The History of Carlyle

Question: Why did you found Carlyle?

Transcript:Well, I can’t say that I was that prescient to say 20 years ago that I knew private equity would become what it has become. In fact the phrase “private equity” had not been invented in 1987 when I started Carlyle. I had been practicing law for a number of years in Washington as I had for a number of years in New York earlier before I went to the White House. In both cases I didn’t find that I had a passion for the law, and therefore I didn’t think I would be great at it. And I wasn’t going to be an Edward Bennett Williams or Arthur Liman or some other great lawyer. In my view to be great in anything you have to love what you’re doing. You have to wanna do it regardless of the compensation. You have to wanna do it virtually to the exclusion of everything else. And when practicing law I really didn’t find that passion. I didn’t have that lust for the law. And so I did look to do something else, and I began to read about some people who had served in government, or who had practiced law who had gone into the investment world. And I thought it seemed more attractive to me; more of a chance to be a principal; more of a chance to be in control of one’s life; more of a chance not to be an advisor, but somebody making something happen. So I started Carlyle in 1987. We called it a merchant bank. We only had four people. We only had five million dollars to invest over a several year period of time. Today, as many people know, it’s grown to be one of the largest private equity firms in the world. We’re now managing about $75 billion, and have offices throughout the world, and companies that have over $100 billion in sales between the various companies we control. I wouldn’t have anticipated that then and never saw myself as a great capitalist when I was in law school, or working at the White House, or as a young man. But as events have unfolded, I have become, you know, very actively involved in the private equity world.

David Rubinstein talks about why he founded Carlyle.

Meet the Bajau sea nomads — they can reportedly hold their breath for 13 minutes

The Bajau people's nomadic lifestyle has given them remarkable adaptions, enabling them to stay underwater for unbelievable periods of time. Their lifestyle, however, is quickly disappearing.

Wikimedia Commons
Culture & Religion
  • The Bajau people travel in small flotillas throughout the Phillipines, Malaysia, and Indonesia, hunting fish underwater for food.
  • Over the years, practicing this lifestyle has given the Bajau unique adaptations to swimming underwater. Many find it straightforward to dive up to 13 minutes 200 feet below the surface of the ocean.
  • Unfortunately, many disparate factors are erasing the traditional Bajau way of life.
Keep reading Show less

After death, you’re aware that you’ve died, say scientists

Some evidence attributes a certain neurological phenomenon to a near death experience.

Credit: Petr Kratochvil. PublicDomainPictures.net.
Surprising Science

Time of death is considered when a person has gone into cardiac arrest. This is the cessation of the electrical impulse that drive the heartbeat. As a result, the heart locks up. The moment the heart stops is considered time of death. But does death overtake our mind immediately afterward or does it slowly creep in?

Keep reading Show less

Scientists create a "lifelike" material that has metabolism and can self-reproduce

An innovation may lead to lifelike evolving machines.

Shogo Hamada/Cornell University
Surprising Science
  • Scientists at Cornell University devise a material with 3 key traits of life.
  • The goal for the researchers is not to create life but lifelike machines.
  • The researchers were able to program metabolism into the material's DNA.
Keep reading Show less