Billionaire investor David Rubenstein's leadership advice for his daughter and the future generation
Billionaire David Rubenstein, co-founder of the Carlyle Group (CG), one of the largest and most successful private equity firms with $221 billion in assets under management, knows a thing or two about success. Now he’s passing his experience and knowledge on to his daughter Ellie Rubenstein, as she builds her own investment career as co-founder and CEO of investment firm Manna Tree Partners.
“One of the qualities I’ve noticed in leaders around the world was that they had a passion for what they're doing,” David Rubenstein, told Yahoo Finance during its All Markets Summit on Monday. “If you hate what you're doing, you're never going to be great at it. And so I tell young people all the time, particularly when I make a commencement speech or speak to students, find your passion… If you're passionate about it, you'll be successful at it.”
It didn’t take long for Ellie Rubenstein to figure out what makes her tick. She’s passionate about healthy food, with Manna Tree Partners committed to improving human health by making food options healthier and the supply chain more transparent. When asked what she’s learned about investing by being around her dad and leveraging that into her career, Ellie Rubenstein said she still remembers the day Carlyle took a stake in the grocery chain Fresh Fields in 1994, and her fascination with parts of that business.
“I have memories of going to Fresh Field's… And in that case what I remember is that it was one of the first grocery stores that actually had a sushi chef in it so you could get sushi to go. I think people that are children of famous people instead of looking at it as ‘how did they make their money?’ they try to figure out what it is that makes them tick and then take it and make it their own. That's what I've done in my own case. I've been focused on health and nutrition and improving human health.”
David Rubenstein is quick to point out that one’s passion is not necessarily something their parents want for them, rather it has to be something people want for themselves. For Ellie, she and her father shared a passion for private equity, but the differentiating factor was what to invest in, leaving Ellie with the job of convincing her father healthy food was the way of the future.
“She convinced me that healthy food will probably make me live longer. That I should exercise more. That I should probably invest more in her fund. That I should realize that healthy food is the wave of the future,” said David Rubenstein. “I think I've learned a lot [from Ellie]. It's a symbiotic relationship. I think I am now learning much more from her.”
And with that, Ellie is now on a mission to educate the public about the importance of food, and convince investors that food should always be a part of their investment portfolio.
“It has been the honor of the lifetime to sit next to the guy who writes the book ‘How to Lead’ because what we’re trying to figure out: how to lead people to live healthier and happier lives,” said Ellie Rubenstein. “For me, it’ll probably take the next 30 years, until I’m my father’s age, in figuring out how to get a billion people healthy and how can you use private equity to get and deploy capital into this asset class.”
Seana Smith is the anchor for The Final Round. Follow her on Twitter @SeanaNSmith
READ MORE:
David Rubenstein: People won't be 'rushing back to work' after COVID-19
Analyst: Holiday shopping will be 'very, very good' despite coronavirus, stimulus headwinds
Coronavirus second wave looms: 'Hope for the best but prepare for the worst'
Ex-health official: Coronavirus outbreak forcing Detroit residents to make an 'impossible choice'
