October 25, 2018
With the help of a $25 million gift, the Wharton School at the University of Pennsylvania will construct a new building for entrepreneurs and create a scholarship fund for international students to attend the Ivy League school as undergraduates.
The latest gift, part of the university's $1 billion "More Than Ever" fundraising campaign, comes from 1992 undergraduate alumni Nicolai Tangen, founder of London-based investment partnership AKO Capital. The donation was made by the AKO Foundation and Tangen's wife, Katja.
Penn officials said the gift will go toward the construction of Tangen Hall, Penn's first-ever centralized location for entrepreneurship.
The 70,000-square-foot building will be located at 40th and Sansom streets. Construction is expected to begin next year and be completed by 2020.
Tangen Hall will include a test kitchen, virtual reality environment and "maker lab" with 3D printers and laser cutters. There will also be a storefront retail space.
“Katja and I are continually inspired by Penn students, and pleased to have the opportunity to engage with them and set them up for success,” Tangen said. “We look forward to their many achievements in the years ahead, and to witnessing how this new building will bring together the next generation of entrepreneurs, leaders and innovators to share their talents with one another and for the greater good.”
Tangen's gift comes just weeks after billionaire investor and philanthropist Marc J. Rowan donated $50 million to the prestigious Penn business school – the largest gift in Wharton's history.
“Tangen Hall marks a new chapter for the entrepreneurial community at Penn and in Philadelphia, providing a central hub for the groundbreaking innovations that happen here every day,” Wharton Vice Dean of Entrepreneurship and Innovation Karl Ulrich said. “This physical space will allow faculty to more strongly support students who turn ideas into outcomes that will transform business for years to come.”