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Declaration Partners Raises $303 Million for Second Real Estate Fund

Todd Rich

Matthew Cohen

Amidst a difficult fundraising environment, the support and confidence of our investors allowed us to raise a larger fund than our first vehicle.”
— Todd S. Rich
BETHESDA, MD, UNITED STATES, October 21, 2025 /EINPresswire.com/ --
• Investors include the family office of David M. Rubenstein, U.S. and international family offices, and high net worth individuals
• Nearly 60% of Fund II already invested or committed to multifamily residential, industrial, self-storage, and retail
• Institutional investment approach through a family office lens, emphasizing partnership, flexibility, tax sensitivity, and longer-term horizon
• Professional real estate investment team led by Partners Todd S. Rich, Matthew Cohen, Ron Dalal, and David Rabin, who have been working together for 5+ years

Declaration Partners, a real estate and private investments firm, today announced it has raised $303 million for its second real estate fund, Declaration Partners Real Estate Fund II LP (DPREF II). The fund, which is 25% larger than Declaration’s first fund is already nearly 60% invested or committed to properties in the team’s targeted sectors, including multifamily residential, industrial, self-storage, and retail.

Founded in 2017 and anchored by the family office of David M. Rubenstein, Declaration Partners marries the sophistication of institutional private equity investing with a family office mindset. The firm manages $2.2 billion of assets, primarily on behalf of global family offices and like-minded institutions. Declaration’s real estate investment strategy includes proprietary joint ventures, preferred equity investments intended to facilitate downside protection, as well as upside participation from co-GP partnerships.

In recent months, the Declaration real estate team completed a flurry of activity, capitalizing on the groundwork laid in recent years amidst significant disruption in real estate markets. Recently completed investments include an industrial property in the Hamptons (New York), a preferred equity investment in a 381-unit luxury multifamily property in Dallas, and an advanced manufacturing campus outside of Boston. Each of these investments as well as most others in the Fund II portfolio have been sourced through Declaration’s proprietary relationships and programmatic partnerships, rather than competitive auctions.

Declaration Partners Co-founder and Head of Real Estate Todd S. Rich said, “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. In our view, the challenging fundraising environment is correlated with good valuation entry points. Our family office approach, marked by flexibility and a longer-term investment horizon, enhanced with our strategic partnerships, permit us to find compelling investments when others are sitting on the sidelines or dealing with redemption queues.”

Matthew Cohen, a Partner in Declaration’s real estate group, added, “We are grateful for the support from Fund I investors and new partners alike. The performance of our Fund I portfolio enabled us to generate substantial early distributions for our investors, despite the otherwise challenging market for real estate investors. Meanwhile, the strength of our industry partnerships and ability to structure creatively continues to surface attractive opportunities in our areas of focus.”

Select DPREF I and II Investments:
Diverse portfolio across geography, investment structure, and asset type includes:
• Commonwealth Fusion Systems global headquarters; JV acquisition; Boston, MA (Fund II)
• 3700 McKinney Avenue; preferred equity/recapitalization; Dallas, TX (Fund II)
• Hamptons Industrial Development; industrial joint venture; Quogue, NY (Fund II)
• Los Angeles Affordable Housing Development; residential joint venture; Los Angeles, CA (Fund II)
• 21500 Harvill Avenue; industrial joint venture; Inland Empire, CA (Fund I) – Realized
• 1701 East Boulevard; multifamily preferred equity; Charlotte, NC (Fund I) – Realized
• Several programmatic co-GP investments across operating and development multifamily properties (Funds I & II)

About Declaration Partners
Declaration Partners is a private investment firm that seeks to be a value-added capital partner and strategic resource to management teams and asset owners where patient, flexible capital provides an advantage. Declaration has approximately $2.2 billion in assets under management across its investment strategies, which include private investments, real estate, and GP solutions. Anchored by the family office of private equity veteran and philanthropist David M. Rubenstein, Declaration invests on behalf of family offices and like-minded institutional investors. The firm was founded in 2017 and is headquartered in New York with an office in the Washington, DC area. www.declarationpartners.com

Chris Ullman
Declaration Partners
+1 202-641-2234
chris@chrisullman.com

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