The private equity world lost one of its true pioneers this weekend, when Teddy Forstmann succumbed to brain cancer at the age of 71.
Forstmann was a market iconoclast, publicly deriding the overuse of leverage – he coined the term “barbarians at the gate” — as a way to contrast his firm with rivals like KKR. He also was one of very few buyout bigs to effectively walk away, letting his firm Forstmann Little & Co. fade away several years ago (due, in part, to a very public legal battle with the State of Connecticut – over some troubled telecom deals that illustrated the folly of cross-fund investing).
If any Term Sheet readers have memories of Teddy that they’d like to share, please email them over and we’ll put them in a future post. A press release includes comments from three former U.S. Secretaries of State (all Republican, perhaps because Forstmann was a major GOP fundraiser). It also includes the following details:
The family invites friends to call at Frank E. Campbell at 1076 Madison Avenue at 81st Street, on Monday, November 21st from 6:00-8:30 PM and Tuesday, November 22nd from 12:00-3:00 PM and from 5:00-7:00 PM; A Memorial Mass will be held at St. Patrick’s Cathedral on Tuesday, November 29th at 10:00 AM.
In lieu of flowers, please consider donations to The Children’s Scholarship Fund (
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