Bruce Rauner is an American businessman, venture capitalist, and politician who served as the 42nd Governor of Illinois from 2015 to 2019. A member of the Republican Party, he transitioned into major politics after more than three decades in private equity. His tenure was defined by a historic budget impasse, attempts at structural reform, and a high-profile defeat in the 2018 election. Read more at chicago-yes.
Early Life and Education
Rauner was born on February 18, 1956, in Chicago and grew up in the suburb of Deerfield, Illinois. His mother, Ann (née Erickson), was a nurse, while his father, Vincent Rauner, served as a lawyer and Senior Vice President at Motorola. Of Swedish and German descent, Rauner excelled academically, graduating summa cum laude from Dartmouth College with a degree in economics. He later earned his MBA from Harvard University. During his college years, he was a member of the Theta Delta Chi fraternity.
Investment Career
After graduating from Harvard, Rauner joined the private equity firm GTCR, where he spent over 30 years. He eventually became a co-founder and chairman of the Chicago-based firm, helping it grow into a major industry player before stepping down in 2012.
In 2013, Rauner launched R8 Capital Partners, an investment vehicle focused on supporting small businesses in Illinois. Before entering the political arena, he also chaired Choose Chicago (the city’s tourism and convention bureau) and the Chicago Public Education Fund. According to official financial disclosures, Rauner reported an income of over $180 million in 2015 alone.
Political Career
In 2013, Rauner announced his bid for Governor of Illinois as a Republican. After winning a competitive primary in 2014, he faced the Democratic incumbent in the general election, securing victory with 50.27% of the vote. Notably, Rauner won every county in the state except for Cook County. He self-funded his campaign with a record $26 million and refused a state salary, taking only a symbolic $1 per year to emphasize his “businessman-reformer” outsider image.
The politician was sworn in on January 12, 2015. His term was marked by a fierce standoff with the Democratic majority in the Illinois General Assembly. This led to a two-year budget impasse fueled by disagreements over tax policy and spending cuts. In 2015, Rauner proposed deep cuts to higher education, Medicaid, and social services, which contributed to credit rating agencies downgrading the state’s bond rating. In 2017, the legislature overrode his veto of an income tax hike, marking a significant political setback for his administration.
Despite the gridlock, Rauner achieved a major victory in education reform. In 2017, he signed a landmark bill establishing an “evidence-based” funding formula to support underfunded school districts. The law also created a tax-credit scholarship program for students from low- and middle-income families.
Rauner positioned himself as a moderate or “socially liberal” Republican. He supported abortion rights, signing legislation that expanded insurance coverage for contraception and guaranteed access to reproductive healthcare. He also supported same-sex marriage and signed a ban on conversion therapy for minors. Conversely, he was a staunch fiscal conservative, advocating for “right-to-work” zones and limits on union influence in politics.
In 2018, Rauner sought a second term. After narrowly surviving a primary challenge from the party’s conservative wing, he was soundly defeated in the general election by Democrat J.B. Pritzker, receiving 39% of the vote to Pritzker’s 55%. This was one of the largest margins of defeat for an incumbent governor in Illinois history.
Personal Life
Rauner has been married twice and has six children—three from his first marriage and three with his second wife, Diana Mendley Rauner. After leaving office, he moved to Florida and registered to vote there. His net worth is estimated in the hundreds of millions of dollars. During his governorship, he lived modestly regarding public funds, frequently highlighting his decision to forgo his official salary.
A dedicated philanthropist, Rauner has funded numerous educational and social initiatives. He financed the Rauner Special Collections Library at Dartmouth College, supported scholarship programs for Illinois public school students, and invested heavily in Chicago charter schools. In 2008, he was named Distinguished Philanthropist by the Chicago Association of Fundraising Professionals. He has also served on the board of the National Fish and Wildlife Foundation.