Key Takeaways
- • Declaration Partners closed its second real estate fund, Declaration Partners Real Estate Fund II LP (DPREF II), with $303 million in total commitments, representing a 25 percent increase in size compared to its first fund.
- • The fund is already nearly 60 percent invested or committed across Declaration's targeted sectors: multifamily residential, industrial, self-storage, and retail properties.
- • Declaration Partners, founded in 2017 and anchored by the family office of David M. Rubenstein, manages $2.2 billion in assets primarily for global family offices and institutional investors.
- • The firm's real estate strategy combines institutional private equity sophistication with family office sensibilities, utilizing proprietary joint ventures, preferred equity investments for downside protection, and co-general partnership participation for upside exposure.
- • Fund II's platform investments have been deployed across major markets including Dallas and Boston, with the first platform investment completed earlier in 2025.
Summary
Declaration Partners has successfully closed its second real estate fund at $303 million in commitments, marking significant expansion in the firm's institutional real estate investment platform. The fund, Declaration Partners Real Estate Fund II LP (DPREF II), is 25 percent larger than the firm's inaugural fund and demonstrates strong investor confidence in the team's strategy and track record.
The firm, founded in 2017 and backed by David M. Rubenstein's family office, operates at the intersection of institutional private equity discipline and family office investment philosophy. With $2.2 billion in total assets under management, Declaration Partners serves a sophisticated investor base comprising global family offices and institutional capital. The second fund has already achieved substantial deployment, with nearly 60 percent of capital either invested or committed to specific opportunities across the firm's core real estate sectors.
Declaration Partners' investment approach centers on four primary real estate segments: multifamily residential, industrial, self-storage, and retail properties. The firm employs a diversified strategy that includes proprietary joint ventures, preferred equity investments designed to provide downside protection while capturing upside participation, and co-general partnership arrangements that align the firm's interests with other investors. This structure allows Declaration to participate in value creation while managing risk exposure across its portfolio.
Initial deployment of Fund II capital has focused on major metropolitan markets, with completed platform investments in Dallas and Boston during 2025. The firm's stated strategy emphasizes both returning and new investor participation, indicating confidence from its existing base while successfully attracting fresh capital to support the expanded fund size. The completion of DPREF II positions Declaration Partners to continue its institutional real estate strategy at increased scale across its targeted property types and geographies.
The firm, founded in 2017 and backed by David M. Rubenstein's family office, operates at the intersection of institutional private equity discipline and family office investment philosophy. With $2.2 billion in total assets under management, Declaration Partners serves a sophisticated investor base comprising global family offices and institutional capital. The second fund has already achieved substantial deployment, with nearly 60 percent of capital either invested or committed to specific opportunities across the firm's core real estate sectors.
Declaration Partners' investment approach centers on four primary real estate segments: multifamily residential, industrial, self-storage, and retail properties. The firm employs a diversified strategy that includes proprietary joint ventures, preferred equity investments designed to provide downside protection while capturing upside participation, and co-general partnership arrangements that align the firm's interests with other investors. This structure allows Declaration to participate in value creation while managing risk exposure across its portfolio.
Initial deployment of Fund II capital has focused on major metropolitan markets, with completed platform investments in Dallas and Boston during 2025. The firm's stated strategy emphasizes both returning and new investor participation, indicating confidence from its existing base while successfully attracting fresh capital to support the expanded fund size. The completion of DPREF II positions Declaration Partners to continue its institutional real estate strategy at increased scale across its targeted property types and geographies.
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