Chapter 14

Finance Sector IPOs

David Bonderman, who started his career as a bankruptcy attorney, is now one of the world’s top investors. He logs over 2,000 hours per year on his jet and scouts out investment opportunities for his private equity firm, TPG (which has $49 billion in assets).

He never flinches from taking big risks. Keep in mind that some of his biggest wins were with airline deals, such as Continental Airlines and Ryanair. He also structured a variety of deals in the aftermath of the savings and loan crisis of the late 1980s.

Yet 2008 turned out to be the time that Bonderman’s magic touch got crushed. In April, he led a $7 billion investment in Washington Mutual. Bonderman got a juicy 25 percent discount on the valuation of the ...

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