David Bonderman, who led the Kraken ownership group, has died aged 82

David Bonderman, a lawyer and investor who managed money for one of the richest families in Texas, helped found one of the giants of the private equity business and worked to bring professional hockey to Seattle, died Wednesday. He was 82.

The asset management company TPG, which Bonderman co-founded, the Seattle Kraken, Bonderman’s family and his investment company Wildcat Capital Management announced his death.

For much of his career, Bonderman maintained a low public profile, rarely giving interviews to news organizations. He focused on corporate acquisitions and other investments, many of which were very profitable.

Forbes magazine estimated his wealth at $6.5 billion in March 2023.

“Rarely the loudest person in the room, but often the smartest, David remained humble, once saying that his personal strength was ‘not knowing much about something, but knowing enough to make a sensible decision,'” says it said in a statement from his family and companies.

Bonderman was born on November 27, 1942 in Los Angeles and attended the University of Washington and Harvard Law School, graduating in 1966.

After teaching law at Tulane University, he joined the U.S. Department of Justice in the late 1960s and, in 1971, became a partner and corporate and securities law expert at Arnold & Porter, a powerhouse law firm in Washington, DC

In 1983, he began working for the Robert M. Bass Group investment company in Fort Worth, Texas. Using money from the Bass family, which traced its wealth to the exploits of Texas oil wildcatter Sid Richardson, Bonderman and his partner Jim Coulter made several leveraged buyouts in the 1980s, including a highly profitable investment in Continental Airlines.

Bonderman and Coulter founded Texas Pacific Group in 1992. According to its website, the private equity firm, now known as TPG, manages $239 billion in assets and has invested in industries such as healthcare, technology and business services. The company was one of the first major investors in the short-term rental site Airbnb and the music streaming service Spotify.

Bonderman has served on several corporate and charitable boards. In 2017, he resigned from Uber’s board a few hours after a staff meeting about sexism at the driving service provider.

When colleague Arianna Huffington said the data showed it was more likely that a second woman would be added to the board, Bonderman interjected: “Actually, it shows that it’s much more likely that there will be more talking.” He later apologized.

In politics, Bonderman was a long-time supporter of former Texas governor and Republican President George W. Bush, but switched to supporting Democrat John Kerry in the 2004 presidential election. He famously told the Wall Street Journal that Bush was “a really good guy” but had divided the country.

“He’s turning out to be the worst president since Millard Fillmore – and that’s probably an insult to Millard Fillmore,” Bonderman said.

Using his assets from TPG, Bonderman acquired a minority stake in the Boston Celtics and was part of the group that held a majority stake in the Seattle Kraken, a National Hockey League expansion team.

Bonderman also threw lavish birthday parties. The Rolling Stones played at his 60th birthday party and Paul McCartney headlined his 70th birthday soirée. Both events took place in Las Vegas.

His survivors include five children and three grandchildren.