TEMPE, Ariz. (AP) — Arizona State University is about two-thirds of the way toward the $1.5 billion goal of a fundraising campaign now underway.

Friday marks the public launch of Campaign ASU 2020, but officials say the university has already secured $1 billion of private pledges from more than 260,000 alumni and others during a so-called "quiet phase" of the campaign.

A university statement says the money raised will help ensure student access, champion student success, improve academics, fuel innovation, enrich communities and promote competitiveness.

The statement says the private fundraising isn't intended to replace other revenue sources, including state funding.

The university says the campaign is its first comprehensive one in 14 years and the first during President Michael Crow's tenure.

A University of Arizona campaign reached its $1.5 billion goal in November.