David Bonderman, a giant of the private equity sector, has completed a move to a less active role at his TPG Capital, sources tell The Post. Bonderman, 73, who the firm 24 years ago, is no longer involved as much in the operation of TPG, sources said. The transition was evident in a press release last week about TPG closing its new $10.
5 billion buyout fund, its seventh. Four TPG executives — two executives and two partners — made comments in the statement, but Bonderman’s voice was not there. “TPG is clearly moving in a direction that makes others more visible,” a source close to the situation said.
The offering memorandum for the fund, distributed in July 2014, put Bonderman front and center, according to fund documents viewed by The Post. “TPG Capital is led by David Bonderman and James Coulter,” the 2014 document reads. In fact, the document says if any two of either Bonderman, Coulter or Jonathan Coslet did not give the fund their requisite time and attention, investors, by invoking a clause, could break their fund commitments.
Coulter and Coslet are in the fund closing press release, as is Jon Winkelried, whom TPG hired in November 2015 as executive officer, and rising star Todd Sisitsky, who leads the firm’s health care investments. Bonderman’s title in July 2014 was chairman and member of the firm’s executive committee. That has not changed.
He is expected to work closely with the fund’s management teams. Separately, many in the PE world were buzzing last week when Bonderman canceled a May 2 panel appearance at the prestigious Milken Institute Conference. Some feared the investment veteran was ill.
But Bonderman is fine. The executive, known for his daredevil adventures, several weeks ago did contract a mild case of dengue fever while exploring Mexico’s Yucatan Peninsula, the source close to the situation said. As a result, he was resting for about a week.
But Bonderman was back at work this week, sources said. TPG declined comment..