FUDAN University received a 50 million yuan (US$8.05 million) donation yesterday, part of which will be used to help students start their own businesses, the school said.

The money was donated by Yunfeng Capital in celebration of the university’s 110th anniversary. Yunfeng is a private equity firm named after Alibaba Chairman Jack Ma, also known as Ma Yun, and Target Media founder Yu Feng, who graduated from Fudan.

They founded Yunfeng Capital in 2010 with 12 other successful entrepreneurs, pioneers and industry leaders in China. Their goal was to help young entrepreneurs and cultivate the next generation of world-class businesses.