The Blackstone Group's charitable foundation announced this morning that it is committing $3.6 million to create an entrepreneur network in the Triangle.

Stephen A. Schwarzman, CEO and co-founder of private equity firm, formally announce the five-year initiative at an event in Durham's American Tobacco Campus.

The company hopes the network will become a model for other regions.

The money will be used to create an entrepreneurial support network similar to ones that already exist in Silicon Valley and the Boston area.

Partners in the project include Duke University, N.C. Central, N.C. State and UNC Chapel Hill.