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Bill Gross, the billionaire bond manager, is donating $40 million to establish a nursing school at the University of California at Irvine, bringing total philanthropic donations by him and his wife, Sue Gross, to almost $800 million.
"We're proud to partner with UCI to help solve some of the most pressing health-care needs of our generation," Sue Gross, president of the Gross Family Foundation, said in a statement released Tuesday by the university. "We expect our support for a nursing school to have a broad impact, as the demand for nurses and their teachers touches the heart of our health-care system."
Bill Gross, 71, who's worth an estimated $1.9 billion, said in 2013 that he and his wife are committed to giving away all their money before they die. The latest contribution is the largest single gift ever to UC Irvine, according to today's statement.
The Bill and Sue Gross Foundation also has contributed to a stem cell research center at UC Irvine, Doctors Without Borders, Hoag Hospital in Newport Beach, Cedars-Sinai Medical Center in Los Angeles, Mercy Ships, Duke University and the National Postal Museum in Washington, among other causes.
Bill Gross, who helped build the Pimco Total Return Fund into the world's largest mutual fund, now manages the $1.3 billion Janus Global Unconstrained Bond Fund.