Saturday, 1 November 2014
Last updated 1 day ago
Nov 21 2011 | 8:08pm ET
Private equity pioneer Theodore Forstmann has died at the age of 71.
Forstmann, who founded Forstmann Little & Co. in 1978, had been diagnosed with brain cancer earlier this year. The billionaire died at his home in Manhattan.
Forstmann is credited with dubbing himself and his leveraged buyout colleagues “the barbarians at the gate,” helping create the popular image of the corporate raider. Barbarian though he may have been, he was a very successful one, leading the buyouts of such industry icons as General Instrument, Gulfstream Aerospace and Dr Pepper. His coinage later became the title of a book about a buyout he lost out on, that of RJR Nabisco, to Kohlberg Kravis Roberts.
A native of Greenwich, Conn., Forstmann studied at Yale University and Columbia Law School. During his first two decades in private equity, he managed a 55% annualized return.
Forstmann never married—although he dated such luminaries as Princess Diana and Padma Lakshmi—but did become the legal guardian of two children from South Africa. He is also survived by two brothers and two sisters.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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