Lawyer and businessman David Bonderman, who helped build one of the largest private-equity firms, handled funds for one of Texas’ wealthiest families, and battled to bring professional hockey to Seattle, passed away on Wednesday. He was eighty-two.
Bonderman’s death was reported by his family, his investment company Wildcat Capital Management, the Seattle Kraken, and the asset management firm TPG, which he co-founded.
Bonderman maintained a low public presence for a large portion of his career, rarely agreeing to interviews with press outlets. He focused on investments and company takeovers, many of which turned out to be very lucrative.
In March 2023, Forbes magazine reported that he was worth $6.5 billion.
David, who was rarely the loudest person in the room but was frequently the sharpest, maintained his humility. According to a statement from his family and businesses, his personal strength was not knowing a lot about something but knowing enough to make a good decision.
Bonderman, who was born on November 27, 1942, in Los Angeles, went to Harvard Law School and the University of Washington before graduating in 1966.
He taught law at Tulane University for a while before joining the U.S. Justice Department in the late 1960s. In 1971, he was promoted to partner and a securities and corporate law expert at Arnold & Porter, a prominent legal firm in Washington, D.C.
He moved to Fort Worth, Texas, in 1983 to work for the Robert M. Bass Group, an investment firm. In the 1980s, Bonderman and partner Jim Coulter completed a number of leveraged buyouts, including a very successful investment in Continental Airlines, using funds from the Bass family, who traced its wealth back to the exploits of Texas oil wildcatter Sid Richardson.
In 1992, Bonderman and Coulter founded Texas Pacific Group. The website claims that the private equity firm, now known as TPG, has invested in sectors such as business services, technology, and health care and currently oversees $239 billion in assets. The company was a significant early investor in Spotify, a music streaming service, and Airbnb, a website for short-term rentals.
Bonderman was a member of numerous charity and corporate boards. Hours after an employee meeting on sexism at the ride-hailing business in 2017, he resigned from the Uber board.
Bonderman interrupted fellow director Arianna Huffington when she stated that statistics indicated that having one woman on the board increased the likelihood that a second would be added. In actuality, it indicates that there is a considerably higher likelihood of more talking. Later on, he expressed regret.
Bonderman had long supported Republican President George W. Bush, the former governor of Texas, but in the 2004 presidential election, he switched to endorse Democrat John Kerry. He notably stated in The Wall Street Journal that although Bush was a good man, he had caused division in the nation.
According to Bonderman, he is becoming the worst president since Millard Fillmore, which is likely an insult to Fillmore.
Bonderman used his fortune from TPG to acquire a minority share in the Boston Celtics and to be a part of the group that owned the majority of the Seattle Kraken, a National Hockey League expansion team.
Bonderman hosted extravagant birthday celebrations as well. His 70th birthday celebration featured former Beatle Paul McCartney as the main act, whereas the Rolling Stones performed at his 60th birthday celebration. Both occasions took place in Las Vegas.
Three grandchildren and five children are among his survivors.
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