In this episode, I sat down with Tully Friedman—one of the true pioneers of private equity—for his first-ever podcast appearance. Tully co-founded Hellman & Friedman, a firm that helped define the modern buyout era, and later launched Friedman, Fleischer & Lowe, where he’s led investments in middle-market businesses with a highly focused and values-driven approach. Before that, he made his mark at Salomon Brothers during the firm’s golden age in the 1970s, gaining an early education in high-stakes finance at one of Wall Street’s most legendary institutions.

Over the course of our conversation, Tully shares how his early life and legal training shaped his worldview, the principles behind building two successful investment firms, and how he evaluates leadership and long-term value. We also discuss his partnership with the late Warren Hellman, his definition of a “great investment,” and the non-negotiable values he’s never sacrificed for returns.

This episode is full of timeless lessons on judgment, talent, integrity, and scale—told by someone who has quietly influenced generations of investors behind the scenes.

If you have not already, I urge you to subscribe or follow the podcast and share it if you enjoyed this conversation.