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Billionaire David Bondermanwho founded the $239 billion alternative asset management company TPG, died Wednesday at the age of 82.
Bonderman helped transform the company from a three-person investment office into a publicly traded force with a market value of $24.3 billion. Today, TPG has more than 1,800 global employees, with 28 offices around the world, and investments in a variety of sectors, including technology, healthcare, real estate and consumer industries.
“David was a pioneer of private equity, legal scholar, conservationist, and citizen of the world and his legacy will live long with those fortunate enough to meet him,” TPG said in a statement.
Bonderman was a lawyer by training who entered the investment world through his connection to Robert “Bob” Bass, who asked him to move to Fort Worth, Texas, to help manage his investment business.
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TPG founder David Bonderman passed away on Wednesday at the age of 82. (Ian Tuttle / for Breakthrough Prize / Getty Images)
Prior to working in the investment world, Bonderman worked as an attorney in a variety of litigation matters racism in the southern US as a special assistant to the US attorney general during the administration of President Lyndon Johnson.
At the Bass Family office he met Jim Coulter, who became his business and investment partner for over 38 years. Bonderman and Coulter eventually left Bass and made a bid to buy Continental Airlines without bankruptcy in 1992.
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David Bonderman speaks during the Milken Institute Global Conference in Beverly Hills, California, on April 29, 2014. (Photos by Kevork Djansezian / Reuters)
The following year, the two were joined by Bill Price in founding the private equity firm TPG, and turned a $66 million investment in Continental into a life-changing deal that brought the company 10 times its profits. TPG went public in early 2022 at a valuation of more than $10 billion, and Bonderman was a controlling shareholder and board member from its inception.
Bonderman served on the boards of more than 80 companies throughout his career, including an automaker. General Motors at the request of the US government, the airline Ryanair and Kite Pharmaceutical.
He has also been a member of the boards of the Wilderness Society, World Wildlife Fund, American Himalayan Foundation and the Grand Canyon Trust.
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Bonderman was also the owner of National Hockey League team 32 expansion franchise, Seattle Kraken.
“It is with great sadness that we announce the passing of David Bonderman, the founder of the Seattle Kraken,” the team said in a statement. “A visionary leader, David helped bring the 32nd NHL franchise to Seattle. His contributions to business, conservation, music and sports will be long remembered.”
Reuters contributed to this report.
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