Handelsblatt Interview

Europe Has the Edge

  • Why it matters

    Why it matters

    The private-equity branch faces tense competition these days that is driving down returns. Getting a good deal for investors has become harder.

  • Facts

    Facts

    • David Rubenstein is cofounder and chief executive officer of Carlyle Group, a U.S. private equity firm.
    • Carlyle managed some $158 billion in assets at the end of 2016 and wants to raise another $100 billion over the next four years.
    • He is one of the 300 richest people in the United States with a net worth of $2.5 billion according to Forbes.
  • Audio

    Audio

  • Pdf
Morgan Stanley Chief Executive Officer James Gorman Speaks On The David Rubenstein Show
David Rubenstein says he's confident Donald Trump will learn on the job. Source: Bloomberg

David Rubenstein loves hunting for deals. And with the hunt only getting more intense in the private equity markets these days, finding those well-priced deals is getting harder, says the cofounder of Carlyle in an interview.

Mr. Rubenstein, 67, is among the 300 richest people in the United States, though he is also known for making generous donations, especially for historic preservation. His firm managed $158 billion, or €150 billion, in assets at the end of 2016, invested through funds in companies, restructuring cases real-estate and loans. Carlyle hopes to raise another $100 billion over the next four years.

He also counts the new U.S. President Donald Trump, whom he last met in December, as a friend. Like many in the financial sector, where stocks have surged to new heights, Mr. Rubenstein says Mr. Trump could be good for the economy. And yet, given the high stock valuations, he says the better deals to be had are in Europe at the moment.

Read the full interview below, edited for content and clarity, or a summary version here.

 

Handelsblatt: Mr. Rubenstein, you are the son of a postal worker. So is Lloyd Blankfein, the CEO and chairman of Goldman Sachs. What is it about the sons of postal workers?

David Rubenstein: I guess they come from very modest circumstances and realize if they’re going to get anywhere, they have to do it on their own and are not going to be able to depend on their father giving them a lot of money or access or anything. Lloyd and I have bonded over that, I guess.

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