The University of Pennsylvania received a $225 million gift for its School of Medicine to create an endowment for providing more financial aid to students, recruiting more physicians and scientists and supporting innovative research.

The School of Medicine will be able to increase its financial aid budget by at least 20 percent for the school year starting in 2012.

The Philadelphia Ivy League university described the gift by philanthropist Raymond G. Perelman and his wife as the largest in its history and one the biggest ever nationwide given to a medical school.

"Ruth and I believe the future of medicine depends on the ability to produce world-class clinicians," said Raymond Perelman, who will see the School of Medicine renamed for him and his wife.

A prominent Philadelphia philanthropist, Raymond Perelman is president and chairman of the board of RGP Holdings Inc., a privately held holding company comprised manufacturing, mining and financial interests.

The Perelmans' gift brings Penn's Making History campaign total to $3.31 billion – 94.6 percent of the campaign's $3.5 billion goal – with more than 19 months to go.

The gift brings the Perelmans' total contributions to Penn's Making History capital campaign to more than $250 million.