Top 200 Collectors

“We’re committed Philadelphians,” Michael Forman told ARTnews in 2022 about how he and his wife Jennifer Rice approach their arts patronage. The couple launched the Forman Arts Initiative (FAI) in 2021, with the aim to support artists and nonprofits in Philadelphia and to bring them together as a way to enhance the cultural offerings of Philadelphia. “One of the goals of Forman Arts Initiative is to bring together organizations, communities, and artists to meet, engage, and learn from each other and from art,” he added.

The cornerstone of FAI is its two grant-making programs, Art Works and Public Works. Developed in partnership with the Philadelphia Foundation, Art Works distributes $3 million in unrestricted funds to local artists and nonprofits throughout Philadelphia. In collaboration with Mural Arts Philadelphia, Public Works is a residency program that pairs artists with local government agencies to create public art across the city. In May 2024, FAI announced that it would to build a new permanent home in Philadelphia’s West Kensington neighborhood, with a campus that will have space for exhibitions, performances, events, and more, as well as dedicated community spaces.

On the collecting side, Forman and Rice focus on modern and contemporary art, buying pieces by artists like Rashid Johson, Cecily Brown, Theaster Gates, Julie Mehretu, Adam Pendleton, Ellsworth Kelly, Sean Scully, Kara Walker, and Lorna Simpson, among others. And as will their philanthropy, the collection also holds a special place for art by Philadelphian, such as Alex da Corte, Roberto Lugo, Louise Fishman, Howardena Pindell, and Jesse Krimes.

Michael Forman is chairman and CEO of FS Investments, a $78 billion global alternative asset management firm. The Philadelphia-based company, with offices across the US and in Europe and Asia, offers institutional and individual investors a broad suite of alternative asset classes and strategies.

Rice is a trustee of Philadelphia Museum of Art, and chairs the board for FAI. She also serves on the boards of The Fund for the School District of Philadelphia, the Philadelphia Citizen, Big Picture Philadelphia (Vaux and El Centro high schools), and ACCT Philly. She is cofounder of The Cat Collaborative, an organization devoted to helping homeless cats in Philadelphia. Rice was honored as the 2024 Gender Equity Champion by WOMEN’S WAY, a Philadelphia nonprofit organization focused gender and racial equity.

Forman serves on the corporate leadership board of the Barnes Foundation, as well as the boards of Drexel University and the Center City District Foundation. He is founding cochair of the Philadelphia Equity Alliance. He received the 2022 Corporate Leadership Award from the Community College of Philadelphia, the 2019 Americanism Award from the Anti-Defamation League of Philadelphia, and a special honor from Mural Arts Philadelphia in 2017 for his dedication to the city’s public art initiatives.