GREENWICH, Conn. — Greenwich billionaire hedge fund founder and art aficionado Steve Cohen is making an eight-figure donation to the Museum of Modern Art in Manhattan.
The Steven & Alexandra Cohen Foundation has made a gift of $50 to MoMA’s capital campaign.
The unrestricted gift will support the museum’s ongoing renovation and expansion project, which will add 50,000 square feet of gallery space.
In honor of the gift, MoMA will create the Steven and Alexandra Cohen Center for Special Exhibitions, its largest contiguous gallery.
“Alex and I have always believed that the arts can, and should, enrich all people’s lives,” said Steve Cohen. “We are proud to support The Museum of Modern Art, its renovation, and its expansion. We are excited to see how this gift and the Cohen Center will allow the Museum to bring new and even greater artistic experiences to visitors.”
Cohen, who runs the Point72 Asset Management fund in Stamford, has a net worth of $13 billion. He is the second richest man in Connecticut, 54th in the nation and 92nd in the world, according to Forbes.
“Steven and Alex Cohen are incredible philanthropists, whose longtime generosity to the museum exemplifies their deep commitment to sharing the art of our time with the widest possible audience,” said MoMA Director Glenn D. Lowry. “This gift will have an extraordinary impact on our ability to present exhibitions at a scale that is virtually unprecedented.”
Steve Cohen joined the Museum’s board in June 2016. He and his wife have supported MoMA for many years. Through the Steven & Alexandra Cohen Foundation, which is headquartered in Stamford next door to the hedge fund office, they have make philanthropic gifts in the areas of education, children’s health, veterans, the arts, community, and Lyme disease research.
Cohen owns a large collection of paintings and sculptures worth an estimated $1 billion, according to Fortune.