Forbes enters capital-raising business
Dan Primack of Private Equity Hub, a Thomson Reuters operation, reports that Forbes is lending its name to a capital-raising operation.
Primack writes, “peHUB has learned that a new effort called Forbes Private Capital Group recently launched, with plans to raise third-party capital for private funds and transactions. Much of the marketing will be aimed at wealthy families and individuals – i.e., Forbes’ target market — although it also will work to raise money from institutional investors.
“The man in charge is Todd Morley, who isn’t new to this sort of thing. In 1999, he co-founded Guggenheim Partners, which now has $100 billion in assets under management. He more recently founded an investment management firm called G2 Investment Group, which is where Forbes Private Capital Group will be housed.
“‘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.’”
Read more here. There was no discussion in the article about the potential conflict of interest for Forbes reporters covering private equity.