FORTUNE -- Private equity fund placement outfit Forbes Private Capital Group has quietly completed a management buyout from G2 Investment Group, Fortune has learned. Not hearing any financial terms yet, except that the spin was financed by several high-net-worth individuals.
Forbes Private Capital Group was formed in 2010 as part of the creation of G2 Investment Group by ex-Guggenheim Partners co-founder Todd Morley (most of the fund placement team previously had been with Guggenheim). The idea was to market third-party fund offerings to wealthy families and individuals with existing relationships to Forbes , although it also solicited capital commitments from traditional limited partners (endowments, pension funds, etc.).
As of last check, Forbes Capital Group had 18 investment professionals in New York and another five in London. It is expected to retain the Forbes brand name, although it's unclear if the spinout has any relationship to the ongoing sale process for Forbes Media.
Calls to G2 and Forbes Private Capital Group were not returned.
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