Spencer co-founded FFL in 1997 and is a Managing Partner. He is Chairman of the Board of Transtar Holding Company, a Director of The Clorox Company, Levi Strauss & Co., Banner Corporation and Strategic Investment Group; and was previously a Director of Korn/Ferry International, Milestone AV Technologies, BearingPoint, Inc., JonesTrading Institutional Services LLC, Wilton Re Holdings Limited and AmericanWest Bank. He is a member of the Fellowship Campaign Executive Committee for Lincoln College, Oxford and a Director of Americans for Oxford, Inc. and was an advisor to the Investment Committee of the William and Flora Hewlett Foundation for 10 years. Spencer previously spent nineteen years with Morgan Stanley as an investment banker and manager. He was a member of the worldwide Investment Banking Operating Committee, Head of Investment Banking in Asia and Head of Corporate Finance for Europe. He earned an M. Phil. in Management Studies at Oxford University as a Rhodes Scholar and graduated from the University of the Witwatersrand in Johannesburg with a B.A. (Hons) in Economics.