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David M. Rubenstein at the World Economic Forum annual meeting in Davos, 2009
|Born||August 11, 1949|
|Education||Duke University (BA) |
University of Chicago (JD)
|Occupation||Chairman of the Council on Foreign Relations, Co-Founder and Co-Executive Chairman of The Carlyle Group|
|Net worth||US$3.2 billion (September 2020)|
|Board member of||Kennedy Center|
Council on Foreign Relations
National Gallery of Art
University of Chicago
Memorial Sloan Kettering Cancer Center
Johns Hopkins Medicine
Lincoln Center for the Performing Arts
Institute for Advanced Study
American Academy of Arts and Sciences
|Spouse(s)||Alice Rogoff (1983–2017)|
David Mark Rubenstein (born August 11, 1949) is an American businessman and philanthropist. A former financial analyst and lawyer, he is a co-founder and co-executive chairman of American private equity firm The Carlyle Group, a global private equity investment company based in Washington, D.C. He is chairman of the Kennedy Center for the Performing Arts, chairman of the Smithsonian Institution, chairman of the Council on Foreign Relations, and president of The Economic Club of Washington, D.C. According to Forbes, Rubenstein has a net worth of $3.2 billion.
Early life and education
He graduated from the college preparatory high school Baltimore City College, at the time an all-male school, and then from Duke University Phi Beta Kappa and magna cum laude in 1970. He earned his J.D. degree from the University of Chicago Law School in 1973, where he was an editor of the University of Chicago Law Review.
Early law career
From 1973 to 1975, Rubenstein practiced law in New York with Paul, Weiss, Rifkind, Wharton & Garrison. From 1975 to 1976, he served as chief counsel to the U.S. Senate Judiciary Committee's Subcommittee on Constitutional Amendments. Rubenstein also served as a deputy domestic policy advisor to President Jimmy Carter and worked in private practice in Washington, D.C.
In private equity
In 1987, Rubenstein founded The Carlyle Group with William E. Conway, Jr. and Daniel A. D'Aniello. The firm has grown into a global investment firm with $223 billion of assets under management, with more than 1,550 employees in 31 offices on six continents.
According to A Pursuit of Wealth by Sicelo P. Nkambule, David Rubenstein expressed fear that the private equity boom would end in January 2006: "This has been a golden age for our industry, but nothing continues to be golden forever". One month later, he said: "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". According to Nkambule: “These concerns proved to be right as at the end of 2007 the buyout market collapsed...As leveraged loan activity came to an abrupt stop, private equity firms were unable to secure financing for their transactions.”
In May 2008, Rubenstein said: "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."
Rubenstein has said that he was once offered the opportunity to meet Mark Zuckerberg (and invest in Facebook) before he dropped out of Harvard but decided against it, and this is his single greatest investment regret.  Rubenstein also said that he turned down a 20% stake in Amazon during the very early years of the company. He told Amazon founder Jeff Bezos that if he got lucky and everything worked out he would at most be worth $300 million.
In 2018, he formed Declaration Capital, a family office focused on venture, growth, and family-owned businesses.
The Carlyle Fund, that Rubenstein founded, owns a number of mobile home parks and has been criticised for pushing poor people out of their mobile homes by hiking up the rental price. John Oliver, in his show, pointed out that manufactured homes are not easy or cheap to relocate, and so poor residents on fixed incomes face eviction and homelessness as rent increases threaten to price them out of their mobile home parks.
In October 2019, Rubenstein's first book was published.  Called The American Story: Interviews with Master Historians (Simon & Schuster), the book features interviews with historians talking about their areas of historical expertise. Among others, Rubenstein interviews David McCullough on John Adams, Jon Meachem on Thomas Jefferson, Ron Chernow on Alexander Hamilton, and Walter Isaacson on Benjamin Franklin.
Television show host
Rubenstein hosts The David Rubenstein Show: Peer to Peer Conversations, which airs on Bloomberg Television and many PBS stations, and is available on CuriosityStream. The show began airing in October, 2016.
