When Yale president Peter Salovey visited Hong Kong and Beijing in March, he found himself the beneficiary of rivalry among mainland Chinese alumni. But rather than fighting for admission, this time it was for a good cause — donating to the university.
Ivy League schools have made headlines in recent years for educating Chinese “princelings” — children of Communist party heavyweights ranging from President Xi Jinping and vice-president Li Yuanchao to disgraced politician Bo Xilai. But some of China’s best-known investors have also passed through the system.
Yale’s graduates, for example, include Neil Shen, founder of Sequoia China, and Zhang Lei, who established Hillhouse Capital with seed money from the Yale endowment and named his multibillion-dollar fund after a street on campus. Both were among those who vied to host Salovey and raise money for their alma mater during the visit.