Billionaire Robert F. Smith donated $1.5 million to Morehouse College, reports Black Enterprise.

Most of the money will go toward developing the Robert Frederick Smith Scholars Program and the rest will go toward the creation of a new outdoor study area for students, according to a statement from the school.

“Robert F. Smith’s donation of $1 million for student scholarships will have a profound impact on the lives of deserving young men who have the desire to attend Morehouse College, but lack the resources,” Morehouse President David A. Thomas said in the statement. “We appreciate his generosity and his investment in a generation of students who will follow in his footsteps as global leaders and entrepreneurs.”

Smith is the founder and CEO of Vista Equity, a private equity and venture capitalist firm. His company has $14 billion in capital under management, writes Black Enterprise.

He was listed as the 163rd richest person in America by Forbes, with a net worth of $4.4 billion, and is the largest private donor to the National Museum of African American History and Culture.