Rubenstein lives in Bethesda, Maryland, and was married to Alice Rubenstein (née Alice Nicole Rogoff), founder of the Alaska House New York and the Alaska Native Arts Foundation and former owner of Alaska Dispatch News. They met while both were working for the Carter Administration and married on May 21, 1983. They have three children, Alexandra, Gabrielle, and Andrew. The couple divorced on December 8, 2017.
He has made large gifts to Duke University, Harvard University, Johns Hopkins University, the University of Chicago, the Smithsonian Institution, The John F. Kennedy Center for the Performing Arts, the National Archives, the Library of Congress, and the National Park Foundation.
In December 2007 Rubenstein purchased the last privately owned copy of the Magna Carta at Sotheby's auction house in New York for $21.3 million. He has lent it to the National Archives in Washington, D.C. In 2011, Rubenstein gave $13.5 million to the National Archives for a new gallery and visitor's center. He has purchased rare so-called Stone copies of the Declaration of Independence, the Emancipation Proclamation, the 13th Amendment, and the Constitution and has lent these documents to the State Department, the National Archives, the National Constitution Center, the Smithsonian and Mount Vernon.
Rubenstein was elected Chairman of the Board of the Kennedy Center, Washington, DC, starting in May 2010. He was Vice Chairman of the Board of the Lincoln Center for the Performing Arts, New York, and chairman of its fundraising drive. A new atrium was named for him. He is Chairman of the board of regents of the Smithsonian Institution.
In December 2011, Rubenstein donated $4.5 million to the National Zoo for its giant panda reproduction program. The panda complex was then named the David M. Rubenstein Family Giant Panda Habitat for the next five years and conservation biologists in the U.S. and China who are awarded National Zoo fellowships for their work to save pandas would be named "David M. Rubenstein Fellows." Another $4.5 million was donated in September 2015, about four weeks after a male giant panda cub was born. He also donated $10 million to the National Gallery of Art in support of refurbishment and expansion of the East Building of the National Gallery, work that was completed in September 2016. He is on the Board of Trustees of the National Gallery.
In April 2013 and 2015, he donated a total of $20 million to the Thomas Jefferson Foundation, which was used to rebuild at least two buildings in the enslaved community on Mulberry Row at Monticello. The funds were also used to restore Jefferson's original road scheme, restore the second and third stories of Jefferson's home which were mostly empty, and replace infrastructure.
In November 2013, he bought a copy of the Bay Psalm Book for $14.1 million, the highest price ever paid for a printed book, and pledged to lend it to public collections and exhibitions around the world.
In 2014, he donated $10 million to Montpelier, to support the renovation of the home of James Madison.
In November 2015, he donated $20 million for the New Commons Building at the Institute for Advanced Study. The building will be named Rubenstein Commons and will feature conference space, meeting rooms, a cafe, and office space.
On February 15, 2016, Presidents' Day, Rubenstein presented a gift of $18.5 million to the National Park Foundation to expand educational resources, foster public access, and repair and restore the Lincoln Memorial on the National Mall in Washington, DC. The Park Service plans to create 15,000 square feet of visitor space in the undercroft of the memorial. This gift, presented during National Park Service's centennial year, was Rubenstein's fourth gift to benefit US national parks. On December 2, 2016, Rubenstein in conjunction with the National Parks Foundation, agreed to cover the cost of elevator upgrades to the Washington Monument. The monument reopened on September 19, 2019.
In October 2016, he donated $15 million to the Department Otolaryngology – Head and Neck Surgery at the Johns Hopkins School of Medicine to create a hearing center focused on restoring functional hearing loss.
In October 2019, the National Parks Foundation announced that David Rubenstein donated $10 million for upgrades to the Thomas Jefferson Memorial in Washington, D.C. The gift funds a new and expanded museum within the memorial that was expected to be completed in time for the memorial’s 80th anniversary in 2023.
Rubenstein refers to his gifts related to reminding Americans of their historical heritage as "patriotic philanthropy".
