The sizable donation comes from the conservative powerhouse Koch name that Democrats have sought to vilify heading into the midterm elections.
The fund gives scholarships and support to historically black colleges and universities.
Most of the money will fund nearly 3,000 merit based-scholarships for African-American students. The rest will provide support for the historically black schools and the college fund.
Michael Lomax is president and CEO of the college fund. He says the organization has reached out to people of all backgrounds without an "ideological lens" because it's in everyone's interest to invest in these students.
Charles Koch says the partnership will provide promising students with new educational opportunities.