Carnegie Lake Advisors

Carnegie Lake Advisors

Carnegie Lake Advisors launched in 2013 as the private investment office for David M. Rubenstein, the billionaire co-founder and co-chairman of The Carlyle Group. The firm takes its name from the Princeton University rowing venue, a nod to Rubenstein's deep ties to the university where he served as a trustee and where the firm's first and second CIOs both held long tenures managing the endowment. The office originally operated under the leadership of Troy Dixon before restructuring its investment leadership in 2024. The firm allocates Rubenstein's personal capital across a diversified institutional portfolio. Publicly available disclosures reveal a strategy spanning private equity fund commitments, direct co-investments, hedge fund allocations, and private credit. The office has historically favored established blue-chip managers, reflecting Rubenstein's own network and relationships built over decades at Carlyle. Real assets, including real estate and infrastructure, form a meaningful component of the asset mix. Geographic exposure is concentrated in North America and Europe, aligning with the sourcing advantages of its manager relationships. In May 2024, Carnegie Lake appointed Andy Golden as President and Chief Investment Officer, succeeding the firm's founding CIO (per Bloomberg, May 2024). Golden had retired from the Princeton University Investment Company in 2023 after steering the endowment to top-decile returns over nearly three decades. His appointment signaled a potential evolution in the office's investment posture, bringing a practitioner known for direct deal underwriting and innovative portfolio construction to what had been a fund-of-funds-oriented family office. The office maintains a lean professional staff, typical of tightly held single-family offices managing concentrated wealth. The firm's structural differentiator lies in its dual use of Golden — a career endowment CIO who built Princeton's vaunted co-investment program — and Rubenstein's proprietary access to Carlyle's deal flow and manager relationships. Few single-family offices can pair internal direct-investment capability, honed in the endowment model, with the informal intelligence and co-investment invitations that flow to a founding partner of one of the world's largest private equity firms.