American billionaire private equity tycoon, Steve Schwarzman has donated $100 million to endow a scholarship program similar to the Rhodes Scholars at Tsinghua University in Beijing, according to a press release. Mr. Schwarzman serves on the advisory board of Tsinghua University School of Economics and Management. Professor LI Daokui of Tsinghua SEM has been appointed as director of the program.

Designed to inspire the next generation of global leaders, Schwarzman Scholars is the most significant program of its kind since the Rhodes Trust was founded in 1902. With a $300 million endowment, it will also be the single largest philanthropic effort ever undertaken in China by largely international donors.

The 200 scholars chosen annually for this highly selective program will work towards a one-year Master’s Degree at Tsinghua University in Beijing—one of China’s most prestigious universities. As individuals who want to have a positive impact on the world, Schwarzman Scholars will be selected based on their academic credentials, extracurricular interests and leadership potential.

During their stay, students will be given access to a privileged range of cultural and academic experiences, from travel to all corners of China to exchanges with global leaders and mentorship with experts in their chosen discipline. They will also spend their year immersed in the local economy and social life—before classes begin, a summer orientation will provide opportunities to learn Chinese, explore Beijing and meet fellow students and faculty.

According to the release,  most of the students in the program will come from the U.S. They will also come from Europe, South Korea, Japan, India and other countries.

According to Tsinghua University, they will be constructing the teaching building for the program. It's being designed by Professor Robert Stern, the dean of the School of Architecture at Yale University (Schwarzman's alma mater).

The building is scheduled to be completed by 2015 and the first class of Schwarzman Scholars is expected to be in 2016.