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David Rubenstein and His Partners Have Made Billions with the Carlyle Group, the World’S Hottest Private Equity Firm

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David Rubenstein and His Partners Have Made Billions with the Carlyle Group, the World’S Hottest Private Equity Firm BIG DEALS David Rubenstein and His Partners Have Made Billions With the Carlyle Group, the World’s Hottest Private Equity Firm. How Have They Made All That Money? Why Are They in Washington? By James K. Glassman he Carlyle Group may be the Twenty years ago, the idea of a signifi cant school where he realized that “virtually no- city’s richest, most success- private global financial institution being body is Jewish. I didn’t have any real ful business, but most people based here would have been considered ludi- money, so I got a scholarship to Duke and know it only through rumor crous. But Washington is now a very differ- went there.” and innuendo. ent city. “This is no longer a hick town,” says At the start, it is a classic bildungs roman: T It is a private-equity fi rm, by most mea- Arthur Levitt Jr., former chair of the Securi- Rubenstein graduated from college Phi sures the largest in the world. It owns 144 ties and Exchange Commission and a Carlyle Beta Kappa, went on to get his law degree companies plus 99 sizable pieces of real es- adviser. “It is a major fi nancial center.” at the University of Chicago, where he was tate. Around the world, its businesses last The story of the Carlyle Group—and on the law review, and then to Paul, Weiss, year employed 184,000 people and gener- of its most conspicuous partner, David Rifkind, Wharton & Garrison, a Democrat- ated $46 billion in revenues. Rubenstein—is the story of how Washing- ic law fi rm in New York. He chose the fi rm If it were a conventional corporation, ton has changed. because he was attracted by Ted Sorensen, Carlyle would rank 37th on the Fortune a partner: “I didn’t think that I had the 500, ahead of Microsoft and every com- “If you’re Jewish, sometimes looks or the money or the personality to be pany based in DC, Maryland, and Virginia. people think your father is a lawyer or a John Kennedy, but I was inspired by pub- Each of Carlyle’s founding partners is worth doctor,” Rubenstein says as we sit down in lic service, and Sorensen was the adviser to more than a billion dollars. his offi ce, which features some of the wid- Kennedy. I fi gured maybe I could be an ad- Private equity has become the white-hot est expanses of blank walls I’ve ever seen in viser to somebody.” center of finance—“the most compelling Washington. His father was a postal clerk He worked at Paul, Weiss for a few years thing going on now,” says cable mogul who didn’t graduate from college and never and got up the nerve to ask Sorensen to John Malone. What is so remarkable is that made more than $8,000 a year. help him fi nd a position in Washington. “By the hottest of the hot is headquartered not Rubenstein spent an insulated childhood hook or crook, I got a job as chief counsel in New York or San Francisco but here in in Baltimore: “I was literally 12 or 13 before for the guy I thought might be president of modest offi ces on Pennsylvania Avenue be- I realized that everybody in the world isn’t the United States: Birch Bayh.” Rubenstein tween the Capitol and the White House. Jewish.” Then he went to a public high was Bayh’s counsel on a Senate Judiciary WASHINGTONIAN 1 JUNE 2006 Photograph by Gary Landsman Photograph In his twenties, David Rubenstein became king of the workaholic wonks at the White House. Then, with three partners and not much money, he started the Carlyle Group. A dry, witty ascetic, Rubenstein is an unlikely salesman, but last year he raised $12 billion. WASHINGTONIAN 57 JUNE 2006 Darman photograph by Terry Ashe/Time Life Pictures/Getty; D’Aniello by Gary Landsman; others courtesy of the Carlyle Group D’Aniello by Gary Landsman; Ashe/Time Life Pictures/Getty; Terry by Darman photograph Carlyle’s brain trust, clockwise from above: Cofounders Dan D’Aniello, a former high-school gymnast and Marriott executive who concentrates on real estate and operations, and Bill Conway, former chief fi nancial offi cer of MCI and now Carlyle’s top dealmaker; Ed Mathias, who raised the cash that got Carlyle started and now focuses on venture- capital deals; former White House offi cial Dick Darman, who has become more mellow and rich at Carlyle. If you have heard of the Car- Democratic congresswoman Cynthia lyle Group at all, you probably know it McKinney, who gained notoriety this year in the black-helicopter version made popular in a confrontation with Capitol police, by Michael Moore in the movie Fahrenheit pointed a finger at Carlyle after the 9/11 subcommittee, but the 1976 campaign for 9/11 and by writers like Maureen