Capital Calls: Carlyle’s political assets

The private equity firm’s connections helped open doors, including in defense deals. Back in the 2000s, it hired former President George H.W. Bush and ex-Treasury Secretary/Secretary of State James Baker as advisers. Former British Prime Minister John Major was European chairman.

Those hires are now gone, and it has diversified its portfolio. Still, co-founder David Rubenstein is a Washington fixture. Others in government have ties toYoungkin, who left in 2020 , is the next generation of politically connected alumni. The first-time candidate beat a crowded Republican field to become Virginia’s CEO. His private-equity wealth helped; he loaned his campaign more than $5 million. But his Carlyle resume could be an albatross in his face-off against Democrats.

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