<p>I would be surprised if Chicago’s fundraising didn’t fall below the level of Northwestern and Penn, given the relative sizes of the alumni bases and historical patterns. We’ll see what goal they set themselves, but I wouldn’t think that $3B was “modest” at all, not if it got raised relatively quickly. You are right that ultimately if they want to be a peer of Harvard and Stanford they have to raise a lot more money, but they don’t have to do it all this decade.</p>