Rubenstein served as chairman of the board of trustees of Duke University from 2013 to 2017. Rubenstein has made several gifts to Duke University. He donated $5 million to Duke's Sanford School of Public Policy in 2002, after which Rubenstein Hall was named for him. In 2009, he donated an additional $5.75 million to the school. In 2011, he also donated $13.6 million to the Duke University Libraries in support of renovating the university's special collections library, which was named the David M. Rubenstein Rare Book & Manuscript Library. In 2012, he donated $15 million to support the university's Innovation and Entrepreneurship Initiative. That same year, he gave another $10 million to support Duke Athletics. In 2013, Rubenstein donated $10 million to fund graduate fellowships and undergraduate internships at the Sanford School of Public Policy. In 2014, Rubenstein donated $1.9 million to Jewish Life at Duke to expand programming, fund building renovations and enhance the college experience for Jewish students. In 2015, Rubenstein gave $25 million towards the new $50 million, 71,000-square foot Arts Center, set to be inaugurated in 2017. In 2017, he gave Duke another $20 million to endow a scholarship for first generation, low income students.
University of Chicago
Rubenstein was elected to the board of trustees of the University of Chicago on May 31, 2007.
In 2010, 2013 and 2016, he provided a total of $33 million to the Law School for scholarships. The gifts will fund up to 60 full-tuition scholarships in three consecutive Law School graduating classes. Approximately 10 percent of all students from the Classes of 2017, 2018, and 2019 will be Rubenstein Scholars.
In 2014, he provided the lead funding for a Forum to serve as the University's principal conference center.
Rubenstein has donated $60 million to the Harvard Kennedy School to facilitate its fellowship program and to help build its new campus. He chairs the Harvard Global Advisory Council. Rubenstein is a Fellow of the Harvard Corporation, the governing body of Harvard University.
Johns Hopkins University
Rubenstein has donated $20 million to Johns Hopkins Medicine, and serves on its board.
- Brookings Institution – Former Co-Chairman, Chairman Emeritus
- The Carlyle Group – Co-Founder and Co-Executive Chairman
- Council on Foreign Relations – Chairman
- The Economic Club of Washington D.C. – President
- Harvard Global Advisory Council – Chairman
- Harvard University – Harvard President Drew Faust named David Rubinstein a Fellow of Harvard College on May 25, 2016, the evening before their 2016 Commencement. He started his term in July 2017.
- Harvard Corporation – Member
- Institute for Advanced Study – Trustee
- Johns Hopkins Medicine – Trustee
- Kennedy Center for the Performing Arts – Chairman
- Lincoln Center for the Performing Arts – Director, former Vice Chairman
- Memorial Sloan-Kettering Cancer Center – Trustee
- National Gallery of Art – Trustee
- National Park Foundation – Major donor
- National Constitution Center – Director
- Smithsonian Institution – Chairman
- University of Chicago – Trustee, alumnus
- World Economic Forum – Board Member
- Library of Congress – Madison Council (Chairman)
- American Academy of Arts & Sciences, Board Member
- Bloomberg Television – The David Rubenstein Show
- Le Mémorial, N° 476, 6 May 2004, PDF page 14.
- "Profile: David Rubenstein". Forbes. Retrieved February 24, 2020.
- The Carlyle Group – Team – David M. Rubenstein January 2014
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- Robin Pogrebin (September 30, 2009). "Donor Gives Lincoln Center $10 Million". The New York Times. Retrieved July 28, 2012.
- Aaron Leibel (October 7, 2009). "Five local Jews make Forbes richest list". Washington Jewish Week. JTA News and Features. Archived from the original on September 5, 2012. Retrieved July 28, 2012.
- "David Rubenstein". Duke Angel Network. Retrieved April 7, 2017.
- Nkambule, Sicelo P. (2014). A Pursuit of Wealth. Nathan Eli. ISBN 9781312206557.
- "Carlyle Group's David Rubenstein: 'The Greatest Period for Private Equity Is Probably Ahead of Us' – [email protected]". [email protected]. Retrieved April 7, 2017.
- Mac William Bishop (June 1, 2011). "'The Deal I Missed': David Rubenstein". The New York Times. Retrieved July 28, 2012.
- Tuck School of Business (May 29, 2020). "Tuck Welcomes Guest Speakers Steve Schwarzman and David Rubenstein". YouTube.
