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David Bonderman, the billionaire who co-founded the $239 billion alternative asset management firm TPG, died Wednesday at the age of 82.
Bonderman helped transform the firm from a three-person investment firm to a publicly traded company with a market capitalization of $24.3 billion. Today, TPG has more than 1,800 employees, 28 offices around the world, and investments in a wide range of sectors, including technology, healthcare, real estate, and consumer industries.
“David was a private equity pioneer, legal scholar, conservationist and global citizen, and his legacy will live on among those who were fortunate enough to have known him,” TPG said in a statement. .
Bonderman trained as a lawyer and entered the investment world through a connection with Robert “Bob” Bass, who asked him to move to Fort Worth, Texas, to help run his family’s investment business.
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TPG co-founder David Bonderman died Wednesday at the age of 82. (Ian Tuttle/Breakthrough Prize/Getty Images)
Prior to working in the investment world, Mr. Bonderman worked as a special assistant to the U.S. Attorney General during the administration of President Lyndon Johnson, where he handled many cases related to racial discrimination in the American South.
At the Bass Family Office, he met Jim Coulter, who later became his business and investment partner for over 38 years. Bonderman and Coulter eventually left Bass and took over the bankrupt Continental Airlines in 1992.
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David Bonderman speaks at the Milken Institute World Congress on April 29, 2014 in Beverly Hills, California. (Kevork Jansezian/Reuters Photo)
The following year, the two joined Bill Price in founding the private equity firm TPG, turning a $66 million investment in Continental into a life-changing deal that returned the company tenfold. TPG will go public in early 2022 at a valuation of more than $10 billion, and Bonderman has been a controlling shareholder and board member since its inception.
Over the course of his career, Mr. Bonderman served on the boards of more than 80 companies requested by the U.S. government, including automaker General Motors, airline Ryanair, and Kite Pharmaceuticals.
He also served on the boards of the Wilderness Society, World Wildlife Fund, American Himalayan Foundation, and Grand Canyon Trust.
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Bonderman was also part owner of the Seattle Kraken, the National Hockey League’s 32nd expansion franchise.
“It is with great sadness that we announce the passing of David Bonderman, founding owner of the Seattle Kraken,” the team said in a statement. “A visionary leader, David was instrumental in bringing the NHL’s 32nd franchise to Seattle, and will long be remembered for his contributions to business, conservation, music and sports.”
Reuters contributed to this report.
