David Rubenstein: Patriotic Philanthropy

Giving back is one of the greatest joys of my life, and David Rubenstein – the Co-Founder and Co-Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms – brings the meaning of philanthropy to the next level.? David’s selfless spirit is perhaps in his DNA: after his mother’s passing, he learned that she gave away small amounts of money to hundreds of charities during her lifetime even though she earned very little as a blue-collar worker.? During our conversation, David and I discussed what philanthropy means to him, the importance of “patriotic philanthropy,” and why giving back is a key ingredient to achieve happiness.

David has signed The Giving Pledge – a commitment to dedicate at least half of his money to charity – and has already given away nearly $700 million during his lifetime.? But David said that philanthropy doesn’t have to be about money.? “Philanthropy is derived from the Greek word that means ‘loving humanity,’” he explained.? “It does not mean rich people writing checks and bastardizing the term.”? David believes that the most valuable thing you can give away is your time – you can always make more money, but you can’t get more time.

David also has a unique philanthropic philosophy where he has decided that he cannot tackle enormous problems like global climate change or poverty.? “I look at things where I can start something that wouldn’t otherwise get started, and finish something that wouldn’t otherwise get finished,” he said.

To that end, David is more focused on philanthropy in the Washington D.C. area: he is one of the largest donors to the John F. Kennedy Center for Performing Arts, the Smithsonian, the National Archives, the Library of Congress, and the National Gallery of Art.? Philanthropy connected to art and historical documents is something more in David’s backyard and a topic in which he has enormous intellectual interest.

David also considers his work to be “patriotic philanthropy.”? “I want to give back to remind people of the history and heritage of the country, the good and the bad,” he said.? This is why David donated $10 million to restoring the Washington Monument in 2019, funded the renovation of the Lincoln Memorial in 2016, and bought a copy of the Magna Carta from the year 1297 for $19 million at auction and shared it with the National Archives so the public could enjoy it.

Ultimately, David believes that giving back is necessary to be happy.? “If you make a lot of money and view your self worth as your net worth, you’re going to be disappointed and unhappy person with billions of dollars in your bank account when you die.”

From a young age I have been dedicated to give back, and my philanthropy has been the proudest achievement of my career.? At the age of 27 I founded The Justice Ball for Bet Tzedek Legal Services, a non-profit legal clinic that aids more than 12,000 poor, sick, elderly, and homeless residents of Los Angeles each year – and which 27 years later has raised more than $8 million.? Eight years ago I also co-founded The Imagine Ball which has raised millions of dollars dedicated to ending the cycle of poverty and homelessness in Los Angeles. ?In addition, I established the Julia Eder Dean’s Scholarship at the University of Michigan in honor of my grandmother – an all-expenses, all-tuition scholarship for a student who, like my grandmother, was raised in foster care.? This student was living in her car during high school, and after graduating from UM she earned a master’s degree and became a social worker, motivational speaker, mother, wife, homeowner, and most rewarding of all, a member of my immediate family.? I also endowed the Randall Kaplan Endowed Scholarship at the University of Michigan, a full-tuition needs-based scholarship for students who are interested in a business career.

Giving back is one of the most fulfilling and rewarding things a person can do, and you don’t need money to give back.? You can give back in other ways – by donating by volunteering and mentoring.? It’s important thing to never forget where we came from, and to continuously express our gratitude to the people and communities that helped us get where you are today.

This article is based on my interview with David Rubenstein, the Co-Founder and Co-Chairman of The Carlyle Group, one of the world’s largest and most successful private investment firms. He is the author of several books, including The American Story: Conversations with Master Historians (2019), How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers (2020), and The American Experiment: Dialogues on a Dream (2021).? David is also the host of The David Rubenstein Show: Peer-to-Peer Conversations on Bloomberg TV and PBS.? David is an active philanthropist and serves on the board of many organizations, including the John F. Kennedy Center for the Performing Arts, the Council on Foreign Relations, the Brookings Institution, the Lincoln Center of the Performing Arts, and more.? Listen to the full episode here.

You may also enjoy other episodes on In Search of Excellence, which can be found on Apple Podcasts, Spotify, Google Podcasts, Overcast, and YouTube.

Randall Kaplan?is a serial entrepreneur, venture capitalist, philanthropist, and podcaster.?He is the founder and CEO of?JUMP Investors, a venture capital firm that has invested in more than 80 early-to-late-stage technology companies, including Google, Seagate, and Lyft.?Randall is a Co-Founder of?Akamai Technologies, a publicly-traded technology company that has 8,000 employees around the world and earned $3.8 billion in 2022 revenues.?He is also the Founder and CEO of?Sandee, the largest provider of information about beaches in the world with over 100 categories of information for more than 100,000 beaches in 212 countries.

Randall is the host of?In Search of Excellence, a podcast designed to motivate and inspire others to reach their potential and achieve excellence in all aspects of life.?Randall’s guests have included?Mike Tyson,?Mark Cuban,?Kevin O'Leary,?David Solomon,?Bob Pittman,?Sharon Stone,?David Rubenstein,?Steve Case,?Orlando Bravo,?Sammy Hagar,?Sam Zell,?Rachel Zoe,?Tim Draper,?Kliff Kingsbury, and?Eric Garcetti, among many others.?Randall is also a dedicated philanthropist – he is the founder of?The Justice Ball?which has raised more than $8 million for a non-profit legal clinic that aids more than 12,000 poor, sick, elderly, and homeless residents of Los Angeles each year, and is the Co-Founder of?The Imagine Ball?which has raised millions of dollars and is dedicated to ending the cycle of poverty and homelessness in Los Angeles.

Read Randall's full bio at?www.randallkaplan.com.