Julian Robertson will step into the chairman's role at Forstmann Little after its founder passed away this week.
Robertson founded his own investment vehicle, Tiger Management, two years after Forstmann established his eponymous buyout shop and will now oversee the management of the firm’s three remaining assets: sports and fashion marketing agency IMG Worldwide, fitness chain 24 Hour Fitness Worldwide, and fashion trade show business ENK International.
In a statement, Robertson said: “Ted was a wonderful man and a close friend for decades. I am honoured to provide advice and counsel to the great firm he built.”
Forstmann announced in 2004 that the firm would cease to make new investments, after portfolio companies XO Communications and McLeodUSA went bust, losing the firm and its investors about $1.5 billion. The investments tarnished an otherwise stellar track record, and the firm has essentially been winding down ever since.
Robertson was reportedly named by Forstmann as his successor before he died.
Forstmann Little’s final fund expires at the end of June next year, according to press reports, meaning exits will need to have been completed by then unless the firm’s remaining LPs extend the fund’s term.