Back in the 1980s, David Bonderman was the chief dealmaker for Robert Bass, a Texan billionaire. He helped to structure the $550 million buyout of American Savings and Loan Association of California, which was caught in the S&L morass. It was a complex deal, requiring lots of negotiations with federal regulators. But it ultimately turned out to be a great investment. In fact, the bank became a vehicle to finance other deals.
Well, Bonderman is coming back to the future. Now, as the chief of TPG, he’s one of the top players in private equity. And he wants to do some finance deals. To this end, he’s raising $7 billion for a financial service fund. The investments will range from minority stakes to control situations.
Yet, there are many financial institutions that need cash. Moreover, having TPG as a partner is usually a good thing.
As should be no surprise, it looks like TPG is getting traction on the capital raise, with commitments from the New Jersey State Investment Council and the government of Singapore.
Tags: 1980s, back to the future, Bank, billionaire, commitments, david bonderman, dealmaker, finance deals, financial institutions, government of singapore, investment council, investment fund, minority stakes, morass, negotiations, private equity, regulators, robert bass, savings and loan, savings and loan association, stake, state investment