Billionaire private equity investor Ted Forstmann died on Sunday of brain cancer, IMG, the global sports and entertainment company he led, said in a statement.
Forstmann was 71.
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He was a founding partner of private equity firm Forstmann Little & Co and chairman and chief executive officer of IMG, which he bought in 2004.
He was also a philanthropist, making commitments to provide children with scholarships and to help children with medical needs as a director of International Rescue Committee.
"It is with great sadness that IMG Worldwide announces the passing of its Chairman and Chief Executive Officer, Theodore J. "Ted" Forstmann," the statement said. "Mr. Forstmann passed away today after a courageous battle against brain cancer."
In a separate statement announcing his death, Forstmann Little & Co said that over the last 33 years, the firm "made 31 acquisitions and significant investments and returned more than $15 billion to his investors."
It also said Forstmann was known for innovations including a "unique subordinated debt fund that enabled the firm to finance acquisitions without issuing junk bonds."
IMG said Forstmann is survived by his two sons Siya and Everest, his brothers Anthony and John, and sisters Marina Forstmann Day and Elissa Forstmann Moran.