The public phase of a projected $2 billion fundraising campaign for the University of Oregon was announced Friday night at a private event at Hayward Field.

The campaign has already raised $700 million in private donations over the last four years, UO’s interim president Scott Coltrane told a crowd at the invitation only unveiling at Hayward Field on Friday night. The university hopes to reach $2 billion over the next four years. Phil Knight, chairman of Nike, was one of the top donors recognized at the event.

According to the university, money gathered from the campaign will go to fund scholarships, hiring 150 new tenure track faculty positions, expanding research and construction and renovation projects. Specifics include funding need and merit based scholarships including Pathway Oregon, recruiting more students to the Clark Honors College and renovating its headquarters in Chapman Hall, increasing international recruitment and study abroad opportunities, constructing a new building for the College of Architecture and Allied Arts, expanding athletic facilities and a new visitor pavilion for the Jordan Schnitzer Museum of Art.

The school’s last public fundraising campaign, campaign Oregon, wrapped up in 2008 and raised $853 million dollars — surpassing an initial goal of $600 million. That campaign funded the $55 million Lorry I. Lokey Science complex and Turnbull journalism center in Portland.

Oregon State University announced a similar campaign in October of 2007 with an original goal of $625 million, which they later raised to $1 billion. To date, its campaign has raised $1,096,411,107.

The UO’s new campaign would be the largest in the state’s history.