Early Life
David Mark Rubenstein was born on August 11, 1949, in Baltimore, Maryland. He grew up in a modest, working-class household. His father was a postal worker, and his mother worked part-time in a dress shop. Rubenstein attended Baltimore City College, a college preparatory high school, and later attended Duke University on a scholarship, graduating magna cum laude with a Bachelor of Arts in political science in 1970. He then earned a Juris Doctor from the University of Chicago Law School in 1973.
Rise to Success
Rubenstein's career began in law, practicing with Paul, Weiss, Rifkind, Wharton & Garrison in New York. He later served as chief counsel to the U.S. Senate Judiciary Committee's Subcommittee on Constitutional Amendments and as Deputy Domestic Policy Advisor to President Jimmy Carter. In 1987, Rubenstein co-founded The Carlyle Group with William E. Conway Jr. and Daniel A. D'Aniello. The Carlyle Group has become one of the world's largest and most successful private equity firms. In 2024, Rubenstein acquired the Baltimore Orioles baseball team.
Key Business Strategies
Rubenstein's success is attributed to his strategic vision, strong networking skills, and philanthropic endeavors. He focused on government-oriented firms initially, leveraging his Washington D.C. base. Rubenstein has also been instrumental in attracting capital and cultivating relationships with global leaders. His investment principles include looking for undervalued assets and creating value through strategic investments.
Philanthropy
David Rubenstein is well-known for his philanthropic activities, which he calls “patriotic philanthropy.” He has made substantial donations to numerous institutions, including Duke University, Harvard University, the University of Chicago, Johns Hopkins University, the Smithsonian Institution, and the National Gallery of Art. Rubenstein's philanthropic efforts include the preservation of American history and the support of cultural and educational institutions. He is also a signatory of The Giving Pledge, committing to donate the majority of his wealth to charity.