NYU is one of GW’s biggest competitors for top students, though GW is historically more generous with financial aid. Last year, GW met an average of 88 percent of students’ demonstrated financial aid, while NYU met 55 percent.

The fundraising drive also puts NYU in direct competition with GW, which will likely announce its largest campaign in history by next summer. The universities would compete for connections with corporations, foundations and large donors.

It also comes at a time when 11 out of the 14 institutions GW considers its peers have recently launched or completed campaigns of $1 billion or more.

NYU completed a massive fundraising campaign that brought in more than $3 billion in 2008 for initiatives such as endowed professorships, new scholarships and new fellowships.