From White House to Wall Street: David Rubenstein
David Rubenstein helped pioneer modern private equity—building The Carlyle Group into a $400B global investment firm from a modest D.C. office and a relentless fundraising streak. But beyond PE, his legacy spans presidential libraries, historic American artifacts, and a lifelong obsession with civic contribution.
In this episode, David shares how he raised billions without a background in finance, why owning a baseball team was more than just a trophy purchase—and what building true generational success really means beyond wealth alone.
Chapters:
00:00 Trailer
00:53 Introduction
01:40 Family, wealth, class
14:40 Happiness disparity and longevity
19:25 I need more to give away more
25:04 The relentless fundraiser
33:53 Kids and travel
36:06 No track record, the great white buffalo
38:59 Business and politics
43:53 Fired from Washington
45:52 Fundraising, presidents, podcast guests
48:04 Private equity and sports
53:44 Expenses — no charges
55:49 Waking up with energy
57:26 Preserving copies
1:02:05 Organizational architecture
1:03:41 Bury me in my plane
1:08:11 Not a big luxury spender
1:10:32 What “grit” means to David
1:10:50 Outro
Mentioned in this episode: Andrew Rubenstein, Stanford University, Bill Gates, Melinda Gates, Warren Buffett, Morgan Guaranty Trust Company, International Business Machines Corporation (IBM), Procter & Gamble Company, Forbes 400, Duke University, University of Chicago, Harvard Corporation, Johns Hopkins University, California Public Employees' Retirement System (CalPERS), President of the United States of America, Donald J. Trump, Jimmy Carter, John F. Kennedy Center for the Performing Arts, Smithsonian Institution, National Gallery of Art, George W. Bush, Barack Obama, Joe Biden, Arianna Huffington, Xi Jinping, Hank Greenberg, Stephen A. Schwarzman, Tim Cook, Jeff Bezos, Baltimore Orioles, Fred Trammell Crow, Harlan Crow, National Basketball Association (NBA), National Football League (NFL), Arctos Partners LP, Anthropic, Magna Carta Libertatum, Declaration of Independence, Emancipation Proclamation, Abraham Lincoln, US Constitution, National Archives, Lincoln Memorial, Thomas Jefferson Memorial, Mount Vernon, Monticello, Montpelier, Mark Cuban, Paul McCartney
Connect with David:
X: @DM_Rubenstein
Connect with Joubin:
X: @Joubinmir
LinkedIn: Joubin Mirzadegan
Email: grit@kleinerperkins.com
kleinerperkins.com
David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]
My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment institution, become a prominent philanthropist, published books, and even hosts his own TV show. It was a thrill to sit down with him and cover the whole spectrum of his experience as a father, investor, historian, and titan of American business. Please enjoy this great conversation with David Rubenstein.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Follow us on Twitter: @patrick_oshag | @JoinColossus
Show Notes
[00:03:02] - [First question] - What his perspective on the world today is compared to the last forty years
[00:05:35] - The long term implications of the Ukraine war on a global scale
[00:07:54] - Concerns and thoughts on the US’s role in a radically different world
[00:10:07] - How inflation and reduced globalization impacts business behavior in the US
[00:14:11] - His method when interviewing people and how it’s changed over time
[00:15:03] - How his interest in leadership as a topic began; How to Lead
[00:17:55] - The time he was the most personally in awe of a leader
[00:19:05] - The most basic ingredients for strong leadership
[00:21:34] - Learning from Oprah and developing his own interviewing style
[00:24:25] - His leadership style while running Carlyle and key variables that drove Carlyle’s success
[00:28:41] - The ways that were most effective in terms of investment for Carlyle’s brand
[00:29:50] - How should a new investor think about the relationship between government and business
[00:32:17] - What he’s learned about leadership that he thinks is the most portable for other people
[00:34:04] - His interest in masters of leadership and what he has learned from them
[00:35:08] - How Carlyle retained their talent and building relationships with LP investors
[00:37:20] - Lessons from working in media with what worked and what didn’t; How to Invest
[00:38:55] - How he approached writing How to Invest
[00:41:13] - The importance of intuition when evaluating backers and why geniuses aren’t always chosen
[00:43:04] - Big aspects of American history and why he finds it so interesting; The American Story
[00:44:17] - Key drivers of American outcomes and biggest areas for improvement
[00:47:00] - Lessons he learned going from humble beginnings to amassing wealth and how he’s teaching his children about it
[00:49:20] - The state of private equity and what are its best and highest functions today
[00:51:03] - Experience and impressions on the emerging cryptosphere
[00:52:25] - What makes for a good chairman and why he is always drawn to that role
[00:53:42] - The most interesting system outside of the US that he’s observed
[00:55:33] - What he has learned about being a giving pledge signer and philanthropy
[00:57:02] - His interest in Monticello and the Magna Carta
[00:59:13] - View on how speeches from leaders have changed over the years; Citizenship in a Republic
[01:01:24] - What subject he would write his next book on
[01:03:58] - Thoughts on the line between giving your life for your country versus your state
[01:05:17] - The American Experiment
[01:06:10] - Looking back on his career at a time where he felt the most alive
[01:08:07] - The kindest thing anyone has ever done for him
315. How to Become a C.E.O.
Mark Zuckerberg's dentist dad was an early adopter of digital x-rays. Jack Welch blew the roof off a factory. Carol Bartz was a Wisconsin farm girl who got into computers. No two C.E.O.'s have the same origin story — so we tell them all! How the leaders of Facebook, G.E., Yahoo!, PepsiCo, Microsoft, Virgin, the Carlyle Group, Reddit, and Bridgewater Associates made it to the top. (Part 2 of a special series, "The Secret Life of C.E.O.'s.")
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What Does a C.E.O. Actually Do?
They're paid a fortune — but for what, exactly? What makes a good C.E.O. — and how can you even tell? Is "leadership science" a real thing — or just airport-bookstore mumbo jumbo? We put these questions to Mark Zuckerberg, Richard Branson, Indra Nooyi, Satya Nadella, Jack Welch, Ray Dalio, Carol Bartz, David Rubenstein, and Ellen Pao. (Part 1 of a special series, "The Secret Life of C.E.O.'s.")
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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