Compare his chart to Carlyle's assets under management:
Carlyle lost $5 billion in AUM during the 2008 financial meltdown, falling from over $91 billion to $86 billion. AUM rebounded, up nearly 80% since.
Carlyle monetized every affiliate not nailed down that last year and a half, meaning Rubenstein's take of profits should be substantial. Rubenstein can carry the interest but somehow it misses his net worth.
Oddly, two DBD Cayman Funds show the founders with a stake in over $7.7 billion. The U.S. Treasury bolstered a number of listed affiliates, BankUnited, Boston Private Financial Holdings, CIT Group, Central Pacific Bank, and Hampton Roads Bankshares.
The Carlyle Group's S-1, IPO documents filed with the SEC, should pull back the curtain on the founders' holdings and their projected value. The first filing failed on this front.
Will the SEC do better than Forbes in showing Rubenstein's net worth? That remains to be seen. The picture now is murky, at best.
