Ted Forstmann, a pioneer of the leveraged-buyout industry, died Sunday at the age of 71, seven months after he underwent surgery to remove a malignant brain tumor.

Ted Forstmann, who was romantic linked to Padma Lakshmi, became an example for American financiers in what they can do in business and public life.

He was one of the founding partners of Forstmann Little & Company, a private equity firm, and chairman and CEO of IMG, a leading global sports and media company.

“Forstmann Little” is known for an exceptional record of investment performance generating superior returns for its investors.

He took over several companies through Forstmann Little, which made 31 acquisitions and significant investments.

Some of Forstmann Little’s most noteworthy investments include: IMG, Gulfstream Aerospace, General Instrument, 24 Hour Fitness Worldwide, Yankee Candle, Ziff Davis, Community Health Systems and Tops.

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Forstmann Little announced his death and expressed its sorrows through a statement saying: “It is with profound sadness and an enormous sense of loss that Forstmann Little & Co. announces the passing today of its leader, Theodore J. (“Ted”).”

IMG also released a statement mourning the passing of the beloved chairman: “It is with great sadness that IMG Worldwide announces the passing of its Chairman and Chief Executive Officer, Theodore J. ("Ted") Forstmann.”

Forstmann was also remembered as a philanthropist who died after a courageous battle against brain cancer.

“While known for his entrepreneurial spirit and business acumen, Mr. Forstmann was also a philanthropist in every sense of the word,” IMG said in the statement.

Forstmann received his law degree from Columbia University and honorary doctorate degrees from Pepperdine University and Siena College.