Talent at Every Level

In our investments and in our firm, we recognize nothing is more important than having the right people. FFL brings together a team of experienced and talented professionals with diverse backgrounds in operational and strategic management, investment banking, private equity investing, and consulting. Our principals have invested over $2.5 billion in over 50 companies and have over 100 years of collective experience as investors, senior operating executives, and advisors.

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Tully M. Friedman

Managing Partner

Tully Friedman has over forty years of experience in finance and thirty years as a private equity investor. Prior to forming FFL, he co-founded and served as one of two managing general partners of Hellman & Friedman. From 1984 through early 1997, Hellman & Friedman established private equity partnerships representing more than $2.5 billion and made substantial investments in 40 companies, including Levi Strauss, Mattel, Young & Rubicam, and Franklin Resources. Previously, he was a Managing Director of Salomon Brothers Inc, where he founded the firm's West Coast Corporate Finance Department and served on the firm's national Corporate Finance Administrative Committee. He is currently on the Board of Directors of Strategic Investment Group. He previously served as a Director of a number of public corporations including CapitalSource, Levi Strauss, Mattel Incorporated, McKesson Corporation, and The Clorox Company. 

He is Co-Chairman of the American Enterprise Institute, Vice Chairman of the Telluride Foundation, and a Director of the George Lucas Museum of Narrative Art. He graduated with an A.B., with great distinction, from Stanford University and received a J.D. from Harvard Law School.

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Spencer Fleischer

Managing Partner

Spencer co-founded FFL in 1997 and is a Managing Partner. He is Chairman of the Board of Strategic Investment Group, Director of Eyemart Express; and was previously a Director of Korn/Ferry International, Milestone AV Technologies, BearingPoint, Inc., JonesTrading Institutional Services LLC, Transtar Holdings, Wilton Re Holdings Limited, AmericanWest Bank and Banner Corporation.

Spencer 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 19 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. Spencer also serves as a Director of The Clorox Company and Levi Strauss & Co.

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Chris Masto

Co-Founder and Senior Advisor

Before co-founding FFL in 1997, Chris Masto worked as a management consultant with Bain & Company, where he assisted companies with the development and implementation of strategic plans, the formulation of new business development programs and marketing strategies, and the execution of operating improvement and turnaround efforts. Previously, he worked as a Financial Analyst in the Corporate Finance Department of Morgan Stanley & Company. In addition to working on financing and merger transactions, he served as a special assistant to the Head of Investment Banking, contributing to the administration of the firm's investment banking activities worldwide.

He currently serves on the Board of Directors of Curo Financial Technologies and Enjoy Beer LLC, and he was previously a Director of TriTech Holdings and Tempur Sealy International. Chris graduated magna cum laude from Brown University with an Sc.B. in Electrical Engineering, and received an M.B.A. from Harvard Business School.

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Aaron Money


Prior to joining FFL in 2003, Aaron Money was an Associate at DB Capital, Deutsche Bank's principal investing arm. At DB Capital, he participated in evaluating and executing private equity and mezzanine debt investments and had ongoing responsibilities with portfolio companies in a variety of industries. Prior to that, he worked as an Analyst in investment banking at Chase Securities, Inc., where he focused on mergers & acquisitions and leveraged finance transactions serving clients in the transportation industry. Aaron serves as the Chairman of WellStreet Urgent Care and as a Director of Benevis LLC, Interactive Health, and Midwest Dental. He formerly served on the boards of Eyemart Express, C.H.I. Overhead Doors, Curo Financial Technologies, Milestone AV Technologies, and Guardian Home Care. 

Aaron is a member and chairs the strategy and finance committee of the Teach for America Bay Area Advisory Board and formerly served on the Junior Achievement Bay Area Advisory Board. He received an A.B. in economics from Duke University.

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Rajat Duggal

Managing Director

Rajat Duggal has been a Managing Director of FFL since 2004 and a member of the firm since 2000. Prior to joining FFL, he worked at Bain Capital, a Boston-based private equity firm, where his responsibilities included the identification, evaluation and execution of private equity investments. Rajat also worked in the Corporate Department of the law firm Kirkland & Ellis where he specialized in representing private equity clients. Rajat started his career as an Auditor at Deloitte & Touche where he earned his certification as a Certified Public Accountant. 

Rajat currently serves on the Board of Directors of Church's Chicken. He was previously a Director of Benevis LLC, GeoVera Insurance Group, JonesTrading, Transtar Holdings, Guardian Home Care, and Discovery Foods, and he was active in the firm’s investments in Korn/Ferry and Wilton Re. Rajat graduated with Highest Distinction from Indiana University with a B.S. in Accounting and received a J.D. from Yale Law School.

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