Billionaire George Roberts has made an unrestricted $50-million gift to his alma mater, Claremont McKenna College in Southern California, the Los Angeles Times reports.

Mr. Roberts, one of the founders of leveraged-buyout specialist Kohlberg Kravis Roberts and Co., is a 1966 graduate of the 1,300-student liberal-arts college and a member of its board of trustees. Claremont McKenna will name its new athletics facility, scheduled to begin construction in 2014, after the donor.