On the Bass team, David quickly gained a reputation for taking on low-key deals and often difficult transitions.
It was also at Bass that David met Jim Coulter, his business and investment partner for over 38 years. In 1992 they left Bass and made a bold bid to acquire Continental Airlines out of bankruptcy.
In 1993, after making that successful bid, David, Jim and Bill Price founded TPG. The $66 million investment in Continental ended up generating a 10x return and was indicative of TPG's diversified investment approach.
TPG has always reflected David's unique and sophisticated style – fearless of risk, willing to tackle financial restructuring and operational complexity, and always looking to bring back strong management. And perhaps, above all else, with a different culture of openness and collaboration. David, when talking about the structure and culture of TPG once said: “We came out of the family business. We didn't have any seniors who had spent any time in the investment world and that gave us a different perspective on things and a different cultural background. He has a different perception of danger. You have a different perspective on what life is about and it allows us to do things that other people haven't.” Together, David, Jim and their partners transformed TPG from a three-person investment office into a publicly traded asset manager with nearly $240 billion in assets under management and 28 offices worldwide.
Throughout his years at TPG, David's innovative thinking has put him at the center of many major industry changes – from the restructuring of the airline and banking industries, to the front lines of investment in technology and healthcare. David has built an impressively broad and diverse portfolio of investments and was the architect of some of the most well-known, complex, and innovative projects in private equity history. Throughout David's career, there were few industries that he did not touch and explore. He was a widely recognized leader in business, serving on the boards of more than 80 different companies: from Continental to Ryanair, from General Motors (at the request of the US Government) to Ducati, from Kite Pharmaceutical to Oxford Health, from MGM to Univision, and from Korea First Bank to Fairmont Raffles. David is known for his clear judgment, sharp insight, and ability to handle anger.
Despite David's success, he did not change. He was always curious, meeting new entrepreneurs regularly to learn about their ideas. He also had a unique set of interests and pursuits that took him around the world and made friends in the business, sports, music, philanthropic, environmental, conservation, and academic communities.
It was rare for someone to shout loudly in the room, but usually the smartest of them all, David remained humble, he once said that his strength is “not knowing too much about something but knowing enough to make a good decision.”
Although David was known primarily for his business acumen, he was also a passionate advocate for many causes, especially those related to conservation, education, and health care.
Source link
