The helicopter descended on a seaside estate in easternmost East Hampton. Stepping out into the brisk wind, Carlyle Group founder David Rubenstein instinctively flipped up the collar of his coat, his gaze taking in the lush surroundings. Even in the midst of winter, the estate was vibrant with greenery, its meticulously maintained grounds standing in stark contrast to the barren, desolate landscapes of other Hamptons mansions during this time of year. Despite his considerable wealth, Rubenstein couldn't suppress a flicker of envy as he thought to himself:
"Maintaining a place like this must cost a fortune."
And this was just one of the many estates Simon Westeros owned in the Hamptons alone. Reports in the media had noted that Westeros's rampant property acquisitions over the past few years had driven up housing prices in numerous affluent areas across the United States.
Two uniformed housemaids approached to greet him. One, a statuesque woman with an Eastern European complexion, exchanged a polite smile with Rubenstein before leading him toward the grand, English-style villa in the distance.
Inside the villa, warm and cozy like a spring day, Rubenstein handed his thick coat to one of the maids. As he did, he caught the faint sound of women laughing somewhere in the house.
Not just one, he thought.
Curiosity flared, but he restrained himself. That would remain a mystery. For now.
The Eastern European housemaid guided him to a nearby sitting room, where she personally served him coffee. "Mr. Westeros is just changing," she explained softly. "He'll be with you shortly."
Rubenstein nodded; he had arrived a few minutes ahead of schedule anyway.
Simon appeared not long after, dressed casually in a beige long-sleeve T-shirt, khaki pants, and cotton slippers. His damp hair betrayed the fact that he had recently been showering or swimming, prompting Rubenstein's imagination to wander to what must have been a luxurious—and possibly indulgent—scene in the villa's indoor pool or bath.
Damn billionaires!
After exchanging greetings, the two men settled into the plush sofas. But before they could begin their conversation, the Eastern European housemaid returned, accompanied by another woman in uniform. One carried a towel and the other a fresh pair of slippers. The first maid gestured to the towel in her hands and said in a gentle, concerned tone, "Sir, Ms. Davis said this could lead to a cold. Mrs. Westeros would be very upset."
Simon gave a small nod of acknowledgment.
With that, the first maid moved behind him and began delicately drying his hair with the towel, while the second knelt by his feet. She removed the plastic slippers he was wearing, carefully dried his feet with another towel, and replaced them with the freshly warmed cotton slippers.
Rubenstein watched this silent, efficient choreography unfold and felt a pang of existential crisis. Here he was, a man who spent more than half his time flying from one place to another, surviving on mere hours of sleep as he juggled business decisions even in his dreams. And for what? To build wealth that, in the end, seemed to only fuel the extravagant lifestyles of people like Simon Westeros?
What am I even doing with my life?
Simon, oblivious to Rubenstein's inner turmoil, waited for the maids to leave before turning to his guest. "So," he began casually, "how did your trip to China go?"
It was November 17th, a Sunday. Rubenstein had just returned from another trip to China, where he had begun formal discussions on several investment projects.
Rubenstein shook off his thoughts, straightened in his seat, and pulled a folder from his briefcase. Handing it to Simon, he opened his notebook and began his report. "It went well. This time, we hired a team from Goldman Sachs as financial advisors. They've already started conducting due diligence and preparing the asset restructuring for XCMG. Regarding Sany Heavy Industry, the terms for acquiring a 35% stake have essentially been agreed upon; we're just ironing out differences over the investment amount. And as for Liugong Machinery in Guangxi Province, which you identified personally, their response has been very positive."
XCMG and Sany were two companies Rubenstein had identified during his October trip to China. This time, the negotiations had entered a more substantive phase.
Liugong Machinery, on the other hand, was a new addition Simon had chosen as part of his "competition strategy." The company held a significant position in China's engineering machinery sector and had the added benefit of being located in Guangxi, where Simon had invested in a mountain property in Yangshuo years earlier. Guangxi officials had been eagerly awaiting further investments, and Simon felt it was time to return the favor with a major project.
Since Simon's strategy involved fostering competition among multiple companies, three firms were just the beginning—more would be added over time.
As Simon skimmed through the documents, he asked, "What about the Perkins Engines Company in the UK? How's the outreach going with them?"
Rubenstein replied, "I've already assembled a team to investigate Perkins Engines. They're gathering detailed information. If all goes well, we can launch an acquisition bid early next year."
Perkins Engines is a world-renowned manufacturer of diesel engines, a critical component for most heavy machinery. While China already produced diesel engines, many of its high-power models couldn't meet the demands of modern heavy machinery, creating a significant gap in the market.
This dovetailed neatly with a shift in strategy Simon had implemented.
Initially, the plan was for Carlyle to lead investments, introducing advanced overseas engineering machinery technology into China to bolster its industrial development.
However, after some exploratory efforts, it became clear this approach wouldn't work.
Despite their presence in China, many Japanese, Korean, and Western heavy machinery companies showed little faith in the long-term potential of the Chinese market. Even those that had established operations often viewed them as marginal ventures rather than strategic priorities.
In the U.S., the indifference was even starker. Among American giants like Caterpillar, Case, John Deere, and Dresser, only Caterpillar had set up a subsidiary in China. The others were either absent or limited to token sales offices.
Simon had assumed that Carlyle's willingness to front the capital for technology partnerships might sway some companies. Yet even struggling second- and third-tier firms proved unwilling to collaborate, guarding their intellectual property jealously while demanding exorbitant fees for cooperation.
This resistance crystallized Simon's realization of the deep-seated tension between American financial and industrial capital. With that in mind, he decided to pivot the strategy.
First, in China: Carlyle would press ahead with investments and acquisitions, whether through outright purchases or partnerships. The focus would be on breaking into the market and fostering local growth. While heavy machinery wasn't as technologically advanced as the automotive industry, with sufficient resources and templates, China's R&D capabilities could eventually catch up.
Second, for technologies China couldn't yet produce, Carlyle would simply buy them.
The UK-based Perkins Engines was the first target.
The company was a major diesel engine supplier to global heavy machinery giants like Caterpillar. However, due to a saturated market and broader economic challenges, its performance had stagnated. At a valuation of roughly $1 billion, even with a premium for acquisition, the deal wouldn't exceed $1.5 billion.
While this sum might seem steep given Simon's original $1 billion budget for China's engineering sector, the investment wasn't as disproportionate as it appeared.
Firstly, Simon wouldn't shoulder the entire cost himself. His investment philosophy centered on shared ownership and influence rather than outright control, meaning he'd likely only hold a 30% to 50% stake in Perkins.
Secondly, Perkins Engines still served major clients like Caterpillar, ensuring a steady revenue stream. Simon's plan was to shut down the company's high-cost factories in the UK and the U.S., shifting production to China to cut expenses dramatically. This would not only rejuvenate Perkins but also help Simon tap into China's growing demand for heavy machinery.
And if everything went as planned, Simon could either retain the revitalized Perkins or relist it for a handsome profit—all while bolstering his machinery ventures in China.
As Simon delved deeper into the documents and discussed finer points with Rubenstein, half an hour passed in a blink.
As their meeting drew to a close, Simon set aside the file he had reviewed twice and said, "There's one more thing. You know about my investments in Ukraine. Those are unrelated. What I want is for you to collaborate with Celia Miller, who's overseeing my interests there. Form a team to identify and acquire any valuable technologies or talent we can transfer to China. Take the Black Sea Shipyard in Odessa, for instance. It used to build aircraft carriers for the Soviet Union. The port machinery technology there could be very useful for our negotiations with XCMG and might even serve as leverage. And in Donetsk, there's mining equipment. Explore all of it. You handle the details—I just want results."
Rubenstein, aware of the recent Shelepan assassination case in Ukraine and its geopolitical ramifications, found Simon's idea intriguing. The remnants of Soviet engineering, long overlooked by the West, could be transformative for China.
However, he hesitated. "Simon, the Black Sea Shipyard… It's tied to military assets like aircraft carriers. That might draw Washington's attention."
Simon nodded. "Then don't touch anything too sensitive. Stick to what can be transferred to China without raising red flags. Navigating Washington is your specialty, isn't it?"
Reassured, Rubenstein agreed. "I'll contact Ms. Miller right away."
With that, their discussion wrapped up. Rubenstein confirmed there were no other matters to address and rose to leave.
Simon accompanied him to the door and, as they stepped
outside, asked, "Has Dole's onboarding been finalized at Carlyle?"
"Yes, he's agreed. But he said he wants to take some time off after decades of public service. He'll officially start in the spring."
Simon understood. It was likely more about letting the post-election media scrutiny die down.
After watching Rubenstein's helicopter take off, Simon returned to the villa.
When he asked Carmen, his head housemaid, where the others were, she directed him to the second floor. There, in a sunlit sitting room, he found four women lounging in various states of relaxation, each wrapped in nothing but bathrobes.
Jane Xin and Tao Yuelai, two Chinese beauties, were curled up on opposite ends of the room. Joining them were Roberta Chirco and Anneliese Seibert, two European models Simon had recently brought into his orbit. Some sipped coffee and flipped through magazines by the window, while others napped or chatted softly.
When Simon entered, the atmosphere immediately brightened. Tao Yuelai nudged Jane awake, while Roberta and Anneliese moved to greet him.
Simon sank onto the center sofa, pulling Tao Yuelai close and planting a kiss on her cheek. Then, turning to Jane, who was still rubbing sleep from her eyes, he teased, "Bored?"
Jane wriggled over to rest her head on his lap, her voice soft as she replied, "Not at all."
Of course, she wouldn't admit she was simply exhausted—after all, Simon had spent the morning indulging in his particular preference for ganging up on just one woman. Today, Jane had been the unlucky target.
The other two women, Roberta and Anneliese, joined them on the sofa. Roberta perched at Simon's feet, her small face upturned as she asked, "Simon, do we have plans tonight?"
"Only if you're not afraid of the cold."
Jane, still lounging across Simon's lap, murmured, "I am. No parties for me."
"Then you can stay home," Simon said casually. Running his hand down Roberta's face, he added, "By the way, Roberta, you can stop lobbying me about that role in Terminator 3. Hollywood isn't as easy as you think. Focus on fashion, and if you're worried about the future, make some investments now. I can give you advice."
Roberta pouted, a hint of disappointment on her face, but nodded obediently.
Life had simply been too good lately.
She and Anneliese had moved into a luxurious duplex in Greenwich, complete with maids and personal assistants. Simon had showered them with gifts, and their living expenses were entirely covered.
Last week, after the Victoria's Secret Fashion Show, when they wanted to travel, Simon had simply sent a private jet and handed them unlimited credit cards. They'd flown from New York to Hawaii, Tokyo, Hong Kong, Paris, and London, circling the globe and racking up tens of thousands of dollars in expenses without a care.
Such a dreamlike lifestyle left little room for ambition.
As Roberta reflected on this, she finally understood why so many women stayed by Simon's side. Living like a princess—or better yet, a queen—who would want to leave?
As for the future?
Well, she'd worry about that when it came.
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