Friedman Fleischer &amp; LoweFriedman Fleischer &amp; Lowe Friedman Fleischer & Lowe FFL Partners, LLC, previously known as Friedman Fleischer & Lowe, is an American private equity firm, founded in 1997 by Tully Friedman, Spencer Fleischer, David Lowe, and Christopher Masto. The firm makes investments primarily through leveraged buyouts and growth capital investments and is focused on investing in the U.S. middle-market. FFL has focused its efforts on several core target industries including healthcare services, financial services, business services, and consumer products. FFL is based in San Francisco and employs over 20 investment professionals. Since inception, FFL has raised approximately $4.6 billion of investor commitments. History. FFL was  founded in 1997 by Tully Friedman, together with Spencer Fleischer, David Lowe, and Christopher Masto. Prior to founding FFL, in 1984, Tully Friedman had co-founded Hellman & Friedman, one of the largest private equity firms globally, with Warren Hellman. In contrast to Hellman &Friedman, FFL focuses on smaller, middle market deals. Spencer Fleischer, was a former member of Morgan Stanley's Investment Banking Operating Committee and the Head of Investment Banking in Asia, Head of Corporate Finance for Europe, Head of UK Corporate Finance, Head of Investment Banking in Los Angeles, and Head of Corporate Finance in San Francisco. David  Lowe was Chairman and CEO of medical equipment maker ADAC Laboratories. Christopher Masto was a Bain & Company consultant and previously an investment banker at Morgan Stanley. Investment holdings. FFL invests through a series of private equity funds (structured as limited partnerships), and its investors include a variety of pension funds, endowments, and other institutional investors. The firm's first private equity fund, Friedman Fleischer & Lowe Capital Partners closed in September 1999 with $333 million of investor commitments. Almost five years later, the firm completed raising $811 million of investor commitments for its second fund, Friedman Fleischer & Lowe Capital  Partners II in June 2004. In 2007, the firm raised its third investment fund, Friedman Fleischer & Lowe Capital Partners III, with $1.5 billion of investor commitments. The following are among the firm's most notable current and previous portfolio companies: Rankings. HEC-Dow Jones's Private Equity Performance Ranking lists the world's top private equity firms in terms of aggregate performance and listed FFL for three years: People. FFL's team consists of experienced professionals with diverse backgrounds in operational and strategic management, investment banking, private equity investing, and consulting. The firm’s principals have invested over $ 2.5 billion in over 50 companies and have over 100 years of collective experience as investors, senior operating executives, and advisors. Investment Principals Operating Partners Friedman Fleischer & Lowe FFL Partners, LLC, previously known as Friedman Fleischer & Lowe, is an American private equity firm, founded in 1997 by Tully Friedman, Spencer Fleischer, David Lowe, and Christopher Masto. The firm makes investments primarily through leveraged buyouts and growth capital investments and is focused on investing in the U.S. middle-market. FFL has focused its efforts on several core target industries including healthcare services, financial services, business services, and consumer products. FFL is