A California-based venture capitalist has pledged £75-million, or more than $116-million, to the University of Oxford to support low-income students. Oxford says the donation from Michael Moritz, an alumnus, and his wife, Harriet Heyman, is the largest philanthropic gift for undergraduate financial support in European history. It will provide about $17,000 toward living costs for students from the poorest families. The scholarship program will take effect as tuition rates at most universities in England, including Oxford, are set to nearly triple, to $14,000 a year.

The university said it would generate additional money for the scholarships through investment income from its endowment and by seeking other donations. The goal is to generate a total of £300-million, or about $465-million, including the new gift, to support low-income undergraduates.