David Rubenstein

David Rubenstein
Born	David Mark Rubenstein 11 8, 1949
Birthplace	Baltimore, Maryland, U.S.
Nationality	American
Occupation	Businessman, lawyer, philanthropist, author
Known for	Co-founder and co-chairman of The Carlyle Group; principal owner of the Baltimore Orioles
Education	University of Chicago (JD) Duke University (BA)
Children	3
Awards	Presidential Medal of Freedom (2025)
Website	[www.davidrubenstein.com Official site]

David Mark Rubenstein (born August 11, 1949) is an American lawyer, businessman, philanthropist, and author who co-founded The Carlyle Group, one of the world's largest private equity firms, headquartered in Washington, D.C. Since its founding in 1987, the firm has grown into a global investment enterprise, and Rubenstein has served as its co-chairman. In 2024, he became the principal owner of the Baltimore Orioles of Major League Baseball (MLB), acquiring the team for $1.7 billion and returning professional baseball ownership to a Baltimore native. Beyond finance and sports, Rubenstein has occupied prominent positions in American civic and cultural life, serving as chairman of the National Gallery of Art, the Council on Foreign Relations, and the Economic Club of Washington, D.C. He has also chaired the boards of trustees at Duke University, the Smithsonian Institution, and the University of Chicago. A former federal government official who served in the Jimmy Carter administration, Rubenstein has become one of the most prominent philanthropists in the United States, committing hundreds of millions of dollars to educational institutions, cultural landmarks, and historical preservation. He was awarded the Presidential Medal of Freedom in 2025.

Early Life

David Mark Rubenstein was born on August 11, 1949, in Baltimore, Maryland. He grew up in a Jewish family in Baltimore, where his father worked as a postal worker. Rubenstein's upbringing in a modest, working-class household in Baltimore would later inform his philanthropic focus on education, public service, and cultural institutions. His lifelong connection to Baltimore also played a role in his eventual acquisition of the Baltimore Orioles decades later. As a young man, Rubenstein demonstrated academic aptitude and was drawn to the study of law and public policy, interests that would shape his educational trajectory and early career.

Education

Rubenstein attended Duke University in Durham, North Carolina, where he earned a Bachelor of Arts degree. He subsequently enrolled at the University of Chicago Law School, where he earned his Juris Doctor (JD) degree. Both institutions would become major beneficiaries of his philanthropy in later years, with Rubenstein donating tens of millions of dollars to each and eventually serving as chairman of both universities' boards of trustees.

Career

Government Service

After completing his legal education, Rubenstein began his career in the legal profession and government service. He served as a domestic policy advisor in the White House during the administration of President Jimmy Carter. His time in government provided him with an understanding of the intersection of public policy and finance, as well as an extensive network of political contacts in Washington, D.C. These connections and insights would prove instrumental in the founding and growth of The Carlyle Group.

The Carlyle Group

In 1987, Rubenstein co-founded The Carlyle Group, a private equity firm based in Washington, D.C. The firm was established alongside co-founders William E. Conway Jr. and Daniel A. D'Aniello. Under the leadership of its three co-founders, The Carlyle Group grew from a small operation into one of the largest and most prominent private equity firms in the world, managing investments across multiple sectors including aerospace, defense, telecommunications, real estate, and healthcare.

Rubenstein has served as co-chairman of the firm, playing a central role in its investment strategy and global expansion. The Carlyle Group became particularly well known for its connections to the political and defense establishments in Washington, and the firm's ability to leverage expertise in government policy and regulation became a distinguishing feature. The firm went public in 2012, further expanding its capital base and investor reach. As of the mid-2020s, The Carlyle Group manages assets across dozens of countries and employs thousands of professionals worldwide.

Rubenstein's role at Carlyle has encompassed both deal-making and public representation. He has been a frequent speaker at financial conferences and has appeared regularly on business television programs, discussing topics ranging from private equity to broader economic policy and geopolitics.

Baltimore Orioles

In 2024, Rubenstein became the principal owner of the Baltimore Orioles, acquiring the MLB franchise for $1.7 billion. The purchase was significant for multiple reasons: it marked the first change in Orioles ownership in decades and returned the team to an owner who was born and raised in Baltimore. Rubenstein's acquisition was widely covered in sports and business media, and he pledged to invest in the team and its relationship with the Baltimore community.

As owner, Rubenstein has taken an active public role in the franchise. In February 2026, he delivered the Eisenhower Institute's 24th annual Blavatt Lecture at Gettysburg College, where he spoke to students about leadership, philanthropy, and his experience as a team owner.

In February 2026, it was reported that files released by the United States Department of Justice indicated that Rubenstein had met with convicted sex offender Jeffrey Epstein in 2012. The revelations drew media attention and public scrutiny toward Rubenstein's ownership of the Orioles franchise.

Media and Public Speaking

Beyond his business activities, Rubenstein has become a prominent public figure through his work as an interviewer, author, and speaker. He has hosted interview programs in which he has conversed with a wide range of leaders in politics, business, culture, and the arts. His public conversations have featured prominent figures from across sectors, and he has authored books on American history and leadership.

