Declaration Partners

What Declaration Partners does

Declaration Partners is a privately-held investment management firm organized as a Delaware limited partnership, founded by Brian Frank and Todd S. Rich and anchored by David M. Rubenstein (Co-Founder and Co-Chairman of The Carlyle Group) as its largest investor. The firm manages approximately $2.0B AUM as of 12/31/2025, primarily on behalf of family offices and institutional LPs, and operates through three strategy lanes: Private Investments (platform and growth-equity positions across consumer, fintech, healthcare, industrial, gaming, logistics, government services and space — including StubHub, Paxos, Altruist, Acorns, LMI, Enstructure, CP Group, ConcertAI and others), Real Estate (a family-office-flexibility program across multifamily, industrial, self-storage, retail, office/life sciences and student housing executed via Fund I ~$240M, Fund II ~$303M, and programmatic JVs with operators such as Cortland, Hilltop, JBG SMITH, Pivotal Manufacturing Partners and 4 Rivers), and GP Solutions (seeding of emerging investment managers including BITKRAFT, Motive Partners, Key1 Capital and Deep Valley Labs, plus a continuation-fund partnership with Lombard Odier Investment Managers).

The firm's underlying technology stack is standard institutional fund administration: Juniper Square powers the Real Estate LP portal, eFront powers the Growth/Private Equity LP portal, and there is no proprietary core technology. Revenue is generated through recurring management fees on committed/invested capital across the three strategy lanes, supplemented by carried interest and GP equity stakes from seeding partnerships and platform investments; pricing (fees, carry, fund minimums) is not publicly disclosed and is negotiated bilaterally with each LP. The firm is SEC-registered as an investment adviser, GDPR- and CCPA-compliant for website data, and operates from NYC headquarters (510 Madison Avenue) and a Bethesda, MD office for the real estate team. Distribution is relationship-led rather than marketing-led, leveraging the Rubenstein network and the firm's family-office heritage to source proprietary deal flow and LP commitments.

Name

Declaration Partners

Legal name

Declaration Partners LP

Website

https://declarationpartners.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Declaration Partners is a privately-held investment management firm managing approximately $2.0B AUM across Private Investments, Real Estate, and GP Solutions strategies, primarily serving family offices and institutional investors, anchored by David M. Rubenstein.

Ownership category

akta.pro rank

Product category

Private Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

LP Secondaries — Venture Capital Funds (FSAHALAB)

akta.pro secondary industries

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ), Private Capital Introducers (PE/VC/Private Credit) (FSAEAMAE)

Keywords

• Private equity investing
• Growth equity investments
• Real estate investing
• Fund management services
• Gp seeding strategies

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Fund Management Fees & Carry: Recurring management fees on approximately $240M (Fund I) and $303M (Fund II) in committed capital across multifamily, industrial, self-storage and retail real estate, plus promote/carried interest on realized investments; Fund II is more than 60% invested or committed.
2. Private Investments Management Fees & Carry: Recurring management fees and performance-based carried interest from private investment vehicles backing platforms (e.g., LMI, CP Group, Enstructure, New Frontier Materials) and growth equity positions (e.g., StubHub, Paxos, Altruist, Acorns, Bright Health, ConcertAI, WorkFusion).
3. GP Solutions Seeding & Co-investment Economics: Management fees, GP equity stakes and co-investment economics from seeding GP-led platforms (BITKRAFT, Motive Partners, Key1 Capital, Deep Valley Labs); revenue tied to long-duration fund manager partnerships.
4. Real Estate Rental & Master Lease Income: Long-term master lease economics on the SoHo retail property at 113-121 Prince Street (fully leased to Ba&sh, Sandro, Farm Rio), plus rental and operating income from multifamily, industrial, self-storage, life sciences and student housing assets.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels6 records

Core offering

Declaration Partners is a private investment firm that deploys capital across three named strategies: Private Investments (platform and growth-equity investments across Consumer, Fintech, Healthcare, Industrial, Enterprise Software, Gaming, Logistics, Government Services, and Space), Real Estate (multifamily, industrial, self-storage, retail, office/life sciences, student housing, and affordable housing assets executed through Declaration Partners Real Estate Fund I and Fund II plus programmatic JVs), and GP Solutions (seeding emerging fund managers such as BITKRAFT, Motive Partners, Key1 Capital, and Deep Valley Labs). The firm earns management fees and carried interest from limited partners (primarily family offices and institutions), with approximately $2.0B AUM as of 12/31/2025.

