Rubenstein founded Carlyle in 1987 with Bill Conway and Dan D’Aniello, and the trio initially backed the venture with $5 million. They built the Washington-based company into one of the world’s largest managers of alternative assets -- a pioneer in leveraged buyouts that’s expanded globally into credit, real estate, energy and infrastructure investments.
One of its most successful investments was a buyout of DuPont Co.’s auto-paint business in 2013. Carlyle made $4.5 billion, its second-biggest profit ever on the deal, and an annualized return of 80 percent. The gains were second only to the firm’s investments in China Pacific Insurance Group Co. from 2005 to 2007.
Rubenstein and Conway announced in October that they were ceding their roles as co-CEOs to Glenn Youngkin and Kewsong Lee at the start of this year, passing on control of the $201 billion firm to the next generation.
This article was provided by Bloomberg News.