James Simons, the founder of New York-based quant hedge fund Renaissance Technologies, has donated $15 million to a community organization to increase college graduation rate in New York City’s East Harlem.
East Harlem Tutorial Program (EHTP), which offers college prep after-school programs and public charter schools, announced in a statement Friday that the gift from Simons and his wife Marilyn will match public and private donations up to $15 million, which will support EHTP's Campaign for East Harlem.
The $45 million campaign will enable EHTP to build a state-of-the-art K-12 classroom facility, increase enrollment in its afterschool programs, and help endow the organization's College Scholars program that provides support to students completing their higher education degree.
Simons and his wife were awarded earlier this year with the Carnegie Medal of Philanthropy, which honors those who use their private wealth for the public good. The pair’s numerous charitable efforts can be felt through the Paul Simons Foundation, which supports projects related to education and health, as well as through Math for America, a non-profit organization that aims to improve math education in public schools.
Simons is estimated to be worth $10.6 billion. New York-based Renaissance manages an approximately $22 billion in assets.