruit top alternative investment scholars for McIntire's finance faculty.
