A Wall Street billionaire just gave Harvard the biggest gift in its history

Another Wall Street billionaire has made a massive donation to an Ivy League school.

Hedge fund manager John Paulson donated $400 million to endow Harvard's School of Engineering and Applied Sciences, Bloomberg News reports.

Harvard, which has the largest endowment in the country, said it was the largest gift in the university's history.

Paulson, who graduated from Harvard Business School in 1980, will also get his name on the building. The school will be called the Harvard John A. Paulson School of Engineering and Applied Sciences.

Paulson launched his hedge fund in 1994 with about $2 billion in capital. He shot to fame after making billions betting against subprime during the housing crisis. He now manages close to $20 billion and has an estimated net worth of $11.2 billion.

Just last month, billionaire private-equity chief Steve Schwarzman donated $150 million to Yale University to build a new campus center. The commons will be called the "Schwarzman Center."