The founder of the U.S. private equity firm Blackstone is announcing the establishment of a $300 million scholarship program for foreign postgraduates in China.

A news release ahead of Sunday's announcement says the money being raised by Stephen A. Schwarzman will be the largest philanthropic gift with foreign money in China's history.

Schwarzman will make a personal gift of $100 million and plans to raise another $200 million to establish a postgraduate program for foreign students at China's Tsinghua University that will aim to rival the Rhodes scholarship.

It will allow 200 students to take a one-year master program at the university each year starting in 2016. The students will come largely from the United States, but also from Europe, South Korea, Japan, India and other countries.