David Bonderman, a prominent figure in the private equity sector and a notable supporter of professional hockey in Seattle, passed away on Wednesday at the age of 82. His death was announced by TPG, the investment firm he co-founded, alongside his own Wildcat Capital Management, the Seattle Kraken ice hockey team, and his family. They revealed that he died surrounded by loved ones but did not disclose further details regarding the location or cause of his passing.
Throughout his career, Bonderman was known for maintaining a discreet public presence, avoiding interviews and focusing primarily on corporate acquisitions and various other profitable investments. As per Forbes magazine, his net worth was estimated to be around $6.4 billion as of April.
In a statement made by his family and business associates, they highlighted Bonderman’s modesty, noting that he once mentioned his greatest strength was “Not knowing a lot about something but knowing enough to make a decent decision.” Tod Leiweke, the CEO of the Kraken, acknowledged Bonderman’s significant contributions to the team’s branding and logo creation. “David was a visionary; unafraid to take on challenges and make bold decisions,” said Leiweke, reflecting on Bonderman’s intelligence and humility.
Bonderman’s investment approach was characterized by a contrarian mindset, and he was known for making choices that sometimes drew ire, even from political figures. Notably, he attended Russian president Vladimir Putin’s high-profile economic forums in 2014 and 2015, despite the Obama administration’s objections following Russia’s annexation of Crimea.
In addition to his business acumen, Bonderman was famed for his extravagant birthday celebrations, featuring performances by renowned artists like The Rolling Stones and Paul McCartney at parties marking his 60th and 70th birthdays in Las Vegas, respectively.
Born on November 27, 1942, in Los Angeles, Bonderman pursued his education at the University of Washington followed by Harvard Law School, where he graduated in 1966. After teaching law at Tulane University, he joined the U.S. Justice Department and later became a partner at the prestigious law firm Arnold & Porter, specializing in corporate and securities law in 1971.
Bonderman’s career took a significant turn in 1983 when he began working with the Robert M. Bass Group in Fort Worth, Texas. With investments from the Bass family, he and his partner Jim Coulter successfully executed multiple leveraged buyouts during the 1980s, including a major investment in Continental Airlines.
In 1992, Bonderman, along with Coulter and Bill Price, established Texas Pacific Group, now recognized as TPG, which manages assets totaling $239 billion and has made considerable investments across various industries, including healthcare and technology. TPG was an early investor in notable companies such as Airbnb and Spotify.
Bonderman’s influence extended into corporate and charitable governance; however, he made headlines in 2017 when he resigned from the Uber board after making an inappropriate comment during a meeting on sexism within the company. He commented that having one woman on the board did not imply more would follow, a remark he later apologized for.
Politically, Bonderman had been a long-time supporter of George W. Bush, the Republican former governor of Texas and President. Nonetheless, in the 2004 election, he switched his allegiance to Bush’s opponent, John Kerry, expressing concerns over Bush’s divisive presidency. He famously remarked that Bush could be the “worst president since Millard Fillmore,” a statement he believed underscored his disappointment with the administration.
Utilizing the wealth acquired from TPG, Bonderman owned a minority stake in the Boston Celtics while also being part of the ownership group for the NHL expansion team, the Seattle Kraken. He is survived by five children and three grandchildren, leaving behind a remarkable legacy in both the business and sports worlds.
