David Mark Rubenstein (born August 11, 1949) is an American billionaire businessman. A former government official and lawyer, he is a co-founder and co-chairman of the
private equity firm
The Carlyle Group,
[The Carlyle Group – Team – David M. Rubenstein]
January 2014 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
National Gallery of Art, chairman of the
Council on Foreign Relations
The Council on Foreign Relations (CFR) is an American think tank specializing in U.S. foreign policy and international relations. Founded in 1921, it is a nonprofit organization that is independent and nonpartisan. CFR is based in New York City ...
, and chairman of
The Economic Club of Washington, D.C., and former chairman of the Duke University Board of Trustees, and former chairman of the
Smithsonian Institution. In 2022, he became chair of the
University of Chicago's Board of Trustees. According to ''
Forbes'', Rubenstein has a net worth of US$3.2 billion as of December 2022.
Early life and education
Rubenstein grew up an only child in a Jewish family in
Baltimore
Baltimore ( , locally: or ) is the most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore was ...
. His beginnings were modest. His father was employed by the
United States Postal Service and his mother was a
homemaker.
He graduated from the
college preparatory high school Baltimore City College
Baltimore City College, known colloquially as City, City College, and B.C.C., is a college preparatory school with a liberal arts focus and selective school, selective admissions criteria located in Baltimore, Maryland. Opened in October 1839, B ...
, at the time an all-male school. He then attended
Duke University
Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day city of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist Jame ...
, where he was elected to
Phi Beta Kappa
The Phi Beta Kappa Society () is the oldest academic honor society in the United States, and the most prestigious, due in part to its long history and academic selectivity. Phi Beta Kappa aims to promote and advocate excellence in the liberal ar ...
and graduated ''
magna cum laude
Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some Sou ...
'' with a Bachelor of Arts in Political Science in 1970. He earned his
J.D. from the
University of Chicago Law School in 1973, where he was an editor of the ''
University of Chicago Law Review''.
Business career
Early law career
From 1973 to 1975, Rubenstein practiced law in New York with
Paul, Weiss, Rifkind, Wharton & Garrison
Paul, Weiss, Rifkind, Wharton & Garrison LLP (known as Paul, Weiss) is an American multinational law firm headquartered on Sixth Avenue in New York City. By profits per equity partner, it is the fifth most profitable law firm in the world.
...
. 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.
The Carlyle Group
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 $293 billion of assets under management,
with more than 1,800 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
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher l ...
but decided against it, and this is his single greatest investment regret. Rubenstein also said that he turned down a 20% stake in
Amazon
Amazon most often refers to:
* Amazons, a tribe of female warriors in Greek mythology
* Amazon rainforest, a rainforest covering most of the Amazon basin
* Amazon River, in South America
* Amazon (company), an American multinational technology co ...
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, real estate, and family-owned businesses.
Mobile home parks controversy
Rubenstein was publicly criticized for the work of The Carlyle Group of which he is the chairman, which owns a number of mobile home parks and has been pushing poor people out of their mobile homes by hiking up the rental price. In an episode of ''
Last Week Tonight
A last is a mechanical form shaped like a human foot. It is used by shoemakers and cordwainers in the manufacture and repair of shoes. Lasts typically come in pairs and have been made from various materials, including hardwoods, cast iron, and ...
'',
John Oliver 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.
Publishing
In October 2019, Rubenstein's first book was published. Called ''The American Story: Interviews with Master Historians'' (
Simon & Schuster
Simon & Schuster () is an American publishing company and a subsidiary of Paramount Global. It was founded in New York City on January 2, 1924 by Richard L. Simon and M. Lincoln Schuster. As of 2016, Simon & Schuster was the third largest pu ...
), 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.
His second book, ''How to Lead'', was published by Simon & Schuster in September 2020. This book contains Rubenstein's reflections on leadership as well as 30 interviews with business, government, military, sports and cultural leaders. In September 2021, Simon and Schuster published Rubenstein's third book, ''The American Experiment'', which describes how America's government and democratic ideals have evolved over the centuries as told through the lives of Americans who have embodied the American dream.
