L.A. private equity billionaire Thomas Barrack has donated $15 million to the university’s Marshall School of Business, the university announced Tuesday.

The donation from Barrack and his family will go towards the renovation of the 1928 Bridge Hall that houses the Marshall School. The hall will be renamed for Barrack and will house the Marshall School’s international business programs.

“Through this transformative gift, the Barrack family strengthens USC Marshall’s position as a leader in international business education and research,” USC Marshall Dean James Ellis said in a statement. “Barrack Hall will provide academics and practitioners from around the world with a state-of-the-art global headquarters for ongoing collaboration.”

Barrack, who received his bachelor’s degree in sociology from USC in 1969 and later attended the USC Gould School of Law, was elected to USC’s board two years ago. He founded Colony Capital in 1990 to specialize in private equity real estate investment; the firm now has more than $20 billion in assets under management.

“As an alumnus, I feel privileged to supply stewardship for the bricks, while Marshall, its dean, administration and faculty supply the intellectual mortar,” Barrack said in a statement. “I am thrilled to support this exciting venture at Marshall and hope that the resources provided by the enhanced facility will help nurture the next generations of international business leaders.”

Barrack is ranked No. 35 on the Business Journal’s list of Wealthiest Angelenos with an estimated net worth of $1.45 billion.