David Rubenstein, co-founder of the Carlyle Group, joined CNBC's 'Closing Bell' to discuss the private equity industry.
" that his firm and other private equity companies are waiting on the right opportunities as the economic impact of the pandemic puts stress on companies around the world.
"We have a fair amount dry powder, as do the other large private equity firms. We see a lot of opportunities," Rubenstein said. "But we don't think that, if you don't move in a week or two or three or a month, that you're going to miss the best opportunities." The Carlyle Group and other private equity stocks have been hit hard this year, with shares of Rubenstein's company down more than 26% year-to-date.
The private equity industry has faced heavy criticism over the past year from politicians, including Massachusetts Sen. Elizabeth Warren. Private equity firms and hedge funds have been barred from taking loans from the, but Rubenstein said companies owned by private equity should have access to the loans.
"I recognize the political situation on Capital Hill and elsewhere, but I think Congress should worry about employees and making certain that they're okay, not whether the private equity companies own or not," Rubenstein said.
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