David Bonderman
David Bonderman | |
|---|---|
| Born | Template:Birth date Los Angeles, California, U.S. |
| Died | December 11, 2024 (aged 82) |
| Occupation(s) | Entrepreneur, investor |
| Known for | Co-founder of TPG Inc., minority stake in Boston Celtics, co-founder and co-majority owner of Seattle Kraken |
David Bonderman (November 27, 1942 – December 11, 2024) was a prominent American billionaire entrepreneur. He co-founded TPG Inc. (originally Texas Pacific Group) along with its Asian counterpart, Newbridge Capital. Bonderman also held a minority stake in the NBA's Boston Celtics and was a co-founder and co-majority owner, alongside Jerry Bruckheimer, of the Seattle Kraken NHL franchise. At the time of his passing, Forbes estimated his fortune at approximately US$7.4 billion, placing him as the 400th wealthiest individual worldwide.
Early life and education
Bonderman was born into a Jewish family in Los Angeles on November 27, 1942. He completed his secondary education at University High School before pursuing higher studies at the University of Washington, where he majored in Russian and graduated with Phi Beta Kappa honors in 1963. He earned his Juris Doctor degree from Harvard Law School in 1966, graduating magna cum laude. While at Harvard, he contributed to the Harvard Law Review and was recognized as a Sheldon Fellow. During this period, he also studied Islamic law in Cairo, achieving near-native proficiency in Modern Standard Arabic.
In 1995, Bonderman established the Bonderman Travel Fellowship at the University of Washington to encourage independent international travel among undergraduate and graduate students. Later, his daughter created a comparable fellowship at the University of Michigan, though it differed in its eligibility criteria and structure.
Career
Bonderman began his professional journey as an assistant professor at Tulane University Law School between 1967 and 1968. He then served as special assistant to the United States Attorney General from 1968 to 1969. In 1971, he joined the Washington, D.C.-based law firm Arnold & Porter, where he became a partner focusing on corporate law, securities litigation, bankruptcy cases, and antitrust matters. By 1983, he assumed the role of Chief Operating Officer at Robert M. Bass Group, Inc., now known as Keystone Inc.
In December 1992, Bonderman co-established TPG in Fort Worth, Texas, serving as its chairman. The firm went public on the Nasdaq exchange under the ticker "TPG" in January 2022. Additionally, he invested in the development of Las Vegas’s T-Mobile Arena in 2008.
Throughout his career, Bonderman has held board positions with numerous major companies such as Continental Airlines, Bell & Howell, Ducati, Credicom Asia, Education Corporation of America, Beringer Vineyards, Carr Realty, Virgin Cinemas, CoStar Group, Gemalto, and Ryanair. His governance roles extended to organizations like The Wilderness Society and The University of Washington Foundation. Previously, he served on boards for institutions including Washington Mutual, American Savings Bank, Denbury Resources, and Burger King. He was also a board member of Uber until June 2017 when he resigned following backlash over a sexist comment made during an internal meeting addressing workplace culture.
In 2018, Bonderman spearheaded an application for an NHL expansion franchise to play at Seattle’s upgraded Climate Pledge Arena. The NHL Board of Governors officially approved the team—named the Seattle Kraken—on December 4.
Wildcat, Infinity Q, Velissaris
Wildcat Capital Management originated as Bonderman's family office. By early 2019, it was reported that Infinity Q Diversified Alpha Fund’s investment team and oversight functions substantially overlapped with Wildcat’s operations. Founded in 2014, Infinity Q had received approximately $100 million investment from Wildcat. However, by early 2021, Infinity Q’s $1.7 billion fund suspended investor redemptions amid an SEC inquiry into asset valuation practices; chief investment officer James Velissaris was placed on administrative leave. Leonard Potter—Infinity Q’s non-executive chairman and owner of Wildcat—was appointed to manage fund oversight. At the end of 2019, Wildcat managed assets exceeding $3 billion, including capital from Bonderman.
In February 2021, the SEC filed charges against Velissaris for allegedly orchestrating a fraudulent scheme involving inflated asset valuations within both the Infinity Q Diversified Alpha mutual fund and the Infinity Q Volatility Alpha private fund. He purportedly misappropriated over $26 million through deceitful means, deceived SEC investigators by producing falsified backdated meeting records, and manipulated valuation methodologies. Concurrently, criminal charges were issued by the U.S. Attorney for the Southern District of New York alongside civil suits from the Commodity Futures Trading Commission (CFTC).
In April 2021, The Wall Street Journal revealed detailed valuation irregularities within Infinity Q’s portfolios and reported an estimated $500 million loss that reduced fund value to roughly $1.2 billion. Velissaris was identified as majority owner controlling fund operations while Bonderman's family maintained passive investor roles. The fund anticipated submitting a distribution plan for investors by May 24.
Personal life and death
Bonderman was wed to Laurie Michaels, with whom he had five children; the family resided in Fort Worth, Texas. In 2019, reports indicated he was involved romantically with Christa Campbell while still legally married to Michaels.
To celebrate his 60th birthday in 2002, Bonderman organized an exclusive $7 million event at the Hard Rock Hotel and Casino in Las Vegas, featuring performances by The Rolling Stones, John Mellencamp, and comedian Robin Williams. A decade later, his 70th birthday celebration took place at Wynn Las Vegas, where over 1,000 attendees enjoyed a private concert by Paul McCartney alongside a comedy set by Robin Williams. Additionally, Bonderman contributed $1,000 to each guest’s preferred charity as part of the festivities.
Bonderman passed away in Los Angeles on December 11, 2024, at the age of 82. In his honor, the Seattle Kraken incorporated a "Bondo" patch on their jerseys as well as a matching helmet decal starting December 12.
Awards and honors
- 1999: Golden Plate Award from the American Academy of Achievement
- 2004: Induction into The M&A Advisor Hall of Fame
- 2016: Recipient of the Woodrow Wilson Award for Corporate Citizenship
- 2017: Inducted into the Texas Business Hall of Fame