Declaration Partners Raises $303M for Latest Real Estate Fund
Declaration Partners, a real estate and private investment firm anchored by the family office of David M. Rubenstein, has closed its second fund—Declaration Partners Real Estate Fund II LP (DPREF II)—with total commitments of $303 million. The fund is already nearly 60% invested or committed, targeting core sectors including multifamily residential, industrial, self-storage, and retail.
With the close, Declaration has expanded its investment platform above $2.2 billion in assets under management, primarily serving global family offices and like-minded institutional investors. The firm’s strategy combines proprietary joint ventures, preferred-equity positions designed for downside protection, and co-GP partnerships to capture upside.
Recent investments include an industrial property in the Hamptons (New York), a preferred‐equity stake in a luxury 381-unit multifamily asset in Dallas, and an advanced-manufacturing campus near Boston—illustrating the team’s diversified, opportunistic approach across property types and geographies.
“Amidst a difficult fundraising environment, the support and confidence of our investors allowed us to raise a larger fund than our first vehicle, further enabling us to secure high-quality properties at what we believe are attractive prices,” said Todd S. Rich, co-founder and Head of Real Estate at Declaration Partners.
Declaration was founded in 2017 and is headquartered in New York with an office in the Washington, DC area.
