9AT: FFL - Summary

other names

FFL
FRIEDMAN FLEISCHER & LOWE, LLC
FFL PARTNERS, LLC

Adviser Profile

As of Date	03/29/2026
ADV Location	SAN FRANCISCO, CA, United States
Adviser Type - Large advisory firm
Number of Employees	43 10%
of those in investment advisory functions	34 13%
Registration	SEC, Approved, 03/30/2012

AUM^*	4,106,270,493 39%
of that, discretionary	4,106,270,493 39%
Private Fund GAV^*	4,115,768,912 17%
Avg Account Size	136,875,683 6%
SMA’s	No
Private Funds	36 2
Contact Info	415 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count36	GAV$4,115,768,912

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser GAMUT CAPITAL MANAGEMENT, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.0b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.0b	AUM3.0b	#Funds20
Adviser MAIN POST PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund2.8b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.8b	AUM3.5b	#Funds10
Adviser JLL PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund10.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV10.9b	AUM7.4b	#Funds47
Adviser VISION RIDGE PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund6.3b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.3b	AUM6.1b	#Funds24
Adviser BUTTERFLY EQUITY LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund7.8b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.8b	AUM7.1b	#Funds28
Adviser WARREN EQUITY PARTNERS MANAGER, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund6.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.1b	AUM6.1b	#Funds53
Adviser ARA PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund7.9b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV7.9b	AUM6.8b	#Funds63
Adviser ROUNDTABLE HEALTHCARE MANAGEMENT, INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.1b	AUM3.1b	#Funds13
Adviser MADISON CAPITAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund3.0b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV3.0b	AUM4.8b	#Funds13
Adviser LBC CREDIT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.7b	Real Estate Fund-	Securitized Asset Fund404.9m	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.1b	AUM3.2b	#Funds12

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker23131L107	Stock NameCURO GROUP HOLDINGS CORP	$ Position$16,081	% Position100.00%	$ Change-13.71%	# Change0.00%

Brochure Summary

Overview

FFL is a San Francisco-based private equity firm primarily focused on investing in U.S. middle market companies. FFL was established in 1997 and since then has raised and managed private equity partnerships with aggregate capital commitments of $6.0 billion1 as of December 31, 2023. FFL’s primary business is to direct private equity investments in U.S., middle market companies through the financing of buyouts, growth initiatives, and recapitalizations. FFL is principally owned by FFL Partners, L.P. FFL Partners, L.P. is primarily owned by FFL Senior Managing Members (Rajat Duggal, Spencer Fleischer, Chris Harris, Greg Long, Aaron Money, Cas Schneller, former Senior Managing Member Tully Friedman, and Chris Masto its Senior Advisor). FFL serves as an investment manager to related investment partnerships that make private equity investments in the securities

of businesses (each partnership, a “Private Equity Partnership” or “Partnership”). FFL’s strategy is to make control-oriented investments or influential, non-control investments in the companies in which it invests. In providing services to each Partnership (collectively, “Partnerships”), FFL formulates the investment objectives, directs and manages the investment and reinvestment of each Partnership’s assets, and provides periodic reports to each Partnership’s investors. Investment management services are provided directly to the Partnerships and not individually to the limited partners of the Partnerships. FFL manages the assets of each Partnership in accordance with the terms of the Partnership’s applicable governing documents. As of December 31, 2023, FFL managed approximately $2,958,000,000 in client assets on a discretionary basis and no assets on a non-discretionary basis.

FFL

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