John Paulson, the hedge-fund manager, has donated $20-million to New York University’s Stern School of Business, from which he earned a bachelor’s degree in 1978, the Financial Times reports.

About $11-million of the gift will go toward refurbishing of the school, with the remainder paying for scholarships and to endow faculty chairs in economics and alternative investments. Mr. Paulson’s New York firm, Paulson & Co., is one of the world’s largest managers of alternative investments.