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David M. Rubenstein is the co-founder of The Carlyle Group, a global private equity firm. In the 2011 Forbes ranking of the wealthiest Americans, Rubenstein was ranked 138th richest person in the United States and 418th in the world with a net worth of $2.8 billion
Rubenstein grew up an only child in a Jewish family in an exclusively Jewish neighborhood in Baltimore.[3][4] He graduated from the college preparatory high school Baltimore City College, and then from Duke University magna cum laude in 1970. He earned his law degree from the University of Chicago Law School in 1973, where he was an editor of the University of Chicago Law Review. From 1973 to 1975, Rubenstein practiced law in New York with Paul, Weiss, Rifkind, Wharton & Garrison. Prior to starting Carlyle in 1987, with William E. Conway, Jr. and Daniel A. D'Aniello, Rubenstein was a domestic policy advisor to President Jimmy Carter and worked in private practice in Washington, D.C.
Although in 2006 private equity activity was booming and larger companies than ever before were bought out, insiders feared the day that it would abruptly end. On two different occasions David Rubenstein expressed this fear. In January 2006, he stated: “This has been a golden age for our industry, but nothing continues to be golden forever".[5] One month later, he emphasized this concern more explicitly: "Right now we're operating as if the music's not going to stop playing and the music is going to stop. I am more concerned about this than any other issue" ,[6] These concerns proved to be right as at the end of 2007 the buyout market collapsed. This collapse can largely be attributed to the credit crunch, which significantly increased the cost of borrowing. As leveraged loan activity came to an abrupt stop, private equity firms were unable to secure financing for their transactions. As the consequences of the credit crunch unveiled themselves, many previously announced buyouts were cancelled.
In May 2008 David Rubenstein stated: “But once this period is over, once the debt on the books of the banks is sold and new lending starts, I think you'll see the private equity industry coming back in what I call the Platinum Age - better than it's ever been before. I do think that the private equity industry has a great future and that the greatest period for private equity is probably ahead of us.”
David Rubenstein's father was a post office worker earning $7000 annually and his mother a house wife. In a speaking engagement at the University of Maryland, he revealed that his mother wanted him to grow up and become a dentist. Rubenstein has stated that he was once offered to meet Mark Zuckerberg before he dropped out of Harvard but decided against it. This is his single greatest investment regret.[8]
He lives in Bethesda, Maryland, and is married to Alice Rubenstein (née Alice Nicole Rogoff), founder of the Alaska House New York and the Alaska Native Arts Foundation. They were married on May 21, 1983.[9] They have three children together.
Rubenstein is among the group of American billionaires who have pledged to donate more than half of their wealth to philanthropic causes or charities as part of The Giving Pledge.
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