Ken Griffin Makes $2b Bet On Miami As A Tech Hub

Ken Griffin wants more college students coming to Miami…but not to get turnt on the beach during spring break. The billionaire founder of the hedge fund Citadel announced yesterday that he’s donating $2 billion to establish a Miami campus of Carnegie Mellon University, the Pittsburgh school renowned for its engineering programs.

Griffin said he’ll also give $1 billion to the school’s flagship location in Steel City, making the $3 billion combined donation the biggest private gift in higher ed history, according to the school.

Engineering Miami momentum

Bringing a top-tier STEM school to Miami is part of Griffin’s effort to cement the city’s status as an emerging finance and tech hub after he moved Citadel’s HQ there from Chicago in 2022:

• The new campus will prioritize nontraditional academic offerings addressing societal issues like human health, climate adaptation, and national security.
• It’s targeting a 2028 opening, with plans to accommodate 3,500 undergrad, master’s, and PhD students.

Citadel has historically employed many Carnegie Mellon grads as quantitative traders. Now, Griffin says talent minted at a beachier version of the school will attract companies to the city, which is already booming thanks to corporate relocations and ultrawealthy transplants.

This is just one piece…of Griffin’s yearslong quest to turn Miami into a knowledge worker magnet. He’s also pouring $2.5 billion into developing Citadel’s Miami corporate campus and has donated tens of millions to local research hospitals.—SK

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