Tully Friedman
Overview
Tully Friedman co-founded Hellman & FriedmanHellman & FriedmanHellman & Friedman (H&F) is a private equity investment firm founded by Warren Hellman and Tully Friedman in 1984. Its website lists offices in San Francisco, New York and London.Open the full entry and FFL Partners. FFL’s current team page identifies him as Founder and Senior Advisor.[1]
Contents19 sections
Key facts
Education
He earned an AB from Stanford University and a JD from Harvard Law School.[1]
1966Admission to the California Bar
The State Bar of California records Tully Michael Friedman under license 37917, admitted on January 5, 1966. Its status was inactive when checked in October 2026.[2]
Early Career: Salomon Brothers
Before establishing private equity firms, he was a managing director at investment bank Salomon Brothers.[3]
1984Co-founding Hellman & Friedman
In 1984, Friedman and Warren HellmanWarren HellmanWarren Hellman (1934–2011) was an investor, philanthropist and banjo player. He served as president of Lehman Brothers, co-founded Hellman & Friedman and founded San Francisco’s free Hardly Strictly Bluegrass festival.Open the full entry co-founded Hellman & Friedman.[4]
1984–2012Mattel Director
He served as a director of toy company Mattel from 1984 to May 2012.[5]
1985–1990San Francisco Opera President
San Francisco Opera’s historical roster lists Friedman as President from 1985 to 1990.[6]
1997Establishing Friedman Fleischer & Lowe
In 1997, he left Hellman & Friedman to establish Friedman Fleischer & Lowe, later known as FFL Partners.[4]
2000–2007Other Public Company Boards
He also served on CapitalSource’s board from 2000 to May 2007 and Tempur-Pedic International’s board from November 2002 to April 2006.[3]
2005McKesson Retirement-Plan Litigation
Named as a McKesson outside director in employee retirement-plan litigation, Friedman faced claims that the federal district court dismissed with prejudice on September 9, 2005. The surviving claim concerned only the company’s prudence in contributing stock on April 30, 1999. The ruling did not establish personal fraud by Friedman.[7]
2006Settlement of the Retirement-Plan Case
McKesson’s subsequent annual report states that the court finally approved a $19 million settlement of the retirement-plan action on September 1, 2006. After the appeal period expired, the settlement and dismissal were final.[8]
2013Policy and Philanthropic Governance
Clorox’s 2013 proxy statement listed Friedman as chairman of the American Enterprise Institute and vice chairman of the Telluride Foundation.[5]
2014Leaving the Clorox Board
His Clorox directorship began in 1997 and ended effective November 19, 2014. The company cited its policy requiring non-management directors to tender resignation at 72 and stated that his departure did not result from a disagreement.[9]
2018AEI Presidential Succession
In March 2018, Friedman and Daniel D’Aniello, AEI’s co-chairmen, announced a search to succeed president Arthur Brooks, who planned to leave the following year.[10]
2020FFL Expands Its Managing Partner Team
On June 18, 2020, FFL promoted Chris Harris and Cas Schneller to managing partners alongside Spencer Fleischer and Friedman, sharing overall management. Friedman described the appointments as supporting continuity.[11]
2025Generating Alpha Interview
On June 5, 2025, Amir Fischer’s Generating Alpha released an interview with Friedman. Its description lists legal training, building investment firms, working with Warren Hellman, leadership and long-term value among the topics.[12]
2026Public Institutional Roles
Affiliations and Websites
FFL Partners: Official website: https://www.fflpartners.com/ (opens in a new window).[1]
Hellman & Friedman: Official website: https://hf.com/ (opens in a new window).[4]
San Francisco Opera: Official website: https://www.sfopera.com/ (opens in a new window).[6]
American Enterprise Institute: Official website: https://www.aei.org/ (opens in a new window).[13]
Telluride Foundation: Official website: https://telluridefoundation.org/ (opens in a new window).[14]
Sources
- Team — Tully Friedman (opens in a new window)
- Tully Michael Friedman, license 37917 (opens in a new window)
- The Clorox Company — 2011 Proxy Statement (opens in a new window)
- Hellman & Friedman — About (opens in a new window)
- The Clorox Company — 2013 Proxy Statement (opens in a new window)
- Board of Directors — Past Presidents (opens in a new window)
- In re McKesson HBOC, Inc. ERISA Litigation, 391 F. Supp. 2d 812 (opens in a new window)
- McKesson Corporation — Fiscal 2007 Form 10-K (opens in a new window)
- The Clorox Company — Director Resignation, Form 8-K (opens in a new window)
- Arthur C. Brooks to Step Down as President of the American Enterprise Institute in 2019 (opens in a new window)
- FFL Announces Managing Partner Promotions (opens in a new window)
- Generating Alpha, Episode 22: Tully Friedman (opens in a new window)
- Board of Trustees (opens in a new window)
- Our Team — Leadership Council (opens in a new window)