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.”
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 FPCG occasionally will help raise G2-branded funds. The first would be focused on the real estate market, where G2 recently hired a bunch of ex-Lehman Brothers professionals. They include 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 advisor to G2. “I think that the Forbes partnership is a positive step toward bringing those things together.”