# FFL Partners

FFL Partners is a Private Equity based in San Francisco, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 1997
- **Assets under management:** $6 billion cumulative capital commitments (per firm website, 2026)
- **Website:** fflpartners.com
- **LinkedIn:** https://www.linkedin.com/company/ffl-partners

## Regulatory record

- **Reports private funds:** No

## About

A specialized private equity firm known for deep expertise in healthcare and tech-enabled services and 27 years of successful middle-market investing.

## Sectors

- Healthcare Services
- Enterprise Software

## People

- Spencer Fleischer — Founder, Chairman
- Tully Friedman — Founder, Senior Advisor
- Chris Harris — Managing Partner
- Cas Schneller — Managing Partner

## Questions

### Who runs investment decisions at FFL Partners?

Managing Partners Chris Harris and Cas Schneller are responsible for overall firm management and lead the Healthcare and Tech-Enabled Services investment activities, respectively. Founder Spencer Fleischer serves as Chairman, and Tully Friedman remains a Senior Advisor. The firm publicly lists five partners — Harris, Schneller, Jonathon Bunt, Rajat Duggal, and Karen Winterhof — who sit on the investment committee or lead sector teams.

### How does FFL Partners source proprietary deal flow?

FFL uses an internal process called Sector Exploration and Expertise Development (SEED) to systematically map sub-sectors within healthcare and tech-enabled services before approaching companies. The firm describes SEED as a proprietary origination methodology designed to build subject-matter depth and generate ‘unparalleled access’ to middle-market opportunities. FFL also employs a dedicated Vice President of Business Development to support sourcing.

### What investment stages does FFL Partners typically target?

FFL targets the middle market with flexibility across the capital structure. Its transaction types include management buyouts, growth equity, take-privates, PIPE investments, and recapitalizations. The firm does not run a dedicated venture arm, but its website and Altss research note capability for early-stage seed and growth investments within its two sectors.

### How does FFL Partners support portfolio companies operationally?

FFL maintains an unusually large operating group for a firm of its size — 12 operating partners and 10 operating advisors covering technology, human capital, go-to-market, strategy, finance, and agentic AI. These operating partners embed directly with portfolio companies on initiatives ranging from cybersecurity assessments and ERP migrations to executive recruiting and sales optimization.

## Related profiles

- [FFG Venture Business Partners](https://altss.com/profile/ffg-venture-business-partners)
- [F&F Partners](https://altss.com/profile/f-f-partners)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/ffl-partners

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