NEW YORK (Reuters) - Business magazine publisher Forbes is getting into the capital raising business, lending its name to private investment group run by G2 Investment Partners, peHUB reported on Thursday.
The Forbes Private Capital Group plans to raise third-party capital for private funds and transactions, said peHUB, an online private equity news service owned by Thomson Reuters Corp. (TRI.N)(TRI.TO)
Todd Morley will run the group. In 1999, he co-founded Guggenheim Partners, which has $100 billion in assets under management, peHUB said. He more recently founded an investment management firm called G2 Investment Partners, 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 told peHUB. “I think they saw this as a natural segue from the media business into the financial services business.”
The placement team comes from Guggenheim Partners, and is led by David Conrod. Others members include Mel Chez and Colin Dinneen. It will work on existing third-party engagements, and also will raise money for future Guggenheim-branded vehicles, peHUB reported.
The Forbes group occasionally will help raise G2-branded funds. The first would be focused on the real estate market, where G2 recently hired some ex-Lehman Brothers LEHMQ.PK employees. They include Ken Cohen, Larry Kravetz and Joe Fong. Also involved in an advisory role is Trevor Neilson, president of Global Philanthropy Group.
Forbes, best known for its namesake magazine, is run by the Forbes family. Elevation Partners took a minority stake in the company in 2006.
Reporting by Robert MacMillan. Editing by Ted Kerr.