The Gerald Schwartz and Heather Reisman Foundation has provided St. Francis Xavier University in Antigonish with a transformative gift, the university announced in a news release on Tuesday.
The $5.3 million contribution to St. F.X. will create scholarships, bursaries and recruiting support to attract business students over the next four years. Some scholarships will be worth up to $80,000 each, according to the news release.
Schwartz is founder, president and CEO of Onex Corp., one of the oldest and most successful private equity firms in Canada. It has about $33 billion of assets under management.
Onex invests its capital together with capital from investors from around the world, including public and private pension funds, sovereign wealth funds, banks, insurance companies and family offices. The company earns management fees on about $22 billion worth of assets under management and has the opportunity to share in the profits of its investors through carried interest and incentive fee participation. Thus Onex has enhanced returns from its investment activities.
Schwartz’s wife, Heather Reisman, is also successful in business as the founder and CEO of the Canadian retail chain Indigo Books and Music. She is the co-founder and past chair of Kobo.
The couple live in Toronto and have been ranked among the richest people in Canada, with a net worth of $3.13 billion.