Key Takeaways
- • David Rubenstein, co-founder and co-chairman of the Carlyle Group, was elected chairman of the Smithsonian Board of Regents, according to the Forbes headline dated October 25, 2016.
- • Rubenstein's appointment reflects a long record of philanthropy, including restoration work on the Lincoln Memorial and Washington Monument and the purchase of rare founding documents for public display.
- • Rubenstein recently became majority owner of the Baltimore Orioles, a transaction he negotiated with the Angelos family, with Ares Management partner Michael Arougheti as a key co-investor.
- • Rubenstein previously chaired the Kennedy Center for more than a decade before his departure from that post.
Summary
Forbes reported on October 25, 2016 that private equity billionaire and philanthropist David Rubenstein was elected chairman of the Smithsonian Board of Regents. The full article could not be retrieved, so this summary relies on the headline and supplemental material on Rubenstein's public profile.
Rubenstein co-founded the Carlyle Group, a private equity firm, in 1987 and remains its co-chairman. He began his career as a lawyer on Capitol Hill and later worked on domestic policy in the Carter White House. He has spent many millions of dollars on what he calls patriotic philanthropy, including helping restore the Lincoln Memorial and Washington Monument and acquiring rare copies of America's founding documents for public display. He also chaired the Kennedy Center for the Performing Arts for more than a decade before that tenure ended.
Rubenstein's board roles are extensive. Per a Freakonomics Radio transcript, he serves as board chair, trustee, or director at institutions including the Council on Foreign Relations, the National Gallery of Art, the Brookings Institution, the Institute for Advanced Study, and Memorial Sloan Kettering Cancer Center. The Smithsonian chairmanship adds to this list of public-facing institutional leadership.
In addition to his private equity and philanthropic work, Rubenstein recently became majority owner of the Baltimore Orioles. According to the transcript, he initially sought a minority stake, then negotiated a path to control with John Angelos, after an earlier effort led by Ted Leonsis did not close. Rubenstein said his partner Michael Arougheti, who runs Ares, was part of the deal team.
Rubenstein co-founded the Carlyle Group, a private equity firm, in 1987 and remains its co-chairman. He began his career as a lawyer on Capitol Hill and later worked on domestic policy in the Carter White House. He has spent many millions of dollars on what he calls patriotic philanthropy, including helping restore the Lincoln Memorial and Washington Monument and acquiring rare copies of America's founding documents for public display. He also chaired the Kennedy Center for the Performing Arts for more than a decade before that tenure ended.
Rubenstein's board roles are extensive. Per a Freakonomics Radio transcript, he serves as board chair, trustee, or director at institutions including the Council on Foreign Relations, the National Gallery of Art, the Brookings Institution, the Institute for Advanced Study, and Memorial Sloan Kettering Cancer Center. The Smithsonian chairmanship adds to this list of public-facing institutional leadership.
In addition to his private equity and philanthropic work, Rubenstein recently became majority owner of the Baltimore Orioles. According to the transcript, he initially sought a minority stake, then negotiated a path to control with John Angelos, after an earlier effort led by Ted Leonsis did not close. Rubenstein said his partner Michael Arougheti, who runs Ares, was part of the deal team.
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