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Private equity will survive the recession, but when the fallout ends, the industry will be much smaller and a lot wiser. That was the prediction of David Rubenstein, co-founder and managing director of The Carlyle Group, in a presentation to students Jan. 8 at the Kellogg School. "Private equity won't go away," Rubenstein said. "The industry will survive because the concept works, but it will be more challenged than before." Founded in 1987, The Carlyle Group is one of the world's largest private equity firms, with about $91.5 billion in assets under management in industries including aerospace, defense, retail and financial services.
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