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CSHL Gets $10M from Pershing Square for Research, Education

NEW YORK (GenomeWeb) – Cold Spring Harbor Laboratory has been awarded $10 million from the Pershing Square Foundation to support biology and genetics research and education programs.

According to CSHL, the principal of the fund will be managed by Pershing Square Capital Management as an endowment. CSHL will receive an annual income of 5 percent of the principal to support its programs, and in 2040, the appreciated principal will be released to CSHL as an unrestricted endowment named the Pershing Square Innovation Fund, which will support research at CSHL in perpetuity.

Pershing Square Foundation was founded in 2006 by Karen Ackman and Bill Ackman, who is CEO and portfolio manager of Pershing Square Capital Management, a New York-based hedge fund management firm.

"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," Bill Ackman said in a statement.