Ultimately, the firm would suffer from the bursting of the internet and telecom bubbles, having invested heavily in technology and telecommunications companies.

[2] Ted Forstmann was a golfing partner of Derald Ruttenberg at the Deepdale Country Club on Long Island.

Between its inception in 1978 to its 2014 closing, the firm made more than 30 acquisitions and significant investments returning over $14 billion in profit for its investors.

Successful acquisitions included Gulfstream Aerospace, Topps Playing Cards, Dr Pepper, Stanadyne, and General Instrument.

[8] While Forstmann settled the case for $15 million, the suit was considered a landmark, launching a series of similar actions between private equity fund managers and public entity investors.

Forstmann Little offered to acquire RJR Nabisco, but the management (chiefly F. Ross Johnson) instead chose Shearson Lehman Hutton.