David Rubenstein

David Rubenstein
Born	David Mark Rubenstein (1949-08-11) August 11, 1949 Baltimore, Maryland, U.S.
Occupation(s)	Attorney, entrepreneur, philanthropist
Years active	1973–present
Known for	Co-founder and co-chairman of The Carlyle Group; majority owner of the Baltimore Orioles; chairman of National Gallery of Art, Council on Foreign Relations, Economic Club of Washington, D.C.
Notable work	The American Story, How to Lead, The American Experiment, How to Invest, The Highest Calling

David Mark Rubenstein (born August 11, 1949) is a prominent American attorney, entrepreneur, and philanthropist. He is the co-founder and co-chairman of The Carlyle Group, a private equity firm headquartered in Washington, D.C. In 2024, Rubenstein became the majority owner of the Baltimore Orioles baseball team in Major League Baseball, purchasing the franchise for $1.7 billion. Additionally, he has held positions within the federal government.

Rubenstein holds key leadership positions as chairman of the National Gallery of Art, the Council on Foreign Relations, and the Economic Club of Washington, D.C.. His previous roles include chairing the boards of Duke University and the Smithsonian Institution, as well as serving as co-chair of the Brookings Institution. In 2022, he was appointed chair of the board of trustees at the University of Chicago. According to Forbes, his net worth was estimated at $3.7 billion by mid-2024.

From 2010 until 2025, Rubenstein served as chairman of the Kennedy Center for the Performing Arts, a role later assumed by then-president Donald Trump.

Early life and education

Raised as an only child in a Jewish household in Baltimore, Rubenstein's father was employed as a file clerk for the United States Postal Service, while his mother shifted from homemaking to working in a dress shop when he was six years old. He has reflected on experiencing religious segregation during his youth in Baltimore, mentioning that he did not realize until age 13 that not everyone was Jewish.

He completed his secondary education at the college preparatory school Baltimore City College in 1966. Rubenstein then attended Duke University, where he graduated magna cum laude with a Bachelor of Arts degree in political science in 1970 and was inducted into Phi Beta Kappa. He earned his Juris Doctor degree from the University of Chicago Law School in 1973, contributing as an editor to the University of Chicago Law Review.

Early legal career

Between 1973 and 1975, Rubenstein practiced law at Paul, Weiss, Rifkind, Wharton & Garrison in New York. From 1975 to 1976, he acted as chief counsel for the U.S. Senate Judiciary Committee’s Subcommittee on Constitutional Amendments. He also served as deputy domestic policy advisor under President Jimmy Carter and worked with the Washington, D.C.-based law firm Shaw, Pittman, Potts & Trowbridge.

The Carlyle Group

In 1987, Rubenstein co-established The Carlyle Group alongside William E. Conway Jr. and Daniel A. D'Aniello. Since its founding, the firm has expanded into a global investment entity managing $426 billion in assets as of 2023, with a workforce exceeding 1,800 employees distributed across 31 offices worldwide.

In 2006, Rubenstein cautioned about a possible decline in private equity’s growth phase, stating that their industry’s "golden age" could not last indefinitely. Shortly thereafter, he highlighted risks related to financing that were beginning to emerge. These insights proved accurate when leveraged loan markets froze and buyout activity collapsed by late 2007. Nevertheless, Rubenstein remained hopeful; by 2008 he anticipated a "Platinum Age" for private equity following recovery and improved credit availability. Reflecting in 2018, he observed that many investments made during the recession succeeded and fundraising conditions had become exceptionally strong.

Rubenstein has expressed regret over missed early-stage investments, such as declining to meet with Mark Zuckerberg before Facebook’s rise and passing on acquiring a 20% stake in Amazon during its early days, underestimating its future value.

In 2018, Rubenstein founded Declaration Capital, a family office focused on investments across venture capital, growth equity, real estate, and family-owned enterprises.

Books

In October 2019, Rubenstein released his debut book, The American Story: Interviews with Master Historians (Simon & Schuster), which includes conversations with historians about prominent figures such as John Adams, Thomas Jefferson, Alexander Hamilton, and Benjamin Franklin.

