Business magazine publisher Forbes is getting into the capital raising business, lending its name to a fund placement group run by asset manager
The Forbes Private Capital Group plans to raise third-party capital for private funds and transactions, according to a report by peHUB, an online affiliate of Buyouts.
Much of the fund’s marketing will be aimed at wealthy families and individuals—which is the primary target market of Forbes’s publications—although it also will work to raise money from institutional investors.
Heading up the effort is Todd Morley, who in 1999, co-founded
“I have a social relationship with some of the Forbes family from my time with Guggenheim, so they are very familiar with what we did over there,” Morley says. “I think they saw this as a natural segue from the media business into the financial services business.”
The placement team itself comes from Guggenheim Partners and is led by David Conrod. Others members include Mel Chez and Colin Dinneen. It will continue to work on existing third-party engagements, and also will raise money for future Guggenheim-branded vehicles. No financial terms of the acquisition were disclosed.
Morley adds that Forbes Private Capital Group occasionally will help raise G2-branded funds. The first would be focused on the real estate market, where G2 Investment Group recently hired several ex-professionals from Lehman Brothers, including Ken Cohen, Larry Kravetz and Joe Fong.
Also involved is Trevor Neilson, president of Global Philanthropy Group.
“Todd and I have been friends for a long time, and have talked a lot about the intersection of high-net worth and investment matters,” says Neilson, who currently is listed as an adviser to G2 Investment Group. “I think that the Forbes partnership is a positive step toward bringing those things together.”