Remembering the Globetrotting Contrarian David Bonderman: Q

David Bonderman, the co-founder of global alternative asset management firm TPG and owner of the NHL's Seattle Kraken, passed away on December 11, 2024, at the age of 82. Known for his contrarian streak and willingness to take on controversial investments, Bonderman's legacy as a visionary and risk-taker has left an indelible mark on the private equity and sports worlds.

Bonderman's journey began at the University of Washington, where he developed a love for the city and a curiosity about the world. He went on to Harvard Law School, where he graduated Magna Cum Laude, and later served as an assistant professor at Tulane University School of Law. His career took a turn when he joined the U.S. Attorney General's office in the Civil Rights Division during the Lyndon Johnson administration. After a successful stint in the public sector, Bonderman joined the prestigious law firm Arnold & Porter, where he specialized in antitrust, securities law, corporate law, bankruptcy, and historic preservation.

It was at Arnold & Porter that Bonderman met Robert Bass, who hired him to manage the Bass family's investment business in Fort Worth, Texas. Despite his initial lack of experience in investing, Bonderman quickly earned a reputation for taking on groundbreaking deals and difficult turnarounds. In 1992, he co-founded TPG with Jim Coulter and Bill Price, marking the beginning of a successful career in private equity.

Throughout his career, Bonderman was known for his contrarian approach to investing. He was not afraid to take on controversial investments, such as attending Russian economic forums despite U.S. sanctions. This willingness to explore undervalued or overlooked opportunities allowed TPG to uncover hidden gems and generate significant returns for its investors.

Bonderman's investment and involvement in the Seattle Kraken contributed to the growth and success of the NHL in the Pacific Northwest. As a co-founder of TPG, he brought his expertise in turning around struggling companies and creating value to the table. His personal passion for sports and adventure also played a crucial role in establishing the Kraken as a competitive and popular addition to the NHL.

The economic impact of the Seattle Kraken on the local community has been significant. The team's inaugural season in 2021-22 generated an estimated $385 million in economic activity, including $175 million in direct spending by fans and $210 million in indirect spending by local businesses. The Kraken has also created over 1,000 jobs, both directly and indirectly, contributing to the local economy. Additionally, the team has engaged with the community through various initiatives, such as the Kraken Community Ice Rink and the Kraken Community Foundation.

Bonderman's legacy as a globetrotting contrarian will continue to inspire investors and entrepreneurs alike. His willingness to take on controversial investments and his ability to navigate complex geopolitical landscapes have contributed to TPG's success and the growth of the NHL in the Pacific Northwest. As we remember David Bonderman, we celebrate his vision, his risk-taking, and his enduring impact on the world of private equity and sports.