The College has received a $2 million gift from William R. Grant '49 of New York City for the renovation of the house at 3 Library Lane.
The building will serve as the home for the College's admissions and financial aid offices; previously, it housed the Alpha Delta Phi fraternity. The gift adds to Grant's just completed pledge of $1 million to the College.
“This gift will enable Union to develop an admissions and financial aid office that is truly first-rate and representative of the institution's reputation as a leader in higher education,” Grant said. “Equally important, however, is the message this gift sends to my fellow alumni to remember an important part of their life that helped them achieve success.”
At his request, Grant, who is chairman and co-founder of Galen Associates, a $1 billion venture capital firm, will manage the funds earmarked for the project “with the intent of contributing in excess of my commitment,” he said. The gift will be paid by Jan. 1, 2005.
President Roger H. Hull said, “Bill has an unwavering commitment to this College, and his generous gift ensures that Union meets a critical need for an admissions office that is second to none. Moreover, he serves as a model for other alumni who are looking for innovative approaches to supporting the College. With more supporters like Bill Grant, we will clearly move Union to the next level of excellence.”
Grant served as an alumni trustee from 1962-70, a term trustee from 1970-73 and from 1984-92, and was named a trustee emeritus in 1992. A member of Friends of Union Athletics, he established the W. Grant Endowment Fund for Athletics in 1983 and the William V. and Adelaide M. Grant Memorial Scholarship in 1987. In 1999, he received the College's Alumni Gold Medal Award for his service to Union.
As an undergraduate, Grant was co-captain of the basketball team, captain of the lacrosse team, and a member of Delta Upsilon fraternity, Delphic Society, Chemistry Club, Newman Club, Interfraternity Council, National Interfraternity Council, and Block “U.”
Grant has established himself as a leader in the fields of investment banking, risk-capital, and healthcare. Since 1990, Galen Associates has raised investment capital totaling $500 million and invested in forty-five portfolio companies. He has been vice chairman at Smith Barney; president and chairman of the board at McKay-Shields Financial Corp.; and vice president at SmithKline Beecham, where he served as director of the company for twenty-four years. He is a long-time adviser to the GE Investment Corp. and serves as a trustee of the Center for Blood Research.