Television show and podcast host
Rubenstein hosts two shows on
Bloomberg Television
Bloomberg Television (on-air as Bloomberg) is an American-based pay television network focusing on business and capital market programming, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is head ...
: ''The David Rubenstein Show: Peer to Peer Conversations'' and ''Bloomberg Wealth with David Rubenstein''. ''Peer to Peer'', which began airing in October 2016, also airs on many PBS stations and is available on Curiosity Stream.
He also hosts ''History with David Rubenstein'' on PBS, a TV show produced by the
New-York Historical Society
The New-York Historical Society is an American history museum and library in New York City, along Central Park West between 76th and 77th Streets, on the Upper West Side of Manhattan. The society was founded in 1804 as New York's first museum. ...
. Rubenstein also hosts the audio podcast "For the Ages", also produced by the New-York Historical Society.
Personal life
Rubenstein lives in
Bethesda, Maryland
Bethesda () is an unincorporated, census-designated place in southern Montgomery County, Maryland. It is located just northwest of Washington, D.C. It takes its name from a local church, the Bethesda Meeting House (1820, rebuilt 1849), which i ...
, and was married to
Alice Rubenstein (''née'' Alice Nicole Rogoff), founder of the Alaska House New York and the
Alaska Native Arts Foundation
The Alaska Native Arts Foundation (in operation 2002–2016) was a non-profit organization formed to support the Alaska Native art community. Its mission was focused on economic development to create fairly-priced markets for Alaska Native art as ...
and former owner of
Alaska Dispatch News
The ''Anchorage Daily News'' is a daily newspaper published by the Binkley Co., and based in Anchorage, Alaska. It is the most widely read newspaper and news website (adn.com) in the state of Alaska.
The newspaper is headquartered in Anchorage, ...
. They met while both were working for the Carter Administration and married on May 21, 1983. They have three children, Alexandra, Gabrielle, and Andrew. His daughter, Gabrielle, founded Manna Tree, a private equity firm that invests in health and nutrition companies. The couple divorced on December 8, 2017.
Philanthropy
Rubenstein was among the initial 40 individuals who have pledged to donate more than half of their wealth to
philanthropic causes or charities as part of
The Giving Pledge.
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, the Abel Buell map, the Bay Psalm Book, 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 in
Washington, D.C.
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, Na ...
, starting in May 2010. He was vice chairman of the board of the
Lincoln Center for the Performing Arts in New York, and chairman of its fundraising drive. A new atrium was named for him.
He was 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. Rubenstein contributed $10 million in 2021 to support digital and other operations of the Gallery. In 2021, he was named chairman of the board of trustees of the National Gallery of Art
In 2012, he donated $7.5 million towards the repair of the
Washington Monument, and donated another $3 million to refurbish the Monument’s elevator.
In 2013, he donated $50 million to the
John F. Kennedy Center for the Performing Arts
The John F. Kennedy Center for the Performing Arts (formally known as the John F. Kennedy Memorial Center for the Performing Arts, and commonly referred to as the Kennedy Center) is the United States National Cultural Center, located on the Potom ...
, which was used for a 65,000 square foot addition.
In 2013, he donated $10 million towards the construction of a library at George Washington's
Mount Vernon.
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
''The Whole Booke of Psalmes Faithfully Translated into English Metre'', commonly called the Bay Psalm Book, is a metrical psalter first printed in 1640 in Cambridge, Massachusetts. It was the first book printed in British North America. The psa ...
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 July 2014, he donated $12 million towards the refurbishment of Arlington House at
Arlington National Cemetery
Arlington National Cemetery is one of two national cemeteries run by the United States Army. Nearly 400,000 people are buried in its 639 acres (259 ha) in Arlington, Virginia. There are about 30 funerals conducted on weekdays and 7 held on Sa ...
.
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
Presidents' Day, also called Washington's Birthday at the federal governmental level, is a holiday in the United States celebrated on the third Monday of February to honor all persons who served as presidents of the United States and, since 187 ...
