David Rubenstein

Carlyle Turned Fundraising, Talent, and Deal Exits Into Scale

David Rubenstein argues that Carlyle’s rise from a $5 million, deal-by-deal operation in 1987 to a firm managing $500 billion was built less on one investor’s foresight than on institutional compounding: recruiting specialists, raising capital, using Washington connections to open doors, and turning successful exits into proof for the next fund. Rubenstein, who came to private equity after careers in government and law, says his role was fundraising and building the organization while his partners led investment decisions. Even at Carlyle’s scale, he says, the entrepreneur’s job remains to assume that something can go wrong.