Freeman Spogli

Freeman Spogli Management Co., L.P. serves as the discretionary investment adviser to private equity pooled vehicles (the “FS Funds” and parallel funds) that invest principally in middle‑market consumer‑ and distribution‑related companies. The firm provides deal sourcing, structuring, monitoring, exit advice and consulting services to portfolio companies, and the brochure notes its assets under management totaled approximately $6.16 billion as of December 31, 2025.

The firm’s investment approach emphasizes partnering with management teams, pursuing control investments when possible and selectively taking minority positions where it can exert meaningful influence, and it follows a five‑step process of proactive sourcing, rigorous due diligence, prudent structuring, active post‑closing value creation, and opportunistic monetization. Freeman Spogli supplements in‑house work with independent “Industry Executives” who assist on sourcing, diligence and operating initiatives and who may receive consulting fees, director compensation and sometimes co‑invest alongside funds.

A distinctive operational feature disclosed in the brochure is the firm’s broader fee and expense practices: it receives substantial transaction and monitoring fees and portfolio‑company reimbursement (including certain capitalized costs that can increase the invested‑capital fee base after a step‑down date), and Industry Executives’ direct compensation from portfolio companies is not offset against fund management fees. The firm also advertises third‑party ratings on its public materials (the brochure lists its website, www.freemanspogli.com), a practice that is less common among peers and that may be relevant when comparing public information and reported metrics.