Bill Ackman may be known in the financial industry for his proxy battles—most notably with Target in the past and Canadian Pacific Railway right now—but he’s also a big name in philanthropy circles.
His charitable fund Pershing Square Foundation—which has the same name as his hedge fund, Pershing Square—has just made the largest arts-related donation ever of $25 million to the non-profit Signature Theatre. [via Bloomberg]
Signature is currently in the process of opening a new centre, and will be naming it the “Pershing Square Signature centre” in honour of Ackman’s gift. The venue will tout three theatres, two practice studios and public recreation areas; it is located on W. 42nd St. near Broadway.
Ackman’s gift will allow the theatre to sell low-price tickets to its products for over a decade, Signature Artistic Director James Houghton told Bloomberg in an interview.
“Signature has made a remarkable contribution to the cultural life of New York. With the opening of their new home, their impact on the city will increase significantly,” Ackman said in a press release.