Forstmann Little & Company

Founded in 1978 by brothers Ted and Nick Forstmann alongside Brian Little, Forstmann Little & Company became one of the most prominent private equity firms globally during the late 1990s. The firm was a major player in the leveraged buyout (LBO) boom, famously participating in the 1988 bidding war for RJR Nabisco. Unlike many competitors who relied on junk bonds, the firm often emphasized personal management and operational turnarounds, as seen when Ted Forstmann took direct control of Gulfstream Aerospace.

The firm's later years were marked by heavy investments in the technology and telecommunications sectors, which led to significant losses following the bursting of the dot-com bubble. Notable failures included investments in McLeodUSA and XO Communications, the latter resulting in a landmark legal settlement with the state of Connecticut. These challenges, combined with the passing of its founding partners, led to the firm's eventual decline.

Following the death of Ted Forstmann in 2011, the firm began an orderly liquidation of its remaining assets. Major holdings such as the talent agency IMG and the fitness chain 24 Hour Fitness were sold for billions of dollars. The firm officially closed its doors in 2014 and was fully dissolved by 2015, having returned over $14 billion in profit to its investors over its lifetime.