Dowd of attacks, claiming that “persons close to this the White House fi zzled. the New York Times, who recently referred administration are poised to make huge Then he lucked into working with Stu- to Carlyle as “the creepy John Grisham–style profi ts off America’s new war” and that de- art Eizenstat on the presidential campaign Washington firm . suffused with Arab spite “numerous warnings,” they did not of a Georgia governor, Jimmy Carter, connections and money.” Carlyle has been alert the “people of New York who were who won the Democratic nomination and tagged as the inspiration for the firm that needlessly murdered.” She asked, “What do then defeated incumbent president Gerald tries to get its brainwashed candidate into they have to hide?” Ford. Eizenstat was named domestic-policy the White House in the 2004 remake of the The conspiracists are right about Carlyle’s adviser. “I was Stuart’s deputy,” says Ruben- movie The Manchurian Candidate. employing many out-of-work political stein. “So I’m 27 years old. I’ve got an offi ce As Chris Ullman, Carlyle’s communica- celebrities. In addition to former president in the West Wing of the White House.” tions chief, admits, “Carlyle is an easy tar- George H.W. Bush, they have included one- He practically lived there. In early 1978, get.” The only book on Carlyle, a slim, over- time Secretary of State James Baker, Defense Rubenstein gained minor celebrity as a sort wrought volume called The Iron Triangle: secretary Frank Carlucci, and British prime of king of the wonks. He became the sub- Inside the Secret World of the Carlyle Group minister John Major. A common view of ject of a fi ve-paragraph story in Newsweek, by Dan Briody, says on its jacket fl ap: “Ac- the fi rm is that it has succeeded by practic- coauthored by Eleanor Clift, with the head- cording to some, the Carlyle Group is a ing what Michael Lewis, in a 1993 New Re- line WHITE HOUSE WORKAHOLIC. The article company that epitomizes corporate crony- public article, called “access capitalism.” In said that while Carter was typically the fi rst ism, confl icts of interest, and war profi teer- other words, old pols beguile investors into person to report for work in the West Wing ing—and they may be right.” giving Carlyle their cash, then the pols fi nd of the White House each morning, Ruben- In a long article in Le Monde, the daily defense companies for Carlyle to buy on the stein was second. newspaper of the French intelligentsia, Eric cheap, then the pols cajole the Pentagon “But when Carter calls it quits about Leser wrote, “Carlyle is a unique model, into giving these companies big contracts. sixteen hours later, Rubenstein is usually assembled at the planetary level, on the Big profi ts result, and Carlyle and its inves- still toiling . He rarely leaves before 11 capitalism of relationships. The group tors make lots of money. o’clock at night, even on weekends, and he incarnates the ‘military-industrial complex’ In the early days, it’s true that Carlucci frequently stays as late as 2 in the morning.” against which Republican Dwight Eisen- was critical in identifying defense deals, Bush Living in an efficiency apartment, hower warned the American people.” and Baker opened doors, and Carlyle often Rubenstein didn’t have enough money to If you Google “Carlyle Group,” you’ll fi nd promoted the Washington connections as buy a car. He skipped breakfast, ate lunch in thousands of entries touting conspiracy theo- a branding strategy. But today, the politicos the West Wing mess, and dined on yogurt ries—the main one being that George W. Bush are gone—they’re no longer needed. The big and crackers from a vending machine. started the war on terror in order to enrich his names Carlyle has been attracting are former “Machine food,” he said, “is underrated.” father, a Carlyle adviser from 1998 to 2003. CEOs like Kent Kresa of Northrop Grumman, WASHINGTONIAN 3 JUNE 2006 The Carlyle Group is headquartered at 1001 Pennsylvania Avenue, between the Capitol and the magazine White House. Washington Life Washington David Rubenstein and his wife of 23 years, Louis Giuliano of ITT Industries, and Louis How do Rubenstein and his partners do Alice Rogoff Rubenstein, in Nantucket, V. Gerstner Jr., who became chair of Carlyle in it? Being in Washington makes a difference. where their compound is on an 18-acre 2003 after leaving IBM. Gerstner’s main func- peninsula. Alice, a Harvard Business tions are to give advice on transforming the Carlyle still takes on former School graduate, worked as Donald Graham’s assistant at the Washington companies Carlyle buys and to help the fi rm government offi cials as advisers, but Post Company and as chief fi nancial become an institution that, unlike others in they’re hired more for their business expertise offi cer of U.S.
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