The Transformation of Private Equity

Stefan Fuhrman: When we started the firm in 1976, all we wanted to do was be able to last long enough to do one or two or three deals in a five year period. And so you understand that we went out to raise our first fund after we left Bear Stearns. We cobbled together seven individuals that gave us $50,000 each. The idea and industry, as you can imagine, never even entered our mind.