A new university in Texas, that touts a fearless pursuit of truth, is attracting significant financial backing from billionaires frustrated with elite colleges.
The University of Austin (UATX), which welcomed its first class of 92 students last month, has already raised approximately £157 million.
Notable donors include trader Jeff Yass, real estate developer Harlan Crow, and investor Len Blavatnik.
UATX’s mission, described as “the fearless pursuit of truth”, aims to encourage ideological diversity and meritocratic achievement.
A new university in Texas, that touts a fearless pursuit of truth, is attracting significant financial backing from billionaires frustrated with elite collegesGoogle mapsThe school’s curriculum blends classical texts with a focus on entrepreneurship, contrasting with what some donors perceive as an overwhelmingly progressive stance at prestigious universities.
Recent campus unrest and debates over antisemitism at elite institutions have accelerated fundraising efforts for UATX, as wealthy benefactors seek an alternative in higher education.
Jeff Yass, co-founder of trading giant Susquehanna International Group, has emerged as UATX’s largest donor, contributing £27.5 million.
Yass, a long-time advocate for school choice, said: “Higher education needs competition. It is time for philanthropists to start new colleges in keeping with the way American learning institutions were founded.”
Harlan Crow, a major GOP donor, was an early backer of UATX.
Crow said: “Much of higher ed today seems to want to reject Western accomplishments and the accomplishments of Western civilisations in their entirety. Many people think that’s a bad idea.”
Len Blavatnik, a Jewish investor, donated £785,000 through his family foundation shortly after the Hamas attacks on Israel.
Blavatnik subsequently paused his donations to Harvard University – reflecting growing frustration with elite institutions’ handling of campus tensions.
The turmoil surrounding the Israel-Gaza conflict has prompted some donors to reconsider their support for traditional institutions.
Daniel Lubetzky, founder of Kind Snacks and son of a Holocaust survivor, has continued to support UATX following the Hamas attacks.
He cited growing concern over “us vs them thinking” on campuses.
Historian Niall Ferguson, a UATX founder said: “It took what happened in the wake of October 7 on the major campuses to convince Wall Street, to convince people in Silicon Valley, that there really was a problem with higher education.”
The university’s YouTube channel features a video juxtaposing pro-Palestinian protests at other schools with a civil UATX seminar, ending with the message: “They burn, we build.”
President Pano Kanelos has described students and faculty as “pioneers and heroes”.
To offset the risk for its inaugural class, the university is offering full-tuition scholarships worth about £102,000 to each student.
More than 40 per cent of the first-year students are from Texas, with a third being female.
The school is collaborating with tech industry leaders to shape its curriculum – with executives from Elon Musk’s SpaceX and Boring Company are helping develop UATX’s engineering programme.