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David Bonderman, co-founder of private equity firm TPG and co-owner of Seattle Kraken, dies at 82

David Bonderman FILE - Seattle Kraken founding owner David Bonderman, right, steps up to the podium after the National Hockey League Commissioner Gary Bettman, left, named Seattle as the league's 32nd franchise, Dec. 4, 2018, in Sea Island, Ga. (AP Photo/Stephen B. Morton, File) (Stephen B. Morton/AP)

David Bonderman, who managed money for one of the richest families in Texas, helped create one of the giants of the private-equity business and pushed to bring professional hockey to Seattle, died Wednesday. He was 82.

Bonderman's death was announced by TPG, the asset-management firm he co-founded, his Wildcat Capital Management investment company, the Seattle Kraken hockey team, and his family.

They said he was surrounded by his family, but did not say where he died. A spokesperson for the Kraken said they would not disclose the cause of death.

For much of his career, Bonderman kept a low profile in public, rarely granting interviews with news organizations. He concentrated on corporate takeovers and other investments, many of which were highly profitable.

Forbes magazine estimated his wealth at $6.4 billion in April.

"Rarely the loudest person in the room, but often the smartest, David remained humble, once saying that his personal strength was ‘Not knowing a lot about something but knowing enough to make a decent decision,’” his family and companies said in a statement.

Kraken CEO Tod Leiweke said Bonderman played a role in creating the team's logo and brand.

“David was a visionary; unafraid to take on challenges and make bold decisions. He was smart, witty, curious, and humble,” Leiweke said.

As an investor, Bonderman had a contrarian streak, and he was not afraid of offending others, even those in the White House. Over the Obama administration's objections, he attended Russian President Vladimir Putin's annual economic forums in 2014 and 2015 — after Russia annexed Crimea from Ukraine and was slapped with U.S. sanctions.

Bonderman also was known for throwing lavish birthday parties. The Rolling Stones played at his 60th birthday bash, and former Beatle Paul McCartney headlined his 70th birthday soiree. Both events were in Las Vegas.

Born in Los Angeles on Nov. 27, 1942, Bonderman attended the University of Washington and Harvard Law School, from which he graduated in 1966.

After a stint teaching law at Tulane University, he joined the U.S. Justice Department in the late 1960s, then in 1971 became a partner and expert in corporate and securities law at Arnold & Porter, a high-powered Washington, D.C., law firm.

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

Bonderman, Coulter and Bill Price started 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 that include health care, technology and business services. The firm was a major early investor in short-term rental site Airbnb and music-streaming service Spotify.

Bonderman served on several corporate and philanthropic boards. In 2017, he resigned from the Uber board hours after making an insensitive comment during a meeting on sexism at the ride-hailing company.

When fellow director Arianna Huffington said data showed that having one woman on the board made it more likely a second would be added, Bonderman interjected, “Actually, what it shows is that it’s much more likely to be more talking.” He later apologized.

In politics, Bonderman was a longtime backer of former Texas governor and Republican President George W. Bush but flipped to support Bush's challenger, Democrat John Kerry, in the 2004 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.

With his wealth from TPG, Bonderman purchased a minority stake in the Boston Celtics and was a member of the group holding a majority interest in the Seattle Kraken, an expansion team in the National Hockey League.

Survivors include five children and three grandchildren.

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