Forbes just launched a new company that’s almost completely divorced from its media brand: Forbes Private Capital Group.From peHUB:
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.
It sounds like Forbes Private Capital Group will basically be a marketing firm within their partner PE firm, G2 Partners and its founder, Todd Morley.
Here’s a bit of insight from an insider who knows the Guggenheim Partners, where Morley used to work (he was one of a few founders).
“Todd Morley claims to be the brains behind the success of Guggenheim, but the real reason it was so successful is that the name is so well know around the world. The thing he is doing with Forbes is kind of similar, because Forbes is a well known name all over the place.”
Many Forbes readers are (probably) wealthy, so giving someone like Morley, who’s interested in name recognition (and knows how to work it), access to those readers makes sense. Access to the people who read Forbes, are members of its online CEO Network and/or know and trust the Forbes brand, are probably Morley’s main interest here.
The Forbes name is so recognisable and so affiliated with money and wealth, it’s probably their greatest and most valuable asset.
If Todd Morley can use the Forbes name the way he used Guggenheim name, this could work.
For Forbes, inviting a new client base to use Forbes’ contacts (subscribers) makes sense.
The move could be seen as kind of like an effort to expand Forbes email-marketing business, which has worked well for the company. Its success is also probably explains why people have recommended that Forbes start advising or find something to do within a money-focused market (away from media) before.
The Private Capital Group brings the total of new and somewhat surprising Forbes ventures to two in the past week and the number of changes over there to, we lost count.
A few days ago Forbes announced that they were buying True/Slant. Earlier this year Forbes has re-hired fired employees, and of course there have been a number of layoffs and promotions over the past two years at Forbes.