, 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
The National Mall is a landscaped park near the downtown area of Washington, D.C., the capital city of the United States. It contains and borders a number of museums of the Smithsonian Institution, art galleries, cultural institutions, and var ...
in Washington, DC. The Park Service plans to create 15,000 square feet of visitor space in the
undercroft
An undercroft is traditionally a cellar or storage room, often brick-lined and vaulted, and used for storage in buildings since medieval times. In modern usage, an undercroft is generally a ground (street-level) area which is relatively open ...
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 Park Foundation, agreed to cover the cost of elevator upgrades to the Washington Monument. The monument reopened on September 19, 2019.
In 2016, he donated $25 million for a
pancreatic cancer center at
Memorial Sloan Kettering Cancer Center.
In October 2019, the National Park 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.
In 2020, he donated $10 million to the Library of Congress for the refurbishment of its Jefferson Building.
Duke University
Rubenstein has donated over $100 million to Duke University and served as chair of its board of trustees from 2013 to 2017. Rubenstein's first large gift to Duke was in 2002, when he donated $5 million to Duke's
Sanford School of Public Policy
The Sanford School of Public Policy at Duke University is named after former Duke president and Governor of North Carolina Terry Sanford, who established the university's Institute for Policy Sciences and Public Affairs in 1971 as an interdiscipli ...
in 2002; that gift led to the naming of Rubenstein Hall. In 2009, he donated an additional $5.75 million to support Duke's public policy program. In 2011, he 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
and $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
The Sanford School of Public Policy at Duke University is named after former Duke president and Governor of North Carolina Terry Sanford, who established the university's Institute for Policy Sciences and Public Affairs in 1971 as an interdiscipli ...
. 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 construction of a new 71,000-square foot Arts Center. In 2017, he donated $20 million to endow scholarships 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, 2016, and 2019, he provided a total of $46 million to the Law School for scholarships. The gifts will fund up to 60 full-tuition scholarships for 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.
Harvard University
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
In October 2015, Rubenstein donated $15 million to the Department of Otolaryngology-Head and Neck Surgery at the Johns Hopkins University School of Medicine to create a new hearing center focused on restoring functional hearing loss. In January 2021, he donated an additional $15 million to the same department to support development of therapeutic approaches to preserve and restore hearing. He is also an Emeritus Trustee of the Johns Hopkins University Board of Trustees.
PBS
Rubenstein has donated $10 million to PBS to help fund
Ken Burns
Kenneth Lauren Burns (born July 29, 1953) is an American filmmaker known for his documentary film, documentary films and television series, many of which chronicle United States, American History of the United States, history and Culture of the ...
documentaries and $5 million to the PBS affiliate in Washington,
WETA, to help fund a new headquarters.
United States Holocaust Memorial Museum
In May 2022, Rubenstein announced a $15 million donation to the
United States Holocaust Memorial Museum to support and expand the growth of its collection. The gift aided in the museum exceeding its $1 billion fundraising goal a year early, and as a result, the museum’s collection previously known as the National Institute for Holocaust Documentation was renamed the David M. Rubenstein National Institute for Holocaust Documentation in his honor.
Honors and recognition
*2006, Golden Plate Award of the
American Academy of Achievement
The American Academy of Achievement, colloquially known as the Academy of Achievement, is a non-profit educational organization that recognizes some of the highest achieving individuals in diverse fields and gives them the opportunity to meet o ...
presented by Awards Council member
Eli Broad during the International Achievement Summit in Los Angeles
*2011, National Archives Foundation’s Records of Achievement Award, for his loan of the 1297 Magna Carta as well as a rare Stone engraving of the Declaration of Independence to the National Archives for public display
*2014, elected to the
American Academy of Arts and Sciences
The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, and ...
*2015, Carnegie Medal of Philanthropy
*2017, LBJ Foundation’s Liberty & Justice for All Award
*2018, Legend in Leadership Award of Yale SOM’s Chief Executive Leadership Institute
*2018, ABANA Achievement Award
*2018, honorary degree,
Dartmouth College
*2019, Duke’s University Medal, the school’s highest honor
*2019, The Harvard Club of Washington, DC's Public Service Award
*2019, honorary degree,
Brown University
Brown University is a private research university in Providence, Rhode Island. Brown is the seventh-oldest institution of higher education in the United States, founded in 1764 as the College in the English Colony of Rhode Island and Provide ...
