Reprinted from the Spring 2018 issue of Philanthropy magazine (PhilMag.org) interviews But a relatively modest grant to fix the Lincoln Memorial is something novel, so David Rubenstein it gets lots of attention. David Rubenstein’s mother hoped he would become a dentist. But the life path for her Like most things in life, this started only son would take some unexpected turns. Using scholarship money to attend Duke by serendipity. I happened to go to an University and later University of Chicago Law School, Rubenstein was bit by the public- auction of the Magna Carta in New York. service bug and had hopes to both work as a lawyer (to pay the bills) and serve stints in I bought it, and put it on permanent government (to serve America). loan to the National Archives. Then After toiling at a law firm and in the Carter administration, Rubenstein would I got to thinking that other historic joke that he wasn’t particularly excellent at either. Then he tried something new—a documents should be put on display so all private-equity firm, located in a place without private-equity firms: Washington, Americans could see them. So I started D.C. Teaming up with Daniel D’Aniello and William Conway, he founded Carlyle buying rare copies of the Declaration of Group in 1987. Today, Carlyle is one of the largest private-equity firms in the world, Independence, the Constitution, the Bill with $170 billion under management. of Rights, the Thirteenth Amendment, During his 50s, Rubenstein began serving on numerous nonprofit boards. He’s things like that. And I began putting currently the chair of the Kennedy Center for the Performing Arts, the Smithsonian them in places where people could see Institution, and the Council on Foreign Relations, and an active board member of the them, on the theory that if people saw Harvard Corporation, National Gallery of Art, University of Chicago, Memorial Sloan- the originals, they might be inspired to Kettering Cancer Center, Johns Hopkins Medicine, Lincoln Center for the Performing go back and learn more about American Arts, and more. His philanthropy has focused on traditional targets: higher education, history, and become more informed medical research, the arts. citizens, and there might be a modest But a smaller percentage of his giving has garnered the most attention—what he calls contribution to improving our democracy. “patriotic philanthropy,” like placing an original Magna Carta at our National Archives, When the Washington Monument or repairing the Washington Monument. Philanthropy spoke with Rubenstein about his had its earthquake damage, I offered to put interest in history, his take on civil discourse today, his Bloomberg TV interviews of other up money to repair it. I began to realize that leaders, and more. there were a lot of other monuments and memorials that weren’t getting the funding Philanthropy: You joke that private I like to remind people that that they needed: Monticello, Thomas equity is the highest calling. Is it? philanthropy is not synonymous with Jefferson’s home; Montpelier, James Rubenstein: I only say it for laughter. handing out money. It’s a derivative Madison’s home; the Iwo Jima Memorial; The highest work of mankind is using of an ancient Greek word that means Mount Vernon. I put up money to help your time, energy, ideas, and money to loving humanity. And you can show love repair these things to make them better, help other people improve their lives. to humanity in lots of ways, including to have people go there and enjoy the giving money. I’ve gotten very involved in experience more, and hopefully be inspired Philanthropy: When did you get serious nonprofit boards, and in capital campaigns to learn more about American history. about philanthropy? for charities. I probably am on more Rubenstein: I came from very modest boards than a sensible person should be, Philanthropy: Why do you think few circumstances. Most of my life as a young but I enjoy it as a way of helping these people invest in that kind of thing? person was spent trying to figure out how organizations with more than just checks. Rubenstein: When you fix the Washington to make a way in the world, pay for my Monument or the Lincoln Memorial, kids’ educations, things like that. But then Philanthropy: How did you arrive at your people say “Why are you doing that? as Carlyle became more successful, and philanthropic priorities? I’m particularly Why can’t the government do that?” I’m people began to publish statements about curious about your emphasis on “patriotic probably one of the largest donors to the my net worth, I realized that I had a lot philanthropy” and historical preservation. Smithsonian, the Library of Congress, the more money than I could spend wisely on Rubenstein: I got scholarships, so National Archives, maybe the National my family. I helped the university that gave me Gallery of Art, and certainly the Kennedy When I turned 54, I read that, on scholarships. I live in Washington, Center. Many people say, “Why are you average, a person that age had already D.C., so I helped D.C. in various ways. giving money to these organizations? They lived two thirds of his expected actuarial Most of my money goes to education are federally oriented and the government life. I realized if I waited until I was 64 or and medical research, but since so few should come up with the money.” But the 74 to start giving, I might not see what people are doing what I have coined truth is, the federal government is running happened with my gifts. So I decided to “patriotic philanthropy,” that piece of my a large deficit. We have $20 trillion in debt, spend the latter third of my life giving giving gets more attention than maybe it and the government just isn’t going to fund away my money. But donating intelligently deserves. A lot of people give hundreds these organizations at the level they need. is not as easy as it might seem. of millions of dollars to medical research. I’m trying to fill the gap a little bit. 10 PHILANTHROPY Philanthropy: Just a short while after it reopened following the earthquake repair you paid for, the Washington Monument suddenly closed again for two or three years. Is that frustrating? Rubenstein: It’s closed for two reasons. The elevator now needs repair, and I am putting up the money for that—about $3 million. That could be fixed in much less time. The reason it’s going to be closed again for so long is because they are trying to build an entranceway that is very secure so when people enter the monument it will be clear they are not carrying anything contraband. Additional security is what’s taking the time. Philanthropy: Have you always had a fascination with history, and how did you cultivate that? Rubenstein: I don’t have a brain that’s very good for science or math or physics, so I read a lot of history. As a young man, I worked at the White House. I have a program now where I try to educate members of Congress about American history by interviewing great Purchasing the Magna Carta put David Rubenstein on a path to supporting scholars. We have dinners at the Library of monuments and historical sites of national importance. Congress every other month or so, and we will have people like David McCullough or Doris Kearns Goodwin come in. I’ll hill should be well kept and worth Philanthropy: Some donors get nervous interview them, members of Congress will seeing. But the house had been run about funding something in partnership ask questions, and we have a very pleasant down. Restoring it was a way to have with the government. They are afraid of and informative session. an attractive place that reminds people red tape, or stalled projects, or general of American history, the good and the incompetence. Any tips on how to Philanthropy: You’ve given to Robert bad. I also made clear that I wanted the make sure your money is effective if the E. Lee’s mansion at Arlington National slave quarters built out, so that people government is a co-funder or recipient of Cemetery. There’s been a fair amount can recognize that slaves worked there. your gift? of strife right now about Confederate I also did that at Thomas Jefferson’s Rubenstein: It’s a legitimate concern. The remembrances. What’s your take on home, and at James Madison’s home. government doesn’t move with the speed the controversy? I want people to understand that these that you might want, and it does have Rubenstein: The mansion was created Americans were slave owners. bureaucratic issues. What I’ve tried to do by the step-grandson of George As to the wider Lee controversy, is work with the foundations that support Washington as a monument to I don’t think anyone is saying that the government. For example, the National Washington. Some people call it the you should pay homage to Robert Park Foundation is often involved with the Custis Lee Mansion because George E. Lee statues because he defended things I support. Washington Custis married into the slavery. I think we should understand Second, make sure you meet with Lee family. Eventually, Robert E. Lee historic figures in their complexity. the various people who are involved in the lived there. Christopher Columbus had his faults, process, so you can be certain that you get I gave to the house for a couple George Washington had his faults, answers when questions arise and you know reasons.