Schwarzman Scholars - an international scholarship program that promotes cross-cultural exchange between China, the US and a number of other countries - has announced a new partnership with the Institute of International Education (IIE), a move that the program's founder sees as a stepping stone to bigger and better endeavors.

Stephen A. Schwarzman, founder of Schwarzman Scholars (SS) in conjunction with Tsinghua University in Beijing, said his foundation "will benefit substantially" from a partnership with IIE.

"The IIE will serve as a resource of unparalleled expertise on student outreach and selection matters," Schwarzman said in a statement. "We look forward to working with them in the years ahead to attract exceptional future leaders with the desire to join a global network that will strengthen relations between China and the rest of the world in the coming decades."

SS is an initiative that was launched in 2013 with the backing of Schwarzman, who is the CEO and co-founder of Blackstone Group LP - an American multinational private equity, investment banking, alternative asset management and financial services firm. SS is the largest charitable effort in China's history.

IIE, a not-for-profit education organization founded in 1919, operates a series of study and training programs for students, educators and professionals, in addition to conducting policy research on international education. With close to 20 offices worldwide, IIE receives support from more than 1,200 member institutions.

Allan Goodman, president and CEO of IIE, said he is excited by the prospects of this new scholarship program.

"After the announcement of the Schwarzman College program, my reaction was this is visionary," Goodman said on Tuesday in an interview with China Daily. "It's a different way to think about education and a different way to think about China.

"But we want people that can do more than go to a tough undergraduate school and get top grades, we're looking for the concepts of leadership and vision," he said.

The inaugural admissions process will begin in the fall of 2015, with the first class entering Schwarzman College in June 2016, according to a May 12 press release from SS.

Students from all around the globe will be eligible to apply for the scholarship, and 200 applicants each year will be selected and given the opportunity to study for a one-year Master's degree in Beijing. However, the program has said 45 percent of the initial class will come from the US, 20 percent from China and the remaining 35 percent from other countries.

The SS program is modeled after the Rhodes Scholarship, an international postgraduate award that allows foreign students to study at the University of Oxford. Established in 1902, the Rhodes Scholarship was the first large-scale international scholarship program, and it is still widely recognized as one of the highest collegiate academic honors.

In 2013, Schwarzman contributed a personal sum of $100 million to the SS program, and with the help of Tsinghua University - the host site for Schwarzman College and the SS program - and non-affiliated private donors, the group accumulated more than $250 million.

The group has since raised its funding goal to $350 million.

Last week, SS passed its one-year anniversary, and hosted a tour on site at Tsinghua University.

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