David Rubenstein

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,[3] 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 $3.4 billion.[2]

For the founding Executive Director for the Save Darfur Coalition, see David Rubenstein (activist).

David Rubenstein
David M. Rubenstein at the World Economic Forum annual meeting in Davos, 2009
Born (1949-08-11) August 11, 1949[1]
Baltimore, Maryland, U.S.
EducationDuke University (BA)
University of Chicago (JD)
OccupationChairman of the Council on Foreign Relations, Co-Founder and Co-Executive Chairman of The Carlyle Group
Net worthUS$3.4 billion (February 2020)[2]
Board member ofKennedy Center
Smithsonian Institution
Council on Foreign Relations
Harvard Corporation
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
Duke University
Spouse(s)Alice Rogoff (1983–2017)
Children3
Websitewww.davidrubenstein.com

Early life and education

Rubenstein grew up an only child in a Jewish family in Baltimore. His beginnings were modest. His father was employed by the United States Postal Service and his mother was a homemaker.[4][5]

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.

Business career

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.[6]

In private equity
Rubenstein (left) speaks with US Secretary of State Mike Pompeo in 2019

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.”[7]

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."[8]

Rubenstein has said that he was once offered the opportunity to meet Mark Zuckerberg before he dropped out of Harvard but decided against it, and this is his single greatest investment regret.[9]

In 2018, he formed Declaration Capital, a family office focused on venture, growth, and family-owned businesses.[10]

Publishing

In October 2019, Rubenstein's first book was published. [11] 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.[12]

Personal life

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.[13] They have three children, Alexandra, Gabrielle, and Andrew. The couple divorced on December 8, 2017.[14]

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.[15]

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.[16] He has lent it to the National Archives in Washington, D.C.[17] In 2011, Rubenstein gave $13.5 million to the National Archives for a new gallery and visitor's center.[18] He has purchased rare so-called Stone copies of the Declaration of Independence,[19] the Emancipation Proclamation,[20] the 13th Amendment,[21] 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.[22] He is Chairman of the board of regents of the Smithsonian Institution.[23]

In December 2011, Rubenstein donated $4.5 million to the National Zoo for its giant panda reproduction program.[24] 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."[25] Another $4.5 million was donated in September 2015, about four weeks after a male giant panda cub was born.[26] 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 2012, he donated $7.5 million towards the repair of the Washington Monument.[27][28]

In 2013, he donated $50 million to the John F. Kennedy Center for the Performing Arts, which is being used for a 65,000 square foot addition.[29]

In April 2013 and 2015, he donated a total of $20 million[30] 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.[31]

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.[32]

In 2014, he donated $10 million to Montpelier, to support the renovation of the home of James Madison.[33]

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.[34]

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.[35] This gift, presented during National Park Service's centennial year, was Rubenstein's fourth gift to benefit US national parks.[36] On December 2, 2016, Rubenstein in conjunction with the National Parks Foundation, agreed to cover the cost of elevator upgrades to the Washington Monument.[37] The monument reopened on September 19, 2019.[38]

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.[39]

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.[40]

Rubenstein refers to his gifts related to reminding Americans of their historical heritage as "patriotic philanthropy".

Duke University

Rubenstein served as chairman of the board of trustees of Duke University from 2013 to 2017.[41] 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.[42] In 2009, he donated an additional $5.75 million to the school.[43] 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.[44] In 2012, he donated $15 million to support the university's Innovation and Entrepreneurship Initiative.[45] That same year, he gave another $10 million to support Duke Athletics.[46] In 2013, Rubenstein donated $10 million to fund graduate fellowships and undergraduate internships at the Sanford School of Public Policy.[47] 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.[48] In 2015, Rubenstein gave $25 million towards the new $50 million, 71,000-square foot Arts Center, set to be inaugurated in 2017.[49] In 2017, he gave Duke another $20 million to endow a scholarship for first generation, low income students.[50]

University of Chicago

Rubenstein was elected to the board of trustees of the University of Chicago on May 31, 2007.[51]

