Type Donation For Endowment
Start Date 2015-00-00
Amount 10,000,000 USD
Goods Pershing Square Foundation establishes $10 million endowment to support CSHL life science research Pershing Square Foundation Monday, 1 June 2015 email envelop icontwitter icon share buttonfacebook icon share buttonlinkedin icon share button Cold Spring Harbor, NY — Cold Spring Harbor Laboratory (CSHL) announced today that The Pershing Square Foundation (PSF) has awarded the institution $10 million to support its leading biology and genetics research and education programs. The uniquely structured grant reflects a commitment by The Pershing Square Foundation to support exceptional leadership and innovative organizations that are catalyzing change in their respective industries. The principal of the fund will be managed as an endowment by Pershing Square Capital Management. CSHL will receive an annual income of 5% of the principal to support its cutting-edge research and education. In 2040, the appreciated principal will be released to CSHL as an unrestricted endowment named the Pershing Square Innovation Fund to support research at CSHL in perpetuity. “This important gift perfectly addresses the need for flexibility in funding contemporary science,” said CSHL President & CEO Bruce Stillman, Ph.D. “With unrestricted endowment, we can be nimble in our decisions to support pioneering projects and game-changing discoveries to improve human health. We are grateful to have Bill and Karen Ackman and The Pershing Square Foundation as our partners in advancing basic science.” “As one of the leading biomedical research centers in the world, Cold Spring Harbor Laboratory deeply understands the investments and calculated risks necessary for breakthrough discoveries in the life sciences,” said Bill Ackman, co-founder of The Pershing Square Foundation and CEO of Pershing Square Capital Management, L.P. “With this long-term investment, CSHL will have the freedom and flexibility to pursue bold research that would not have been possible within a traditional funding structure.” Jamie C. Nicholls, CSHL Chairman, said, “We thank The Pershing Square Foundation and Bill and Karen for their leadership and long-term commitment to CSHL. This uniquely structured donation leverages the strengths of both organizations and will advance CSHL’s ability to recruit and support the best and the brightest scientists far into the future.” The grant marks an ongoing collaboration between both organizations. In 2014, CSHL’s cancer researcher Dr. Lloyd Trotman won The Pershing Square Sohn Prize for his work on understanding the genetic changes that occur during prostate cancer. Trotman has developed unique technology that recapitulates a human model of prostate cancer and visualizes it in live animals. This breakthrough technology can be used as a platform to determine how mutations cause cancer and to test potential treatments. Additionally, CSHL’s Dr. Christopher Vakoc was awarded special funding as a finalist of the 2015 Pershing Square Sohn Prize for his work on potential leukemia therapies. Written by: Dagnia Zeidlickis, Vice President, Communications | zeidlick@cshl.edu | 516-367-8455 Stay informed Sign up for our newsletter to get the latest discoveries, upcoming events, videos, podcasts, and a news roundup delivered straight to your inbox every month. About The Pershing Square Foundation The Pershing Square Foundation is a private family foundation, based in New York, founded in December 2006 by Karen and Bill Ackman. The Foundation has committed close to $350 million in grants and social investments to support exceptional leaders and innovative organizations that tackle important social issues and deliver scalable and sustainable impact. Bill is the CEO and portfolio manager of Pershing Square Capital Management, L.P. For more information visit: www.pershingsquarefoundation.org. About Cold Spring Harbor Laboratory Founded in 1890, Cold Spring Harbor Laboratory has shaped contemporary biomedical research and education with programs in cancer, neuroscience, plant biology and quantitative biology. Home to eight Nobel Prize winners, the private, not-for-profit Laboratory employs 1,100 people including 600 scientists, students and technicians. The Meetings & Courses Program annually hosts more than 12,000 scientists. The Laboratory’s education arm also includes an academic publishing house, a graduate school and the DNA Learning Center with programs for middle and high school students and teachers. For more information, visit www.cshl.edu
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