David Rubenstein’s Family Office Spins Out Secondaries Firm (1)

Carlyle Group Inc. co-founder David Rubenstein’s family office has spun out a team focusing on buying second-hand stakes in private asset vehicles, tapping into the booming market for so-called secondaries.

Hobe Mountain Capital, led by former executives of the US billionaire’s private investment firm, started up in recent months to acquire stakes in funds spanning private equity, venture capital and real estate, according to Alexa Rachlin, Hobe’s managing partner and Rubenstein’s daughter. It plans to focus on deals that are typically too small for institutional money managers.

David Rubenstein

Photographer: Michael Nagle/Bloomberg

The Florida-based firm, named after an 86-foot-high sand dune in the state, ...