Press Release

Donation provides cornerstone for new Transforming Tate Modern development

Donation provides cornerstone for new Transforming Tate Modern development: Press related to past news.

Tate Modern

Banker and philanthropist, John Studzinski has made a commitment of £5 million towards the new development of Tate Modern it was announced today. This is the first major private donation towards the project and the largest individual gift ever made to Tate Modern.

John said: “I am delighted with the Transforming Tate Modern concept and this donation will allow me to fundraise for Tate with even more conviction than in the past. Tate Modern has been an extraordinary success under Nicholas Serota’s vision and leadership and has a great track record. I believe in backing winners.”

Sir Nicholas Serota, Director Tate, said: “John Studzinski was a generous benefactor of Tate Modern in 2000 and has now made a gift which will be the cornerstone of the next phase of the development. It is a magnificent act of faith in a project that will transform the building and provide improved facilities for the next generation of visitors.”

The development of Tate Modern will create a new building on the south side of the existing gallery to provide more space for modern and contemporary art and enable Tate to enrich its programme by exploring new areas of contemporary visual culture. Facilities for young people will be central to the new development and learning and visitor engagement will be at its heart.

The project will create a new landmark for London, helping to maintain its position as the leading cultural and creative capital of the world. Major investment of £7 million by the London Development Agency has already been committed to kick-start the development and help fast track the scheme so that it could be completed in time for the Olympics in 2012.

John Studzinski was born and raised in the USA. He is a Senior Managing Director and Global Head of the Corporate Advisory Services group for The Blackstone Group and is a member of the firm’s Executive Committee. Before joining Blackstone in 2006, he was a member of the Group Management Board and co-head of investment banking at HSBC based in London from 2003 to 2006. Prior to that he was at Morgan Stanley from 1980 to 2003.

He has been a Tate Trustee since 1998 and is Vice-Chair and Director of Human Rights Watch where he serves on the Executive Committee and is also Chairman of the Investment Committee. He also serves as a Trustee of Bowdoin College, The Passage Day Centre for the Homeless, and the Nelson Mandela Foundation. He set up the Genesis Foundation in 2001, which supports emerging artists at the outset of their careers. Genesis works in partnership with institutions such as the Royal Opera House, the Young Vic and Royal Court Theatres, LAMDA and others to create long-term projects with specific goals that help support and develop the talents of emerging professionals.

The new Studzinski Recital Hall at Bowdoin College in Maine designed by William Rawn Associates in association with Lawrence Kirkegaard Associates opened earlier this month.

He was made a Knight of the Order of St Gregory by Pope John Paul II for his humanitarian work for the homeless. He received the Prince of Wales Ambassador’s Award and was made a Knight Commander of Saint Sylvester in recognition of his work for the homeless. He received the Beacon Prize in 2004.

He is based in both New York and London.