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Facebook IPO, Private Equity and Milken

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One of the hottest topics at this year's Milken Institute Global Conference is bound to be the Facebook IPO.

Last year, Carlyle Group co-founder David Rubenstein told the conference that he "blew it" when given the chance to be one of Facebook's first investors.

His son-in-law, a classmate of Facebook founder Mark Zuckerberg, tried to set up a meeting between the two men.

Rubenstein didn't take the meeting.

"I asked myself, what are the chances of this guy becoming the next Bill Gates?" Rubenstein said. "So now I have to work for a living."

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Wall Street