*2019, elected to the
American Philosophical Society
The American Philosophical Society (APS), founded in 1743 in Philadelphia, is a scholarly organization that promotes knowledge in the sciences and humanities through research, professional meetings, publications, library resources, and communit ...
Affiliations
* Alfalfa Club, President
* American Academy of Arts & Sciences, board member
*
Bloomberg Television
Bloomberg Television (on-air as Bloomberg) is an American-based pay television network focusing on business and capital market programming, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is head ...
– ''Peer to Peer Conversations — The David Rubenstein Show''
*
Brookings Institution
The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in ...
– former Co-Chairman,
[The Brookings Institution – Board of Trustees]
January 2014 Chairman Emeritus
* The Carlyle Group – co-founder and Co-Chairman
*
University of Chicago – Trustee, alumnus
[University of Chicago – Board of Trustees]
January 2014
*
China–United States Exchange Foundation
The China–United States Exchange Foundation (CUSEF) is a Hong Kong-based nonprofit organization whose stated aim is to encourage dialogue and exchanges between the people of the United States and China. CUSEF was founded in 2008 by Tung Chee-hw ...
– Steering committee member
*
Council on Foreign Relations
The Council on Foreign Relations (CFR) is an American think tank specializing in U.S. foreign policy and international relations. Founded in 1921, it is a nonprofit organization that is independent and nonpartisan. CFR is based in New York City ...
– Chairman
[Council on Foreign Relations – Board of Directors]
January 2014
*
The Economic Club of Washington D.C. – Chairman
[Economic Club of Washington – About Us]
January 2014
* Harvard Corporation – member
* Harvard Global Advisory Council – Chairman
*
Harvard University – Harvard President Drew Faust named David Rubenstein a Fellow of Harvard College on May 25, 2016, the evening before their 2016 Commencement. He started his term in July 2017.
*
Institute for Advanced Study – Trustee
[Institute for Advanced Study – Board of Trustees]
January 2014
* Johns Hopkins Medicine – Trustee
[Johns Hopkins University – Board of Trustees]
January 2014
*
Kennedy Center for the Performing Arts – Chairman
[Kennedy Center for the Performing Arts – Board of Trustees]
January 2014
* Library of Congress – Madison Council (Chairman)
*
Lincoln Center for the Performing Arts – Director,
[Lincoln Center – Board of Directors]
January 2014 former Vice Chairman
* Memorial Sloan-Kettering Cancer Center – Trustee
* National Constitution Center – Director
* National Gallery of Art – Chairman
* National Park Foundation – major donor
*
Smithsonian Institution – former Chairman
[Smithsonian Institution – Board of Regents]
January 2014
*
Tsinghua University
Tsinghua University (; abbr. THU) is a national public research university in Beijing, China. The university is funded by the Ministry of Education.
The university is a member of the C9 League, Double First Class University Plan, Project ...
– former Chairman of the School of Economics and Management
*
World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...
– board member
[World Economic Forum – Contributors]
January 2014
References
External links
*
Board of Trusteesat World Economic Forum
U Chicago ''Chronicle'' articleDavid Rubenstein biographyat the Wharton China Business Forum; he was the opening keynote speaker for the 2010 event
*
''The David Rubenstein Show''
{{DEFAULTSORT:Rubenstein, David
1949 births
Living people
21st-century American Jews
21st-century philanthropists
American billionaires
American chief executives of financial services companies
American financial analysts
American financiers
American investors
American money managers
Baltimore City College alumni
Businesspeople from Baltimore
The Carlyle Group people
Chairs of the Council on Foreign Relations
Duke University alumni
Giving Pledgers
Jewish American attorneys
Jewish American philanthropists
Lawyers from Baltimore
New York (state) lawyers
Paul, Weiss, Rifkind, Wharton & Garrison people
Private equity and venture capital investors
Smithsonian Institution donors
Trustees of the Institute for Advanced Study
University of Chicago Law School alumni