The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Carlyle plans for life after Rubenstein

In 17 years the Carlyle Group has become one of the world's biggest private-equity firms, with an impressive track record. Managing director David Rubenstein talks about its deals, its image, succession plans and going public. Joanna Hickey reports.

  David Rubenstein: rejects the view that financial sponsors can play a significant role in industry consolidation.

IF THE CARLYLE Group didn't exist, conspiracy theorists would have invented it. A financially powerful US private investment fund specializing in the defence sector and drawing on the contacts of ex-presidents to find deals and boost returns, it has gathered an almost sinister reputation since it was set up in 1987. That has almost obscured the fact that, with $17.5 billion in funds under management, 23 funds and a global investment team of more than 300 professionals, the Carlyle Group today ranks among the top private-equity investors in the world. It is an industrial scale fund-raiser and buyer and seller of companies. It boasts an impressive investment performance record, including an internal rate of return of 35% a year on realized corporate transactions since its foundation.

And it is now swapping the ex-politicians for businessmen as it pursues its global ambitions.

Carlyle is still best known for its high-profile defence and aerospace investments, with United Defense Industries of the US and former UK Ministry of Defence research unit Qinetiq among its portfolio companies.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree