Billionaire private equity guru David Rubenstein, co-CEO and co-founder of The Carlyle Group (CG) , thinks a renomination of Janet Yellen as Federal Reserve Chair would be good for the markets.

"I think she has done an excellent job," he said.

Yellen's term expires in February 2018. President Trump is expected to make a decision in the coming weeks. 

Rubenstein also doesn't think higher interest rates in the coming years will negatively affect the private equity space.

Carlyle's deals don't take on as much debt as they used to. Rubenstein pointed to a 50%/50% split between debt and equity in terms of deal financing vs. 90%-95% debt years ago. 

Rubenstein is also the host of "The David Rubenstein Show: Peer-to-Peer Conversations" on Bloomberg Television.

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