U.S. Markets closed

Stocks are not cheap: Carlyle's Rubenstein

Matthew J. Belvedere

Billionaire private equity pro and philanthropist David Rubenstein on Monday said stock prices "are not cheap" right now, creating a tough environment for dealmakers looking for bargains.

The co-founder and co-CEO of The Carlyle Group (NASDAQ:CG - News) also told CNBC's " Squawk Box " the U.S. economy is doing "reasonably well," probably growing in the 2 percent to 2.5 percent range this year.

The global investment firm, with $193 billion of assets under management, is opening an office in Silicon Valley. Rubenstein said Carlyle wants to be closer to the center of the technology universe.

More From CNBC