October 25, 2021
Groucho Marx once said, “I wouldn’t want to belong to any club that would have me as a member.”
He wouldn’t have to worry about that problem at a new, invitation-only investment and networking group for people with a net worth of $100 million or more. The club, called R360, routinely turns away billionaires who aspire to a membership that includes rarified amenities.
Recently, two billionaires were among those nominated to join R360. Neither of them made it past the membership committee, according to Charles Garcia, one of the group’s managing partners.
“I took some grief for that,” said the 60-year-old entrepreneur, a consummate networker who founded Sterling Financial Investment Group in the late 1990s and chaired South Florida chapters of wealth network Tiger 21– an exclusive peer membership organization of high-net-worth entrepreneurs, investors, and executives— for many years.
Neither of those are in line with the values considered core to the group. Members with those values — which include honor, entrepreneurial grit, and generosity of spirit — are invited to go on a “journey” to gain mastery across six kinds of capital: financial, intellectual, spiritual, human, emotional and social.
There are countless formal and informal networks for wealthy individuals and families, and R360 aims to find a place among them. Tiger 21, perhaps the most widely known group, has nearly 1,000 members paying dues of $30,000 a year.
For the ultra-wealthy, these groups provide a sort of confidential, supercharged coaching network on everything from figuring out one’s purpose in life to learning more about philanthropy to understanding the blockchain.
Then there are philanthropic networks, such as the invite-only Synergos Global Philanthropy Circle, founded by Peggy Dulany and her late father, David Rockefeller, with more than 100 member families around the world. Like R360, GPC describes membership as a journey—a year-long cycle of “inspiring, engaging and connecting philanthropists and social investors to create a better world.” Dues are $25,000 a year.
R360 is set up as a limited partnership, with 48 founding partner, who contribute $350,000 each, which equates to about a 60% ownership. The group wants to add about 50 members a year until reaching 500 in the United States and 500 abroad.
Garcia stresses that R360 will never be sold, and that “the idea is to have this around 100, 200 years from now.”
Research contact: @Bloomberg