In April 2026, Rubenstein was scheduled to appear in a public conversation with journalist Andrea Mitchell in Annapolis, Maryland, focused on the 250th anniversary of the Declaration of Independence and the state of American democracy. He was also announced as a speaker alongside former U.S. Secretary of Defense James Mattis at Monticello, the historic home of Thomas Jefferson, on April 11, 2026.

Philanthropy

Rubenstein has been one of the most prominent philanthropists in the United States, with a particular focus on education, historical preservation, and cultural institutions. He has described his approach to giving as "patriotic philanthropy," which involves the restoration and maintenance of American historical landmarks and documents.

Historical Preservation

In 2007, Rubenstein purchased an original copy of the Magna Carta for $21.3 million at auction and subsequently loaned it to the National Archives in Washington, D.C., for public display. The acquisition and loan were part of Rubenstein's broader effort to preserve and provide public access to foundational historical documents.

Rubenstein also made substantial donations toward the repair of the Washington Monument and other national landmarks. He funded the renovation of the giant panda habitat at the Smithsonian's National Zoo, which was subsequently named the David M. Rubenstein Family Giant Panda Habitat in recognition of his support.

Duke University

Rubenstein has been among the largest donors to Duke University, his undergraduate alma mater. In 2011, he made a major donation that led to the naming of the David M. Rubenstein Rare Book & Manuscript Library at Duke. In 2012, he made additional gifts to the university, including a $10 million donation to Duke Athletics.

He also donated $57.5 million to establish a public policy school at Duke, which led to the creation of the Sanford School of Public Policy. An additional $10 million gift to the Sanford School was announced in 2013.

University of Chicago

Rubenstein has also been a major donor to the University of Chicago, his law school alma mater. In 2022, he became chair of the University of Chicago's board of trustees, reflecting both his financial contributions and his long-standing involvement with the institution.

Civic and Cultural Roles

Rubenstein has held leadership positions at a number of the most prominent civic, cultural, and policy institutions in the United States.

Chairman of the Council on Foreign Relations

On July 1, 2017, Rubenstein became chairman of the Council on Foreign Relations (CFR), succeeding co-chairs Carla Hills and Robert Rubin. The CFR is a nonpartisan think tank and membership organization focused on U.S. foreign policy and international affairs.

Kennedy Center for the Performing Arts

Rubenstein served as chairman of the John F. Kennedy Center for the Performing Arts from 2010 until 2025, when he was replaced by President Donald Trump. During his tenure, Rubenstein made significant personal donations to the center and oversaw expansions and renovations of the institution, including the development of the REACH, an expansion of the Kennedy Center campus.

Other Board Positions

Rubenstein has held or currently holds board positions at numerous major institutions. He has served as chairman of the board of trustees of the Smithsonian Institution, as co-chair of the board at the Brookings Institution, and as a board member at the Johns Hopkins University, the Institute for Advanced Study, and Lincoln Center for the Performing Arts.

He serves as chairman of the Economic Club of Washington, D.C. and has served as chairman of the National Gallery of Art.

Personal Life

Rubenstein has three children. He resides in the Washington, D.C. metropolitan area, where The Carlyle Group is headquartered. Rubenstein has spoken publicly about his upbringing in Baltimore as the son of a postal worker and has cited his modest background as a motivating factor in his philanthropic endeavors. He has maintained a public connection to Baltimore throughout his career, which culminated in his acquisition of the Baltimore Orioles in 2024.

Recognition

In 2025, Rubenstein was awarded the Presidential Medal of Freedom, the highest civilian honor in the United States.

Rubenstein has received numerous other honors over the course of his career for his philanthropic contributions and civic leadership. His purchase and loan of the Magna Carta to the National Archives, his donations to repair the Washington Monument, and his extensive gifts to Duke University, the University of Chicago, the Kennedy Center, and the Smithsonian Institution have earned him recognition from educational, cultural, and governmental organizations alike.

He has been a frequent presence on lists of top philanthropists in the United States and has been profiled extensively in business and news media for his approach to what he terms "patriotic philanthropy."

Legacy

Rubenstein's career has spanned government, law, finance, philanthropy, and sports ownership, positioning him as one of the more prominent figures in American civic and business life in the early 21st century. His co-founding of The Carlyle Group helped define the modern private equity industry, and the firm's growth from a small Washington-based operation to a global investment powerhouse occurred under his leadership alongside his co-founders.

His philanthropic contributions have had tangible impacts on American cultural and educational institutions. The Rubenstein Library at Duke University, the Rubenstein Family Giant Panda Habitat at the National Zoo, and the extensive renovations at the Kennedy Center stand as visible legacies of his financial support. His purchase of the Magna Carta and its public display at the National Archives represented an unusual form of private philanthropy directed toward public access to historical documents.

As principal owner of the Baltimore Orioles, Rubenstein returned the franchise to local ownership and assumed stewardship of one of the oldest franchises in Major League Baseball. His chairmanship of institutions such as the Council on Foreign Relations, the National Gallery of Art, and the University of Chicago's board of trustees has placed him at the center of American policy, cultural, and academic discourse.