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Carlyle's Rubenstein: Where we're not investing

December 12, 2012: 2:30 PM ET

david_rubenstein.topWhere the global private equity firm fears to tread.

FORTUNE -- The Carlyle Group (CG) is bearish toward private equity investments in Russia and Mexico, according to comments made by firm co-founder David Rubenstein during a NY Times Dealbook conference.

"We think Russia may be attractive to visit as a tourist, but it's very difficult to make a lot of money there -- few private equity investors have... We think Mexico has a great economy, but there are very few things to buy in Mexico so we have not been too active as of late."

Carlyle launched a Russia-focused fund back in 2004, but never ultimately raised it. The firm did raise a Mexico-focused fund in 2005, but its executives later spun out into an independent shop called EMX Capital (and continued to manage the assets).

On the flip-side, Rubenstein continued his recent tendency to talk up U.S. opportunities, in part based on his belief that a fiscal cliff solution will buoy the broader markets (not because of what the deal may specifically contain, but just the confidence sparked by D.C. pols reaching some sort of agreement). He also expressed interest in non-European assets from European banks, and companies in sub-Saharan Africa.

Carlyle continues to market a $10 billion global buyout fund.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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