Declaration

David M. Rubenstein, Co-Founder and Co-Chairman of The Carlyle Group and principal owner of the Baltimore Orioles

Episode Speakers

Todd Rich

Host

David M. Rubenstein

Co-Founder and Co-Chairman of The Carlyle Group and principal owner of the Baltimore Orioles

Strategies Mentioned

Private InvestmentsReal Estate

In the inaugural episode of the declarations. podcast, Todd S. Rich is joined by David M. Rubenstein, Co- Founder and Co-Chairman of the Carlyle Group and principal owner of the Baltimore Orioles. Mr. Rubenstein reflects on his career in private equity, his philosophy on partnership and legacy, and his broader pursuits as an author, interviewer, and owner of the Baltimore Orioles. Mr. Rubenstein shares insights from his investment career, the role of family offices, and the value of partnerships in business.

He reflects on his personal philosophy, the lessons learned, and his commitment to philanthropy and community engagement.

They discuss:
• The importance of history, context, and civic education
• Lessons on growth, resilience, and staying grounded despite global success
• Why he believes real estate remains a cornerstone of family investing
• Motivations for writing books and interviewing global leaders
• Why partnerships matter across business, philanthropy, and sports ownership
• Importance of literacy and lifelong learning

Topics:
(00:00:00) – Introduction & the meaning of “pursuit of happiness”
(00:02:15) – Why the Declaration of Independence matters today
(00:06:00) – Founding principles of the U.S. and their modern relevance
(00:10:15) – Rubenstein’s career beginnings, patriotic philanthropy
(00:12:30) – Building The Carlyle Group
(00:15:45) – The Role of Family Offices in Investment
(00:19:45) – Real Estate Investing: A Stable Foundation
(00:23:35) – The Importance of Partnerships in Business
(00:27:40) – Lessons from Investment Misses
(00:31:34) – The Role of Education and Voting in Democracy
(00:35:18) – Personal Reflections and Life Philosophy

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This podcast (“Podcast”) is provided for discussion and informational purposes only, for use by Declaration Partners LP together with its affiliates referred to as (“Declaration”) and should not be considered investment, legal, or tax advice. Past performance is not indicative of future outcomes. This Podcast does not constitute an offer to sell or the solicitation of an offer to purchase any investment product or any interest in the Fund or any other investment vehicles or accounts managed or advised by Declaration. Investing involves a certain degree of risk, including the risk of loss. This Podcast may contain certain forward-looking statements, which may not materialize. No compensation has been awarded to any speaker for statements made that are either testimonials or endorsements. However, certain speakers may be current or former investors in certain Declaration investment products and may receive reduced fees, priority terms, priority access, co-investment rates, among other preferential treatment, which may pose a conflict of interest. Certain speakers may also be affiliates and/or service providers that receive compensation from Declaration for services provided in their service provider capacity but have not been compensated specifically for any testimonials or endorsements made herein. The views expressed in this podcast by either the guest speaker or the host are their own and may not reflect the views of their firm, Declaration, or their respective affiliates. The information discussed in this Podcast may change at any time without notice, and there is no duty by Declaration to update any person to whom this information is provided. Neither the US Securities and Exchange Commission nor the securities regulatory authority of any state or other jurisdiction has passed upon the accuracy or adequacy of this Podcast.

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