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.[52]

In 2014, he provided the lead funding for a Forum to serve as the University's principal conference center.[53]

Harvard University

Rubenstein has donated $60 million to the Harvard Kennedy School[54] 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.[55]

Johns Hopkins University

Rubenstein has donated $20 million to Johns Hopkins Medicine, and serves on its board.[56]

Affiliations
gollark: I mean, *firm/user* ones should at least be based on their income or something.
gollark: The problem isn't alts. The problem is that the system is broken. In real economies, trading on two "accounts" at once wouldn't do anything.
gollark: I could run a much smaller-scale *similar* thing just using the price craziness.
gollark: No, it's a consequence of a somewhat weird feature and the extremely weird price mechanism.
gollark: Also, "it's generally broken and we'll randomly wipe it" sounds more pre-alpha than beta.

References
  1. Le Mémorial, N° 476, 6 May 2004, PDF page 14.
  2. "Profile: David Rubenstein". Forbes. Retrieved February 24, 2020.
  3. The Carlyle Group – Team – David M. Rubenstein January 2014
  4. Robin Pogrebin (September 30, 2009). "Donor Gives Lincoln Center $10 Million". The New York Times. Retrieved July 28, 2012.
  5. 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.
  6. "David Rubenstein". Duke Angel Network. Retrieved April 7, 2017.
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  9. Mac William Bishop (June 1, 2011). "'The Deal I Missed': David Rubenstein". The New York Times. Retrieved July 28, 2012.
  10. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved October 30, 2018.
  11. "The American Story". October 29, 2019 – via www.simonandschuster.com.
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  14. "Billionaire David Rubenstein and his wife, Alice Rogoff, divorce". Washington Post. Retrieved December 10, 2017.
  15. "40 billionaires pledge to donate half their wealth". Boston.com.
  16. 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.
  17. Mike Nizza (March 4, 2008). "Magna Carta Returns to National Archives". The New York Times. Retrieved March 26, 2009.
  18. National Archives and Records Administration (June 2011). "$13.5 million gift to Foundation". Declarations (603): 3.
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  20. "Billionaire Snaps Up Lincoln's Emancipation Proclamation For $2 Million". Forbes. Forbes.
  21. "Carlyle Co-Founder Gives $10 Million for White House History Center". The Wall Street Journal.
  22. Jacqueline Trescott (March 4, 2010). "Carlyle Group co-founder named chairman of Kennedy Center board". The Washington Post. Retrieved July 28, 2012.
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  24. Ruane, Michael E. (December 19, 2011). "National Zoo announces $4.5 million gift to support panda program". The Washington Post. Retrieved July 1, 2013.
  25. Jacobs, Jereon. "National Zoo's Giant Panda Habitat Named for Donor David M. Rubenstein". GiantPandaZoo.com. Retrieved July 1, 2013.
  26. "Press Release – National Zoo- FONZ". Archived from the original on December 8, 2015.
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  28. Zonger, Brett (January 19, 2012). "Washington Monument Gets $7.5M for Repairs". ABC News. Associated Press. Retrieved January 19, 2012.
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  30. "Monticello's Historic Mountaintop Project to Receive Second $10 Million Gift". Monticello.
  31. Zongker, Brett (April 20, 2013). "$10M gift spurs restoration at Jefferson's estate". Huffington Post. Retrieved April 20, 2013.
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  33. "David Rubenstein Shines Light on James Madison's Montpelier with $10 Million Gift" (PDF). Archived from the original (PDF) on March 20, 2016.
  34. "David Rubenstein Donates $20 Million for New Building at the Institute for Advanced Study".
  35. The Associated Press. "Philanthropist David Rubenstein Gives $18M to Refurbish Lincoln Memorial". NBCnews.com. NBC News. Retrieved February 17, 2016.
  36. "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.
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  38. "Our Long 3-Year Wait Is Over: The Washington Monument Reopens". NPR.org. Retrieved April 18, 2020.
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