Scion of $6 Billion Carlyle Fortune Beats Private Equity Dip (1)

David Rubenstein made one of the world’s biggest buyout fortunes with bets on everything from oil pipelines to pet food. Today, the Carlyle Group Inc. co-founder’s middle child is working to build her own reputation in the industry with a different approach.

Gabrielle “Ellie” Rubenstein’s Manna Tree Partners is carving out a niche in the booming wellness space, helping her defy the prolonged dry spell in dealmaking for private equity firms, including Carlyle.

Denver-based Manna Tree last month sold a stake in US cottage cheese company Good Culture to L Catterton, the buyout investor backed by Bernard Arnault ...