His follow-up work, How to Lead, published by Simon & Schuster in September 2020, presents Rubenstein's perspectives on leadership along with 30 interviews featuring leaders from the realms of business, government, military, sports, and culture. The third installment, The American Experiment, came out in September 2021 through Simon & Schuster and examines the development of American governance and democratic principles by highlighting individuals who personify the American dream.

In September 2022, his fourth book, How to Invest, was published, offering insights drawn from discussions with prominent investors. His fifth book, The Highest Calling: Conversations on the Presidency (Simon & Schuster), arrived in September 2024 and contains interviews with historians about U.S. Presidents including George Washington, Ulysses S. Grant, James Garfield, Dwight D. Eisenhower, and Jimmy Carter.

Television show and podcast host

Rubenstein serves as the host for two programs on Bloomberg Television: The David Rubenstein Show: Peer to Peer Conversations and Bloomberg Wealth with David Rubenstein. Since its debut in October 2016, Peer to Peer has also been broadcast on numerous PBS stations and is accessible via Curiosity Stream.

Additionally, he hosts History with David Rubenstein on PBS, a production of the New-York Historical Society, along with the audio podcast "For the Ages," also produced in partnership with the New-York Historical Society.

Baltimore Orioles

In 2024, Rubenstein spearheaded an investment consortium that included Cal Ripken Jr. to purchase the Baltimore Orioles baseball team for $1.725 billion, marking a notable move into professional sports franchise ownership.

Personal life

Rubenstein lives in Bethesda, Maryland. He was formerly married to Alice Rogoff, founder of Alaska House New York and previous owner of Alaska Dispatch News. The couple met during the Carter Administration and wed in 1983; their marriage ended in divorce in 2017.

They share three children, among them Gabrielle "Ellie" Rubenstein, co-founder of Manna Tree—a private equity firm focused on health and nutrition investments. She also acted as an honorary co-chair for Donald Trump's 2016 presidential campaign's Alaskan chapter. In 2024, Rubenstein was invited to deliver the keynote address at the Indian Institute of Technology Conference.

Philanthropy

Rubenstein was one of the initial 40 signatories of The Giving Pledge, committing to donate more than half of his wealth. He is noted for his "patriotic philanthropy," which prioritizes safeguarding American history and preserving historic landmarks.

Historic document preservation

In 2007, Rubenstein acquired the last privately held copy of the Magna Carta for $21.3 million and subsequently loaned it to the National Archives in Washington, D.C. Four years later, he contributed $13.5 million toward a new gallery and visitor center at the National Archives.

In 2013, he purchased the July 6, 1776 edition of The Pennsylvania Evening Post, recognized as the first newspaper printing of the U.S. Declaration of Independence, for $632,500 to make it available for public viewing; it was loaned to the Newseum in 2016.

He bought a signed copy of the Emancipation Proclamation in 2012 for $2 million—one among approximately two dozen surviving copies—and donated $10 million to the National Museum of African American History and Culture. Both this Proclamation and a rare signed copy of the Thirteenth Amendment were loaned to that museum. Additionally, Rubenstein acquired the 1784 Abel Buell map in 2011 and placed it on loan at the Library of Congress.

In November 2013, he purchased a copy of the Bay Psalm Book, notable as the first book printed in British North America, for $14.1 million—the highest amount ever paid for a printed book—and lent it to Duke University for public exhibition.

Performing arts

Rubenstein held the position of vice chairman on the board of the Lincoln Center for the Performing Arts in New York, where he spearheaded fundraising campaigns. In recognition of his efforts, an atrium within the center bears his name.

He became the largest individual benefactor of the John F. Kennedy Center for the Performing Arts by donating $111 million, including a $50 million contribution in 2013 that financed half of a 65,000 square-foot expansion project. Appointed to the Kennedy Center board by President George W. Bush, Rubenstein served for 14 years and was elevated to chairman in 2010, a role he retained through reelection. Although initially intending to step down in January 2025, he agreed to extend his chairmanship until September 2026 to facilitate the search for a new leader.

In February 2025, President Donald Trump replaced all 18 board members appointed by President Joe Biden with his loyalists, removed Rubenstein from the chairmanship, and personally assumed the leadership of the Kennedy Center board.

