The University of California at Berkeley is planning on Friday to announce a $3-billion campaign to raise private funds, reports the San Francisco Chronicle.

The campaign will provide scholarships for students, financial support for faculty and programs, and money for capital projects, the paper reports. The institution has already raised $1.24-billion toward its goal during a three-year quiet phase; the campaign is expected to take another five years to complete.

UC-Berkeley got about one-third of its budget in state funds for the 2007 fiscal year. But it is competing with heavily endowed private institutions for students — colleges that often can offer better financial-aid packages, the Chronicle reports.

“Even though we are a public institution, we will need the type of support that elite private institutions get,” the university’s chancellor, Robert Birgeneau, tells the paper.

Note: The university reported to The Chronicle of Philanthropy that the article by the San Francisco newspaper was incorrect in the figure it provided for the university’s goal. This item has been updated to reflect the accurate information.