Martin Nesbitt, co-president of the Vistria Group, and adviser on the Obama presidential library

Why we're watching: Nesbitt and business partner Kip Kirkpatrick are expected to reach their $500 million fundraising goal for their new private equity firm, The Vistria Group, this year.

But it's more likely that Nesbitt will make headlines because his best friend, Obama, has asked for his help establishing a key part of his legacy: his presidential library and foundation.

This year, formal announcements about the search for a library site are expected to begin. And incorporation papers for a nonprofit will need to be filed so that donations can be accepted. The New York Times, citing "close financial supporters," estimated that the project could cost more than $500 million.

In Nesbitt, Obama has selected not only a friend but a man with deep ties to, and experience in, Chicago real estate.

Nesbitt sits on the board of Jones Lang LaSalle, which specializes in commercial real estate services. It's also the firm he joined after graduating from business school at the University of Chicago and that introduced him to Penny Pritzker, a key Obama fundraiser and now commerce secretary, with whom Nesbitt built an airport parking company.

Pritzker, for one, has publicly stated she wants the library in Chicago. Hawaii and, reportedly, New York's Columbia University, where the president attended undergraduate school, also are in the running.

( January 13, 2014 )

Why we're watching: Nesbitt and business partner Kip Kirkpatrick are expected to reach their $500 million fundraising goal for their new private equity firm, The Vistria Group, this year. But it's more likely that Nesbitt will make headlines because his best friend, Obama, has asked for his help establishing a key part of his legacy: his presidential library and foundation. This year, formal announcements about the search for a library site are expected to begin. And incorporation papers for a nonprofit will need to be filed so that donations can be accepted. The New York Times, citing "close financial supporters," estimated that the project could cost more than $500 million. In Nesbitt, Obama has selected not only a friend but a man with deep ties to, and experience in, Chicago real estate. Nesbitt sits on the board of Jones Lang LaSalle, which specializes in commercial real estate services. It's also the firm he joined after graduating from business school at the University of Chicago and that introduced him to Penny Pritzker, a key Obama fundraiser and now commerce secretary, with whom Nesbitt built an airport parking company. Pritzker, for one, has publicly stated she wants the library in Chicago. Hawaii and, reportedly, New York's Columbia University, where the president attended undergraduate school, also are in the running.

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