David A. Tepper grew up in Stanton Heights in a home that stressed charity. His father, Harry, an accountant, and his mother, Roberta, a teacher, would sometimes debate whether they should contribute to the synagogue or go on the family’s annual trip to Atlantic City. N.J. “If we give this,” Tepper recalled his parents saying, “will we have any money for a vacation?” His early lesson in philanthropy paid off for Carnegie Mellon University to the tune of $55 million, the largest gift to any college or university in Western Pennsylvania. University officials announced at a news conference Friday that they are renaming the business school the David A. Tepper School of Business at Carnegie Mellon. “How’s that for a kid from Peabody High School?” he said, a little incredulously. The gift not only transforms the business school but also kicks off a university-wide fund-raising campaign. Robbee Baker Kosak, vice president of university advancement, said the university in Oakland is trying to raise $130 million in the first phase of the campaign. Tepper, 46, is the founder and president of Appaloosa Management, a $3 billion hedge fund based in Chatham, N.J. Tepper said his company averaged a return of 34 percent a year in the past decade — success that he traces to his days as an MBA student at Carnegie Mellon. “I can honestly say what I learned back then still helps me each and every day,” he said. A key to Carnegie Mellon getting the gift was the appointment of Kenneth Dunn as dean of the business school two years ago. Dunn was one of Tepper’s favorite teachers at CMU 20 years ago. “I always knew and never doubted he would be a success,” Dunn said. Dunn said the gift nearly doubles the business school’s endowment to $137 million. The donation will allow the school to retain and recruit faculty, develop a new curriculum, improve opportunities for students and alumni and increase its visibility. And how did Dunn manage to wrangle $55 million from his former student? “Truth be told,” Tepper said, “I was going to give $50 (million), but Ken asked for $55 (million).” Additional Information:

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David A. Tepper Age: 46 Residence: North-central New Jersey; native of Stanton Heights in Pittsburgh. Family: Wife, Marlene, and three school-age children Education: Bachelor’s degree in economics from the University of Pittsburgh and an MBA from Carnegie Mellon University. Background: He is founder and president of Appaloosa Management. He also worked for Goldman Sachs on Wall Street, Keystone Mutual Funds in Boston, Republic Steel in Ohio and Equibank in Pittsburgh.

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