The two foundations merged in 1995 to become the Thomas Fearnley, Heddy and Nils Astrup Foundation. The Thomas Fearnley Foundation was established by shipping magnate Thomas Fearnley (1880–1961) in 1939; he was the son of shipping magnate Thomas Fearnley (1841–1927) and grandson of romantic painter Thomas Fearnley. The Heddy and Nils Astrup Foundation was named for Nils Ebbessøn Astrup, who was a maternal grandson of Thomas Fearnley (1841–1927).