David Bonderman, TPG co-founder and private equity pioneer, dies at age 82
Business
David Bonderman, TPG co-founder and private equity pioneer, dies at age 82
(Reuters) - David Bonderman, the media-shy billionaire who co-founded the $239 billion alternative asset management giant TPG has died at the age of 82.
Bonderman is credited with transforming the company from a three-person investing office to a publicly-traded force with a market value of $24.3 billion.
"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 got into the world of investing through Robert "Bob" Bass, who asked him to move to Fort Worth, Texas, to help manage his family investment business.
A lawyer by training, Bonderman reportedly told Bass: "Bob, I don't know anything about investing," to which Bass replied, "Neither do I, but we can figure it out together."
At the Bass Family Office, he met Jim Coulter, who went on to be his business and investing partner for more than 38 years.
In 1992, they left Bass and made a bold bid to acquire Continental Airlines out of bankruptcy. A year later, Bonderman, Coulter and Bill Price founded TPG, turning a $66 million investment into a life-changing deal that yielded ten times more in profit.
Today, TPG boasts of having a global workforce of over 1,800, with 28 offices around the world, and investments across a range of sectors including technology, healthcare, real estate and consumer.
But US start-up Privateer Space is hoping to help solve the problem with an AI-driven system…
The private equity giant went public in early 2022 in a strong market debut that valued it at over $10 billion.
