A University of Strathclyde alumnus has received an award in recognition of his philanthropy, including the University’s largest gift to date.
Dr Charles Huang, founder and chairman of private equity firm Pasaca Capital Inc, has been named 2021 Philanthropreneur of the Year by California Legislature Assembly.
He was honoured for philanthropy which includes his £50 million gift to Strathclyde in 2021.
Three-fifths of the gift, £30 million, will support the construction of a new building named after Dr Huang in the University’s Technology and Innovation Zone in the heart of Glasgow City Innovation District. This new building will house a new state-of-the-art Entrepreneurship Hub which will be the focal point of Strathclyde Inspire on campus.
Another share of the gift will directly support the next generation of Strathclyde entrepreneurs through the creation of the Stephen Young Entrepreneurship Awards. The awards will become a key component of Strathclyde Inspire and have been named in memory of the late Professor Young, a former Head of the Department of Marketing and Dr Huang’s supervisor and mentor during his PhD studies.
Dr Huang gained his MBA from Strathclyde in 1989 and his PhD in Marketing in 1994. The Assembly also named Pasaca 2021 Business of the Year.
Dr Huang said: “I’m humbled by these awards, and I thank my team, whose collective efforts to execute on my strategy and vision make our success possible and bring more positive impact on a global scale.”
Strathclyde Principal Professor Sir Jim McDonald said: “This award is fitting recognition of Charles Huang’s remarkable achievements in business and of the philanthropy through which he has shared the benefits of those achievements.
“His gifts to Strathclyde and to other institutions are having a vastly positive impact by inspiring innovation, supporting economic growth and nurturing the entrepreneurs of the future. He is an ideal example to aspiring entrepreneurs and we congratulate him on this thoroughly deserved award.”
Dr Huang received the recognition from the State Assembly for his exceptional leadership in growing Pasaca into a global evergreen fund with unprecedented scale and speed, and his commitment to improving the human condition by making large donations through his foundation.
State Assembly member Phillip Chen said: “Dr Huang is not only the Innovator of the Year; his company is also the first Business of the Year. Under his leadership, Pasaca’s tremendous contribution to the global and local communities and economies compelled the 55th district to request these historical recognitions from the State Assembly.
“As a state, we are proud of this home-grown Asian-American-led enterprise, which serves as a great example of the continued economic strength we enjoy in California. We are grateful to both Dr Huang and Pasaca Capital for their contributions to our economy.
“I’m also very impressed by Dr Huang’s commitment to helping others which is clearly demonstrated through his immensely generous donations to universities and other innovative organizations.”