Dec 11, 2024 - Business
Private equity pioneer David Bonderman dies
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David Bonderman, the co-founder of private equity firm TPG and owner of the NHL's Seattle Kraken, died on Wednesday at the age of 82.
The big picture: Bonderman was one of the most powerful and influential private equity investors ever, helping push the cottage industry into the mainstream.
Zoom in: "Bondo" co-founded TPG in 1992, and quickly garnered headlines for buying Continental Airlines out of bankruptcy.
- That deal proved the skeptics wrong, and TPG would go on to become one of the earliest U.S. leveraged buyout firms to make major inroads in Asia, plus to invest in climate technologies. His board seats included Ryanair, General Motors, MGM, and Uber.
- TPG went public in 2022 and currently has a market cap of nearly $25 billion.
- Bonderman, who once worked as a security guard at the Space Needle while in college, helped bring an NHL expansion team to Seattle, and helped get the city's Climate Pledge Arena built. He also was a minority owner in the NBA's Boston Celtics.
What they're saying: "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.
- "His eye for detail, keen interest in people, ability to learn quickly and adapt, and even his love for music, travel, and fun are the foundation of TPG. Our deepest sympathy and condolences are with David's family and friends during this difficult time. We will miss David terribly, but we'll honor his legacy by continuing to bring the same creativity and enthusiasm he brought to our work every day."
