Billionaire philanthropist David Geffen has pledged $150 million to the Los Angeles County Museum of Art campaign to build a new building for its permanent collection.

The pledge, announced early Wednesday morning, brings the building fund to $450 million.

“We are so grateful for Mr. Geffen’s philanthropic support, which is the largest single cash pledge from an individual in LACMA’s history and one of the largest-ever pledges to an art museum,” Michael Govan, the museum’s director, said in a statement. “In honor of his generous spirit and civic leadership, the new building will be called the David Geffen Galleries.”