Thomas Barrack Jr., founder of Los Angeles private equity firm Colony Capital LLC, has been elected to the board of trustees at University of Southern California.

Barrack, 65, who received a bachelor’s degree from USC in 1969, founded Colony Capital in 1991. As chairman and chief executive, he has invested about $45 billion in assets worldwide and oversees an organization with offices in 13 cities and 10 countries. He is currently a member of the Board of Leaders of the USC Marshall School of Business.

The Business Journal last month ranked him No. 35 on its annual list of 50 Wealthiest Angelenos, with an estimated net worth of $1.1 billion.

“A true Trojan, Tom brings the unique perspective of an extraordinarily creative and successful entrepreneur to our board,” said USC President C. L. Max Nikias in a statement. “His spirit of adventure, leadership, and wealth of experience in finance and real estate development will be invaluable as we secure USC’s place among the ranks of the world’s truly elite universities.”

The son of Lebanese immigrants, Barrack is a Los Angeles native and a graduate of Loyola High School. While a student at USC, he played on the varsity rugby team. He received a bachelor’s degree from the university in 1969 and later attended the USC Gould School of Law, where he served as an editor of the “Southern California Law Review.” He earned his law degree from the University of San Diego in 1972.