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The American financier Stephen A. Schwarzman is creating a $300 million scholarship program that he hopes will be a Chinese counterpart to the Rhodes, The New York Times reported. The scholarship would annually support 200 students enrolling in yearlong master’s programs at Tsinghua University, in Beijing. 

It’s anticipated that 45 percent of the Schwarzman Scholars will come from the U.S., 20 percent from China, and 35 percent from other countries. The students will live in a new residential college facility, Schwarzman College, for which ground breaking is scheduled for later this year.

Schwarzman said he is personally committing $100 million and is raising the additional funds from private donors, including Bank of America, Boeing, BP, Caterpillar, Credit Suisse, and JPMorgan Chase, as well as New York Mayor Michael R. Bloomberg’s personal foundation. The Times notes that the endowment for the prestigious Rhodes Scholarship, which supports study at Oxford, is currently about $203 million.