Friedman Fleischer & Lowe expects its latest $2 billion pool of capital will be relatively light on financial service investments and will instead favor health-care holdings. That will present a different balance from the firm’s predecessor fund, which closed just before the financial crisis. Of the 14 deals the San Francisco firm made from its $1.5 billion, 2008 vintage, five were in financial services. “We’ve done some very great insurance deals, but right now we think that insurance is quite unattractive,” said Spencer Fleischer, a co-founder, co-chief executive and president of the firm. He added that interest rates are too...