Smithsonian Institution

Beginning in 2009, Rubinstein served a six-year term as a citizen regent on the Smithsonian Institution's board of regents. He was reappointed in 2015 and elevated to chairman in 2021, concluding his term that same year. Additionally, he chaired the National Book Festival.

Between 2011 and 2024, Rubinstein contributed $22 million to support conservation efforts at the National Zoo and Smithsonian Conservation Biology Institute, specifically targeting their giant panda preservation program through donations made in 2011, 2015, and 2024. In 2013, he also provided $2 million to advance research on the Zoo’s Asian elephant population.

Rubinstein donated $10 million toward refurbishment and expansion of the East Building at the National Gallery of Art (NGA), a project completed in 2016. He followed this with an additional $10 million in 2021 designated for NGA’s digital initiatives and operational needs. That year, he succeeded Sharon Rockefeller as chairman of NGA’s board of trustees. Furthermore, he gave $5 million to support a Wright brothers exhibition at the National Air and Space Museum, which opened in 2022.

American historic sites and national monuments

Rubenstein has made substantial philanthropic contributions to American historic landmarks and national monuments. In 2011, he donated $10 million to the White House Historical Association. Two years later, he gifted another $10 million to the Mount Vernon Ladies' Association, supporting the Fred W. Smith National Library for the Study of George Washington at Mount Vernon, including an endowment for rare manuscripts and books.

His $5.37 million donation in 2015 to the National Park Foundation facilitated restoration work on the Marine Corps War Memorial located in Arlington, Virginia. Between 2013 and 2015, Rubenstein contributed $20 million to the Thomas Jefferson Foundation, funding reconstruction of slave quarters along Mulberry Row, restoration of Jefferson’s original road layout, refurbishment of Monticello’s upper floors, and infrastructure improvements.

In 2014, he provided $10 million toward renovations at James Madison’s estate, Montpelier, as well as $12 million for refurbishing Arlington House at Arlington National Cemetery; this restoration was finalized in 2021. He also advocated for legislative measures aimed at removing Robert E. Lee’s name from that site.

Rubenstein gave $7.5 million in 2012 to repair earthquake damage sustained by the Washington Monument, along with an additional $3 million dedicated to elevator upgrades. On Presidents' Day in 2016, he donated $18.5 million to the National Park Foundation to enhance educational programs and restore the Lincoln Memorial on the National Mall; this included creating an additional 15,000 square feet of visitor space within its undercroft.

In 2019, Rubenstein contributed $10 million for improvements at Washington D.C.’s Jefferson Memorial, funding a new museum facility, enhanced accessibility features, and expanded exhibit areas; construction commenced in December 2021 with completion anticipated by spring 2025. The following year, he gave $10 million toward refurbishment efforts at the Library of Congress’s Jefferson Building.

Most recently in 2024, Rubenstein donated $1.5 million to support expansion and modernization projects at the Jewish Museum of Maryland.

Universities and healthcare

In November 2015, Rubenstein made a $20 million contribution to fund the New Commons Building at the Institute for Advanced Study in Princeton, New Jersey. This facility, named Rubenstein Commons, features conference areas, meeting rooms, a café, and office spaces.

Duke University

Rubenstein has donated more than $100 million to Duke University and served as chair of its board of trustees from 2013 through 2017. His first significant donation was $5 million in 2002 to the Sanford School of Public Policy, which led to the naming of Rubenstein Hall. He later gave an additional $5.75 million in 2009 to enhance the public policy program. In 2011, he provided $13.6 million for renovations to the special collections library, now bearing his name as the David M. Rubenstein Rare Book & Manuscript Library.

In 2012, Rubenstein contributed $15 million toward Duke’s Innovation and Entrepreneurship Initiative and allocated $10 million to support athletics. The next year, he donated $10 million to fund graduate fellowships and undergraduate internships at Sanford. In 2014, he gave $1.9 million to expand Jewish Life programming and facilities on campus.

In 2015, Rubenstein committed $25 million for a new 71,000-square-foot Arts Center. By 2017, he endowed scholarships with a $20 million gift aimed at benefiting first-generation and low-income students.

University of Chicago

Rubenstein joined the University of Chicago’s board of trustees on May 31, 2007, and assumed the role of chair in 2022. From 2010 until 2022, he donated $61 million to the University of Chicago Law School to establish the Rubenstein Scholars Program, which provides full-tuition scholarships to roughly ten percent of law students. In 2014, he spearheaded funding for a forum that functions as the university’s primary conference venue.

