The manager of a lucrative hedge fund and a Harvard Business School alumnus, John Paulson donated $400 million to the university's School of Engineering and Applied Sciences (SEAS).

According to Bloomberg News, the gift is the largest in Harvard University's 379-year history and will result in the SEAS being renamed after Paulson. Harvard will also use the donation for a research endowment, faculty growth and financial aid.

"John Paulson's extraordinary gift will enable the growth and ensure the strength of engineering and applied sciences at Harvard for the benefit of generations to come," Drew Faust, president of Harvard University and Lincoln Professor of History, said in a news release. "His appreciation of the importance of SEAS to faculty, students, and Schools across the University has motivated a historic act of generosity that will change Harvard and enhance our impact on the world beyond."

Paulson, 58, earned his undergraduate degree at New York University and then graduated from the Harvard Business School in 1980. He founded Paulson and Co. in 1994 and the firm now manages about $19.3 billion. The Bloomberg Billionaire Index estimates Paulson's net worth at $11.3 billion.

"There is nothing more important to improve humanity than education," Paulson said in the release. "For 379 years, Harvard has had a profound global impact across a multitude of disciplines that benefits all of humanity. Today's gift will help continue that legacy by making SEAS a 21st-century engineering leader. It provides a solid endowment for faculty development, research, scholarships, and financial aid.

"SEAS is the next frontier for Harvard, and its expanding campus in Allston promises to become the next major center of innovation. As an alumnus of Harvard, one who has benefited greatly from the education I received here, it is both a privilege and an honor to support this endeavor."