Billionaire hedge fund manager Kenneth C. Griffin is to have the Museum of Science and Industry (MSI) in Chicago named after him, following a donation of US$125m (€113.5m, £98.9m) from his charitable fund.

The gift is the largest in the museum's history, and will help it to secure its long term future, as well as allowing it to create The Pixel Studio – a digital gallery and performance space that MSI says will be the only experience of its kind in North America.

Griffin is the founder and CEO of Citadel, which reportedly has more than US$32bn (€29bn, £25.3bn) in assets under management. Said to be personally worth US$9.9bn (€9bn, £7.8bn), Griffin has donated around US$700m (€635m, £554m) to various organisations and causes, including US$150m (€136.2m, £118.7m) to Harvard University, his alma mater.

Griffin said of the donation to MSI: "The Museum of Science and Industry celebrates our greatest scientific and commercial achievements and ignites the imagination of all who visit. As one of the most important institutions of science in the world, the museum's impact extends far beyond its halls. I am honoured to support MSI's mission to inspire the next generation of scientific exploration and innovation."

MSI's capital campaign, which is designed to support cutting-edge experiences that foster curiosity and creativity, fund the museum's education programmes, reimagine its galleries and modernise its building, has been propelled beyond US$300m by the gift from Griffin.

"A gift of this magnitude will ensure MSI can continue to empower Chicago's youth with the foundation they need to be at the forefront of the next generation of STEM leaders," said Chris Crane, board chairman of the museum.

In recognition of his donation, the MSI will become the Kenneth C. Griffin Museum of Science and Industry.