Fortune: Declaration Partners, Backed by Carlyle Co-founder Rubenstein, Targets $400M Fund II

New York-based investment firm Declaration Partners, supported by prominent figures like Carlyle Group Inc. co-founder David Rubenstein, is gearing up to reinforce its US property investments in the current real estate downturn. The company aims to secure approximately $400 million from affluent individuals and family offices for its second real estate fund, focusing on multifamily housing and industrial properties.

Insider sources reveal that a substantial portion of this target has already been raised, with Rubenstein leading the way, along with other investors who participated in Declaration's initial US real estate fund closure in 2022. This strategic move aligns with Declaration Partners' commitment to capitalizing on lucrative opportunities amid challenging market conditions.