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Friedman Fleischer & Lowe

Medium
San Francisco, United States · Founded 1997 · AUM $4.6 billion · Website
Leveraged BuyoutGrowth CapitalHealthcare ServicesFinancial ServicesBusiness ServicesConsumer ProductsUnited States
Last verified
10/8/2026

Firm Overview

24
Portfolio tracked
4
Sectors
1
Regions
10/8/2026
Last verified

FFL Partners, previously known as Friedman Fleischer & Lowe, is an American private equity firm focused on middle-market investments.

Founded in 1997, FFL Partners (formerly Friedman Fleischer & Lowe) is a San Francisco-based private equity firm. The firm was established by Tully Friedman, Spencer Fleischer, David Lowe, and Christopher Masto, with Friedman previously having co-founded the global private equity giant Hellman & Friedman. FFL was designed to focus on smaller, middle-market deals in contrast to the larger-scale focus of Hellman & Friedman.

The firm targets several core industries, including healthcare services, financial services, business services, and consumer products. Since its inception, FFL has raised approximately $4.6 billion across multiple investment funds. Its team is composed of investment professionals and operating partners with extensive backgrounds in strategic management, investment banking, and consulting.

FFL is known for its consistent performance, having been ranked as a top private equity firm by HEC-Dow Jones Private Equity Performance Rankings, including a number one ranking in 2012. The firm utilizes its operational and strategic expertise to drive value within its portfolio companies through leveraged buyouts and growth capital investments.

Founded1997
HeadquartersSan Francisco, United States
AUM$4.6 billion
Target investmentMiddle-market
Employees30+
StrategiesLeveraged Buyout, Growth Capital
Sector focusHealthcare Services, Financial Services, Business Services, Consumer Products
Geographic focusUnited States

Leadership

Tully M. Friedman
Founder and Investment Principal
A co-founder of Hellman & Friedman and former managing director at Salomon Brothers.
Spencer Fleischer
Founder and Investment Principal
Former member of Morgan Stanley's Investment Banking Operating Committee and Head of Investment Banking in Asia.
David Lowe
Founder
Former chairman and CEO of medical equipment maker ADAC Laboratories.
Christopher Masto
Founder and Investment Principal
Former Bain & Company consultant and investment banker at Morgan Stanley.
Robert A. Eckert
Operating Partner
Former Mattel Chief Executive Officer who joined the firm in 2014.

Notable Investments

CapitalSourceCHI Overhead DoorsChurch's ChickenDiscovery FoodsGeoVeraGuardian Home CareKorn/FerryMidwest DentalMilestone AV TechnologiesTempur-PedicWellStreetWilton Re

Historical and current deals referenced in public sources.

Portfolio Companies

CompanySectorStatusWebsite
AbacusTech-Enabled ServicesCurrentVisit ↗
Abacus GroupTech-Enabled ServicesCurrentVisit ↗
Accordion PartnersNone ListedExitedVisit ↗
ALKUTech-Enabled ServicesCurrentVisit ↗
Ally TechnicalHealthcareCurrentVisit ↗
Apex InfusionHealthcareCurrentVisit ↗
Autism Learning PartnersHealthcareCurrentVisit ↗
Community Medical ServicesHealthcareCurrentVisit ↗
Crisis Prevention InstituteTech-Enabled ServicesExited—
Eyecare PartnersHealthcareExited—
Janus RXHealthcareCurrentVisit ↗
Johnson County Clin-TrialsHealthcareCurrentVisit ↗
Medicus ITTech-Enabled ServicesCurrentVisit ↗
New Look Vision GroupHealthcareCurrentVisit ↗
One Senior CareHealthcareCurrentVisit ↗
Optomi Professional ServicesTech-Enabled ServicesCurrentVisit ↗
Orthodontic PartnersHealthcareCurrentVisit ↗
PeblTech-Enabled ServicesCurrentVisit ↗
Perlman ClinicHealthcareCurrentVisit ↗
Pioneer HOATech-Enabled ServicesCurrentVisit ↗
Sequoia Clinical ResearchHealthcareCurrentVisit ↗
U.S. Orthopaedic PartnersHealthcareCurrentVisit ↗
Waylin PartnersTech-Enabled ServicesCurrentVisit ↗
WellStreet Urgent CareHealthcareCurrentVisit ↗

Source: www.fflpartners.com/portfolio

Portfolio Web Readiness

Not yet assessed

The assessment covers whether AI crawlers and search engines can reach and parse the public site, page performance, transport and security hygiene, and discoverability. 22 portfolio companies have a website on record.

Observational measurements of these companies' public websites only. Not a rating of the companies, their performance, their management, or their investment merit. Not investment advice. Request a correction or removal via Submit Update.

Sources

This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with Friedman Fleischer & Lowe and does not provide investment advice.

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