Renmin University of China received an endowment of 200 million yuan ($32 million) from alumnus Qiu Guogen on Thursday.

The donation will be used to fund five key projects in the school's next 10-year development plan, as well as the construction and renovation of its campus, said Chen Yulu, president of the university.

Qiu expressed his gratitude to Renmin during the donation ceremony in Beijing. He called for more social capital and private funds to be donated to higher education, saying it is vital for the realization of China's economic transformation.

The endowment is one of the largest donations ever made to the university and one of the largest in the history of Chinese higher education.

Qiu studied investment economics at Renmin from 1987 to 1993 and obtained his bachelor's and master's degrees in economics. The 43-year-old is now president of the hedge fund Shanghai Chongyang Investment, a leading private money manager in China.