David Bonderman, co-founder of TPG and Seattle Kraken co-owner, dies at 82
Billionaire David Bonderman, who co-founded the $239 billion alternative asset management firm TPG, died on Wednesday at the age of 82.
Bonderman helped transform the company from a three-person investing office to a publicly traded force with a market value of $24.3 billion. Today, TPG boasts a global workforce of more than 1,800, with 28 offices around the world, and investments across a range of sectors, including the technology, health care, real estate and consumer industries.
"David was a private equity pioneer, legal scholar, conservationist, and citizen of the world and his legacy will long endure with those lucky enough to have met him," TPG said in a statement.
Bonderman was a lawyer by training who got into the investment world through his connection with Robert "Bob" Bass, who asked him to move to Fort Worth, Texas, to help manage his family investment business.
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Prior to working in the investment world, Bonderman worked as an attorney litigating many cases involving racial discrimination in the southern U.S. as a special assistant to the U.S. attorney general during the administration of President Lyndon Johnson.
At the Bass Family Office he met Jim Coulter, who went on to become his business and investing partner for over 38 years. Bonderman and Coulter eventually left Bass and made a bid to buy Continental Airlines out of bankruptcy in 1992.
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The following year, the two were joined by Bill Price in founding private equity firm TPG, and turned a $66 million investment in Continental into a life-changing deal that yielded 10 times more in profit for the firm. TPG went public in early 2022 at a valuation of more than $10 billion, and Bonderman was a controlling shareholder and board member dating back to its inception.
Bonderman served on the boards of more than 80 corporate firms throughout his career, including automaker General Motors at the request of the U.S. government, air carrier Ryanair and Kite Pharmaceutical.
He was also 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 the National Hockey League's 32nd expansion franchise, the Seattle Kraken.
"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 helped bring the NHL's 32nd franchise to Seattle. His contributions to business, conservation, music and sports will long be remembered."
Reuters contributed to this report.