72 year old founder of San Francisco-based buyout firm FFL says he plans to stay at the firm for another 5-6 years. “We have a formal succession that is supported by the partners and LPs.”
The firm was originally known as Friedman, Fleischer and Lowe when it was founded in 1997, but was shortened to FFL. The company is currently run by Tully Friedman, Spencer Fleischer and Chris Masto. Not indicating who would succeed him, Friedman said, “I don’t plan to leave for another five or six years, God willing, ” and even when he does leave, he would, “like to continue on in an advisory role, ” but to spend his time pursuing his other great passion, which is art collecting.
FFL invests in mid-market companies in the areas of healthcare, financial services and consumer products. Its fourth fund has a $1.5 billion target and a $2 billion hard cap. Before founding FFL, Friedman founded Hellman & Friedman in 1984, which now has its eighth buyout fund and is expected to hit its $10.25 billion hard cap.