Fund investing in gay, lesbian markets

TEXT OF STORY

Bill Radke: A national conference for gay and lesbian leaders begins in Dallas today. And this week, the investment group Galileo Capital Management announced a plan to advise and invest in businesses that cater to the gay and lesbian community. Marketplace’s Jennifer Collins has that.

Jennifer Collins: Justin Nelson says gays and lesbians are known for living well.

Justin Nelson: So everyone thinks, you know, I flew my G5 and hopped in my Rolls Royce and I print money in my basement.

Nelson is president of the National Gay and Lesbian Chamber of Commerce. While he says he’s not paid that well, the gay and lesbian consumer market on the whole is substantial. It’s expected to top $700 billion this year.

Galileo Management is planning to launch a fund that will invest in businesses that serve the gay and lesbian community. Investment advisor Chris Cutler sees a lot of potential in the fund.

Chris Cuter: You know, you could end up with a firm that has a very interesting idea for that community, and that could be very profitable.

Still, Cutler cautions those who maybe like the fund’s focus to scrutinize its investment strategy before putting their money down.

I’m Jennifer Collins for Marketplace.