LONDON (Diya TV) — London Business School has received a £15 million ($20 million) gift from alumni Anjuli and Raj Rao, marking one of the largest donations in the institution’s history and strengthening its efforts to attract top students and faculty.
The donation will fund scholarships, academic research, and a named faculty position. The school announced the gift on Monday, calling it the fourth-largest donation in its history. The contribution comes as leading business schools around the world compete for major philanthropic support to expand programs, fund research, and improve access for students.
Anjuli and Raj Rao, both graduates of London Business School’s Master’s in Finance program, said the institution played a key role in their personal and professional success. The gift will create three new initiatives. These include the Anjuli and Raj Rao Endowed Scholarship for Excellence, the Anjuli and Raj Rao Endowed Chair, and the Anjuli and Raj Rao Endowed Fund for Research Excellence.
The scholarship program will support high-achieving students in the Master’s in Finance and MBA programs. The endowed chair will become the 12th named chair in the school’s history. The research fund will be the first endowed research fund ever established at London Business School.
The school will also rename its Plowden Building in honour of the couple. In addition, the Raos will serve as vice chairs of the school’s Forever Forward Campaign Leadership Board.“LBS has been central to our journey,” the couple said in a statement. They added that they hope the scholarship program will help future students gain the same opportunities they received during their studies.
Anjuli Rao graduated from the Master’s in Finance program in 1999. She built her career in investment banking at Citigroup before focusing on philanthropy and managing the family office.
Raj Rao completed the same program in 1998. He co-founded Global Infrastructure Partners, which is now part of BlackRock. He serves as president and chief operating officer and is a member of the company’s Global Executive Committee. Raj Rao also serves on the London Business School Governing Body. Their donation reflects a growing trend of alumni giving among leading business schools. Many institutions increasingly rely on major gifts to fund scholarships, support faculty research, and expand their global influence.
London Business School Dean Sergei Guriev praised the donation and its broad impact.
He said the combination of a flagship scholarship, a named academic chair, and a dedicated research fund will help the school recruit outstanding students and faculty members. He also said the investment will support research that addresses real-world challenges.
The donation arrives during a period of active fundraising for the school. Last September, London Business School announced an anonymous £25 million gift that created its first endowed research institute. That contribution helped push the school’s Forever Forward campaign beyond £115 million. The school also benefited from a £25 million donation from INEOS founder Jim Ratcliffe in 2016. That gift secured the institution’s Sussex Place campus home for the next 125 years.
The Rao donation highlights the growing importance of philanthropy in higher education, particularly at business schools. While £15 million ranks among London Business School’s largest gifts, several U.S. business schools have received even larger contributions. David Booth’s $300 million donation to the University of Chicago Booth School of Business in 2008 remains the largest single gift ever made to a business school. Stephen Ross also contributed $250 million to the University of Michigan’s Ross School of Business over several years.
More recently, Cleveland Browns owners Dee and Jimmy Haslam pledged $130 million to the University of Tennessee. Of that amount, $100 million will support the Haslam College of Business. Last year, the Wharton School announced a $60 million commitment from the Jacobs family, the largest single gift in its history. For London Business School, the Rao gift stands out not only for its size but also for its structure. By supporting scholarships, faculty leadership, and research through a single donation, the contribution aims to create a lasting impact across multiple areas of the institution.