- "Carlyle's David Rubenstein Builds a Family Office With Ambitions Beyond the Family". Bloomberg.com. May 24, 2018. Retrieved September 8, 2020.
- Reagor, Catherine (June 2, 2020). "4 older Mesa mobile home parks sold to big investor for $230 million". The Arizona Republic.
- Roberts, Sydney (April 28, 2019). "David Rubenstein's private equity firm is pushing poor people out of their homes". The Chronicle.
- "The American Story". October 29, 2019 – via www.simonandschuster.com.
- "The David Rubenstein Show: Peer-to-Peer Conversations". Bloomberg.com. Retrieved September 8, 2020.
- "D.M. Rubenstein Wed To Alice Nicole Rogoff". The New York Times. May 22, 1983. Retrieved July 28, 2012.
- "Billionaire David Rubenstein and his wife, Alice Rogoff, divorce". Washington Post. Retrieved December 10, 2017.
- "40 billionaires pledge to donate half their wealth". Boston.com.
- Bone, James (December 19, 2007). "Magna Carta bought for $21m by US tycoon". The Times (London). Archived from the original on November 21, 2008. Retrieved July 28, 2012.
- Mike Nizza (March 4, 2008). "Magna Carta Returns to National Archives". The New York Times. Retrieved March 26, 2009.
- National Archives and Records Administration (June 2011). "$13.5 million gift to Foundation". Declarations (603): 3.
- "Carlyle CEO buys 1776 printing of Declaration of Independence". Reuters.
- "Billionaire Snaps Up Lincoln's Emancipation Proclamation For $2 Million". Forbes. Forbes.
- "Carlyle Co-Founder Gives $10 Million for White House History Center". The Wall Street Journal.
- Jacqueline Trescott (March 4, 2010). "Carlyle Group co-founder named chairman of Kennedy Center board". The Washington Post. Retrieved July 28, 2012.
- Ruane, Michael E. (January 18, 2012). "Billionaire philanthropist Rubenstein to give millions to help fix Washington Monument". The Washington Post. Retrieved January 19, 2012.
- Ruane, Michael E. (December 19, 2011). "National Zoo announces $4.5 million gift to support panda program". The Washington Post. Retrieved July 1, 2013.
- Jacobs, Jereon. "National Zoo's Giant Panda Habitat Named for Donor David M. Rubenstein". GiantPandaZoo.com. Retrieved July 1, 2013.
- "Press Release – National Zoo- FONZ". Archived from the original on December 8, 2015.
- Mak, Tim (January 19, 2012). "Billionaire David Rubenstein gives Washington Monument repair effort $7.5M boost". Politico. Retrieved January 19, 2012.
- Zonger, Brett (January 19, 2012). "Washington Monument Gets $7.5M for Repairs". ABC News. Associated Press. Retrieved January 19, 2012.
- "KC firm BNIM will help design $100 million expansion of Kennedy Center". KansasCity.com. Retrieved April 5, 2013.
- "Monticello's Historic Mountaintop Project to Receive Second $10 Million Gift". Monticello.
- Zongker, Brett (April 20, 2013). "$10M gift spurs restoration at Jefferson's estate". Huffington Post. Retrieved April 20, 2013.
- "World's most valuable book sells for record $14.1 million – Toronto Star". The Star. Toronto. November 26, 2013.
- "David Rubenstein Shines Light on James Madison's Montpelier with $10 Million Gift" (PDF). Archived from the original (PDF) on March 20, 2016.
- "David Rubenstein Donates $20 Million for New Building at the Institute for Advanced Study".
- The Associated Press. "Philanthropist David Rubenstein Gives $18M to Refurbish Lincoln Memorial". NBCnews.com. NBC News. Retrieved February 17, 2016.
- "David Rubenstein Donates $18.5 Million to the National Park Foundation to Restore the Lincoln Memorial". www.kctv5.com. Archived from the original on February 23, 2016. Retrieved February 15, 2016.
- Ruane, Michael E. (December 2, 2016). "Washington Monument to remain closed for at least two more years" – via www.WashingtonPost.com.
