Key Takeaways
- • Declaration Partners raised $303 million for its second real estate fund from family offices and wealthy individuals, including Carlyle Group co-founder David Rubenstein, according to Bloomberg reporting on October 21, 2025.
- • The fund will deploy capital into multifamily housing and industrial properties, positioning the firm to capitalize on signs of recovery in the US real estate sector.
- • Declaration Partners, launched in 2017 with seed capital from Rubenstein's family office, is now successfully raising outside capital from ultra-high-net-worth investors and institutional family offices, representing a significant growth milestone for the New York-based firm.
- • The $303 million fundraise reflects confidence among sophisticated investors in US real estate recovery and Declaration Partners' investment thesis, particularly in resilient asset classes like multifamily and industrial.
Summary
Declaration Partners, an investment firm backed by Carlyle Group co-founder David Rubenstein, has secured $303 million in commitments for its second real estate fund, marking a substantial capital raise from family offices and wealthy individuals globally. The New York-based firm announced the final closing on October 21, 2025, signaling strong institutional and high-net-worth investor appetite for US real estate exposure.
The fund will focus on multifamily housing and industrial properties, two asset classes widely viewed as defensive positions within the broader real estate market. This strategy reflects Declaration Partners' assessment that the US real estate sector is entering a recovery phase after a challenging period, creating attractive entry points for long-term capital. The participation of David Rubenstein—a legendary leveraged buyout specialist and co-executive chairman of one of the world's largest alternative asset managers—lends significant credibility to the fund's market thesis.
Declaration Partners was established in 2017 using initial capital from Rubenstein's family office, but this $303 million raise represents the firm's expanded ability to attract third-party capital from institutional investors and ultra-high-net-worth sources beyond its founder. This transition from single-family-office deployment to multi-investor fundraising demonstrates both the firm's track record and the broader institutional appetite for alternative real estate strategies managed by experienced investment professionals with proven operational expertise.
The timing of the fundraise coincides with a notable shift in investor sentiment toward US real estate following a period of higher interest rates and valuation pressure. The successful capital raise suggests that sophisticated investors view current market conditions as opportune for deploying capital into core real estate assets with strong fundamentals and cash flow characteristics.
The fund will focus on multifamily housing and industrial properties, two asset classes widely viewed as defensive positions within the broader real estate market. This strategy reflects Declaration Partners' assessment that the US real estate sector is entering a recovery phase after a challenging period, creating attractive entry points for long-term capital. The participation of David Rubenstein—a legendary leveraged buyout specialist and co-executive chairman of one of the world's largest alternative asset managers—lends significant credibility to the fund's market thesis.
Declaration Partners was established in 2017 using initial capital from Rubenstein's family office, but this $303 million raise represents the firm's expanded ability to attract third-party capital from institutional investors and ultra-high-net-worth sources beyond its founder. This transition from single-family-office deployment to multi-investor fundraising demonstrates both the firm's track record and the broader institutional appetite for alternative real estate strategies managed by experienced investment professionals with proven operational expertise.
The timing of the fundraise coincides with a notable shift in investor sentiment toward US real estate following a period of higher interest rates and valuation pressure. The successful capital raise suggests that sophisticated investors view current market conditions as opportune for deploying capital into core real estate assets with strong fundamentals and cash flow characteristics.
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