America’s nursing shortage is reaching critical levels, but private equity billionaire Bill Conway is tackling the crisis with a $1 billion philanthropic mission. The Carlyle Group co-founder has already donated $325.6 million to 22 nursing schools, creating over 7,000 new nurses since 2013. I want them to be free to be the kind of nurse they wanted to be, Conway told the Chronicle of Philanthropy.
While nurses form healthcare’s backbone, underfunding plagues their profession. Nursing schools reject 78,000 qualified applicants annually due to:
- 2,000 vacant faculty positions
- Insufficient clinical space
- Low professor salaries (50% less than hospital roles)
Conway’s Bedford Falls Foundation bypasses traditional grant models.
We customize support based on each school’s needs,explains foundation head Elizabeth Carrott Minnigh. At Catholic University, their $64 million investment built labs, funded scholarships, and slashed student debt.
Unlike peers focusing on advanced degrees, 75% of Conway’s gifts support pre-licensure programs. University of Virginia’s nursing dean notes: No other donor prioritizes entry-level nurses this aggressively. With 40% of nursing faculty retiring by 2025, Conway now funds accelerated PhDs to fill teaching gaps.
The initiative comes as hospitals face 200,000 annual nurse vacancies through 2030. Conway’s late wife Joanne, a scholarship recipient herself, inspired their debt-free education model. This isn’t charity—it’s workforce infrastructure, argues UPenn’s Linda Aiken. With $674 million still to deploy, Conway aims to double nursing graduates at 50+ schools by 2035.