- "Our Long 3-Year Wait Is Over: The Washington Monument Reopens". NPR.org. Retrieved April 18, 2020.
- "New $15 Million Gift from David Rubenstein Creates Center to Help Restore Hearing Loss - 10/13/2015". www.hopkinsmedicine.org.
- "Patriotic Philanthropist David Rubenstein Donates $10 Million to Create State-of-the-Art Museum and Enhance Visitor Experience at Thomas Jefferson Memorial in Washington, DC". National Park Foundation. Retrieved November 1, 2019.
- "David Rubenstein to leave Duke's Board of Trustees in 2017 after years of University contributions". The Chronicle. Retrieved December 7, 2017.
- "David Rubenstein Commits $10 Million to Duke's Sanford School of Public Policy". Retrieved April 12, 2017.
- Eric Ferreri (October 20, 2009). "Duke trustee donates $5.75 million for public policy school". newsobserver.com. Archived from the original on November 2, 2012. Retrieved July 28, 2012.
- Aaron Welborn (August 17, 2011). "Duke Libraries Receive $13.6 Million Rubenstein Gift". DukeToday. Retrieved July 28, 2012.
- Michael J. Schoenfeld (May 11, 2012). "Rubenstein Gives $15 Million for Duke's Innovation and Entrepreneurship Initiative". DukeToday. Retrieved July 28, 2012.
- "Blue Zone – The Chronicle". The Chronicle. Archived from the original on December 15, 2012. Retrieved December 13, 2012.
- "Rubenstein donates $10 million to the Sanford School of Public Policy". The Chronicle. Archived from the original on May 4, 2013. Retrieved April 30, 2013.
- "Rubenstein Gift to Enhance Jewish Life at Duke". today.duke.edu.
- "$25 Million Gift, $50 Million Center to Elevate Arts". Duke Today.
- "$20 Million Gift Endows First-Generation Scholarship Program".
- "Two business leaders join University Board of Trustees". chronicle.uchicago.edu. Retrieved December 7, 2017.
- "David Rubenstein, '73, Renews Rubenstein Scholars Program with Additional $10 Million Gift". The University of Chicago The Law School.
- "New building for south side of Midway". The Chicago Maroon.
- "Rubenstein Gives $5M to K-School | News | The Harvard Crimson". www.thecrimson.com. Retrieved August 15, 2019.
- May 23; 2017. "The New Corporation Man | News | The Harvard Crimson". www.thecrimson.com. Retrieved August 15, 2019.CS1 maint: numeric names: authors list (link)
- "New $15 Million Gift from David Rubenstein Creates Center to Help Restore Hearing Loss - 10/13/2015". www.hopkinsmedicine.org. Retrieved August 15, 2019.
- The Brookings Institution – Board of Trustees Archived July 5, 2014, at the Wayback Machine January 2014
- "The Carlyle Group Names New Executive Leadership Team | The Carlyle Group". www.carlyle.com. Retrieved August 15, 2019.
- Council on Foreign Relations – Board of Directors January 2014
- Economic Club of Washington – About Us Archived January 2, 2014, at the Wayback Machine January 2014
- "David M. Rubenstein to Join Harvard Corporation". Harvard Magazine. May 25, 2016. Retrieved December 7, 2017.
- "New member of Harvard Corporation". May 25, 2016.
- "New member of Harvard Corporation". Harvard Gazette. May 25, 2016. Retrieved December 7, 2017.
- Institute for Advanced Study – Board of Trustees January 2014
- Johns Hopkins University – Board of Trustees January 2014
- Kennedy Center for the Performing Arts – Board of Trustees January 2014
- Lincoln Center – Board of Directors January 2014
- Smithsonian Institution – Board of Regents January 2014
- University of Chicago – Board of Trustees January 2014
- World Economic Forum – Contributors January 2014
- "Librarian of Congress Announces David M. Rubenstein as Chairman of James Madison Council". Library of Congress.
- David Oliver (October 17, 2016). "David Rubenstein to Host Bloomberg TV Series". U.S. News & World Report. Retrieved November 17, 2016.
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