Harvard University

Rubenstein has contributed $60 million to Harvard Kennedy School to back its fellowship program and campus expansion efforts. He leads as chair of the Harvard Global Advisory Council and held a position as a Fellow of the Harvard Corporation—the university’s governing board—from 2017 to 2023.

Johns Hopkins University

In October 2015, Rubenstein donated $15 million to Johns Hopkins University School of Medicine’s Department of Otolaryngology-Head and Neck Surgery for creating a hearing center dedicated to restoring hearing function. He followed up in January 2021 with another $15 million aimed at advancing therapeutic research for hearing preservation and restoration. Additionally, he holds the title of Emeritus Trustee on Johns Hopkins University’s Board of Trustees.

Cancer research

In 2016, Rubenstein provided $25 million to establish a pancreatic cancer center at Memorial Sloan Kettering Cancer Center.

PBS

Rubenstein gave $10 million to PBS for supporting Ken Burns documentaries and contributed another $5 million to Washington’s PBS affiliate WETA for developing new headquarters facilities.

United States Holocaust Memorial Museum

In May 2022, Rubenstein donated $15 million to the United States Holocaust Memorial Museum aimed at enhancing and expanding its collection. This gift enabled the museum to exceed its $1 billion fundraising target a year ahead of schedule, resulting in renaming its collection institute as the David M. Rubenstein National Institute for Holocaust Documentation in his honor.

Honors and recognition

• In 2006, received the Golden Plate Award from the American Academy of Achievement, presented by Awards Council member Eli Broad at the International Achievement Summit held in Los Angeles
• Awarded the National Archives Foundation’s Records of Achievement Award in 2011 for lending the 1297 Magna Carta and a rare engraving of the Declaration of Independence to the National Archives
• Became a member of the American Academy of Arts and Sciences in 2014
• Honored with the Carnegie Medal of Philanthropy in 2015
• Received the Liberty & Justice for All Award from the LBJ Foundation in 2017
• Presented with Yale SOM’s Chief Executive Leadership Institute’s Legend in Leadership Award in 2018
• Earned the ABANA Achievement Award in 2018 for significant contributions to the MENA region
• Conferred an honorary degree by Dartmouth College in 2018
• Awarded Duke University’s highest accolade, the Duke University Medal, in 2019
• Honored with The Harvard Club of Washington, D.C.’s Public Service Award in 2019
• Granted an honorary degree from Brown University in 2019
• Inducted into the American Philosophical Society in 2019
• Received the Presidential Medal of Freedom from President Joe Biden in 2025

Affiliations

• President of the Alfalfa Club
• Board member of the American Academy of Arts & Sciences
• Host of Peer to Peer Conversations — The David Rubenstein Show on Bloomberg Television
• Former Co-Chairman and current Chairman Emeritus at the Brookings Institution
• Co-founder and Co-Chairman of The Carlyle Group
• Trustee and alumnus of the University of Chicago
• Steering committee member at the China–United States Exchange Foundation
• Chairman of the Council on Foreign Relations
• Chairman of the Dwight D. Opperman Foundation and overseer of The Justice Ruth Bader Ginsburg Woman of Leadership Award
• Chairman of The Economic Club of Washington D.C.
• Member of Harvard Corporation
• Chairman of Harvard Global Advisory Council
• Fellow of Harvard College since 2016, with term commencing July 2017 at Harvard University
• Trustee at the Institute for Advanced Study
• Trustee at Johns Hopkins Medicine
• Chairman of the Kennedy Center for the Performing Arts
• Madison Council Chairman at the Library of Congress
• Director and former Vice Chairman at Lincoln Center for the Performing Arts
• Trustee at Memorial Sloan-Kettering Cancer Center
• Director at National Constitution Center
• Chairman at National Gallery of Art
• Significant donor to National Park Foundation
• Former Chairman of Smithsonian Institution
• Former Chairman of School of Economics and Management at Tsinghua University
• Member of Board of Trustees at World Economic Forum

External links

• Official website
• Official biography at World Economic Forum
• The David Rubenstein Show