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Theodore Forstmann, Private Equity Pioneer, Is Dead at 71 Theodore J. Forstmann, a colorful financier and philanthropist who helped pioneer leveraged buyouts, died on Sunday at the age of 71.
The cause was brain cancer, his spokesman said. Mr. Forstmann, who lived in Manhattan had been diagnosed with a malignant glioma earlier this year.
Mr. Forstmann was among the very first executives to use debt to acquire companies, fix them and then sell them for millions - and sometimes billions - of dollars in profits.
Beginning in the late 1970s, he pooled money from wealthy investors and large pension funds to back his acquisitions, while taking 20 percent of the profits, creating a business model that today is known as the private equity industry. He also coined the phrase "barbarians at the gate," which Bryan Burrough and John Helyar used in their 1990 best-selling book about the $25 billion buyout of RJR Nabisco.
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