Product overview

Declaration Partners is a private investment firm that operates as a unified multi-strategy platform anchored by private equity veteran and philanthropist David M. Rubenstein, with $2.0B AUM as of 12/31/2025. Rather than offering a single software product, the firm delivers its offering through three named investment strategies — Private Investments (platform and growth-equity investments across Consumer, Fintech, Healthcare, Industrial Manufacturing & Services, Enterprise Software, Gaming, Logistics, Construction Materials, PropTech, Government Services, and Space), Real Estate (a family-office-flexibility-driven program across multifamily, industrial, self-storage, retail, office/life sciences, student housing, and affordable housing sectors, executed through Fund I LP, Fund II LP, and programmatic joint ventures), and GP Solutions (seeding of next-generation fund managers such as BITKRAFT, Motive Partners, Key1 Capital, and Deep Valley Labs) — alongside the declarations. Podcast as a thought-leadership media offering and a corporate website with dedicated investor portals. The three strategy modules share the firm's investment infrastructure, team, and family-office heritage, while remaining distinct in their target assets, return objectives, and capital structures.

Differentiator

Problem solved

Functional benefit

Brands

• Declaration Partners Real Estate (DPRE): Real estate investment strategy combining family office flexibility with institutional-quality investing across multifamily, industrial, self-storage, retail, and other property types.
• declarations. Podcast

Products and services

• Private Investments

Quantifiable outcome

• Second real estate fund closed at approximately $303M of commitments, 25% larger than the inaugural ~$240M fund.
• +3 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Hilltop Real EstatecoreStrategic or Co-development Partner · 14 January 2026Joint long-term master lease with Hilltop Real Estate for three contiguous prime SoHo (NYC) retail storefronts at 113-121 Prince Street (~15,250 sq ft total). The property is fully leased to fashion brands Ba&sh, Sandro and Farm Rio. Previously held by the same owner for over 50 years.
• Pivotal Manufacturing PartnerscoreStrategic or Co-development Partner · 30 September 2025Co-acquired a $74M advanced manufacturing facility serving as the global headquarters of Commonwealth Fusion Systems with Pivotal Manufacturing Partners. Combines Declaration's real estate capital with Pivotal's operating expertise in advanced manufacturing.
• CortlandflagshipStrategic or Co-development Partner · 11 September 2025Declaration Partners Real Estate and Cortland completed a preferred equity joint venture branded 3700M; Cortland is also a repeat JV partner on multifamily projects including Cortland New Albany (Columbus, OH), Cortland Colburn (realized), Cortland ChampionsGate (Orlando, FL — realized), Cortland Columbia Pike (Project Capitol, 11/2025) and others across the real estate portfolio.
• JBG SMITHcoreStrategic or Co-development Partner · 28 May 2025Declaration Partners joined JBG SMITH as a capital partner to convert the National Landing office tower into a 195-unit residential community. Represents a major capital + operator JV in the National Landing submarket.
• Lombard Odier Investment ManagerscoreStrategic or Co-development Partner · 16 July 2024Continuation Fund Partnership established with Lombard Odier Investment Managers in July 2024 to provide GP-led continuation vehicle solutions.
• 4 Rivers (Self-Storage)minorStrategic or Co-development Partner · 1 June 2023Programmatic JV equity partnership across Southeast U.S. self-storage properties; 4 Rivers is one of Declaration's named real estate JV partners and is referenced in the select JV partner logos.
• Hobe Mountain CapitalminorStrategic or Co-development PartnerSpin-out of Hobe Mountain Capital from Declaration Capital (October 2025) referenced as a corporate transaction involving the Declaration family of firms.

Scale indicators7 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• MSD Partners: MSD Partners is a multi-strategy private investment firm backed by Michael Dell, deploying capital across private equity, credit, real estate, and growth equity — directly comparable to Declaration in business model, family-office capital base, and multi-strategy approach. Declaration's founder Brian Frank was previously a Partner and Portfolio Manager at MSD Partners.
• BayPine: BayPine is described as Declaration's 'sister investment firm focused on buyouts with a digital transformation potential' — sharing staff, back office, and senior team members (Rob Jackowitz, Charles Rayner, Laura Salmon). It is the most direct peer in terms of operating structure, capital base, and team.
• Newlight Partners: Newlight Partners is a private investment firm spun out of Soros Fund Management, deploying a multi-strategy approach across private equity, growth equity, and structured capital — directly comparable to Declaration's Private Investments platform in size, strategy, and family-office-style capital. Declaration GP Solutions Co-Head Vipul Tandon was previously a Senior Managing Director at Newlight.
• Pine Brook Partners: Pine Brook is a New York-based middle-market private equity firm with prior ties to several Declaration partners (Annie Sloyer and Rob Jackowitz are former Pine Brook CFOs). Comparable in size, sector focus, and relationship-driven approach to Declaration's Private Investments platform.
• Siris Capital Group: Siris Capital is a private equity firm focused on technology and telecommunications investments. Declaration GP Solutions Co-Head Vipul Tandon was previously Co-Head of Credit Opportunities at Siris. Directly comparable in scale, sector focus, and family-office-style flexible capital.
• Reservoir Capital Group: Reservoir Capital Group is a private investment firm focused on special situations, real estate, and private equity. Comparable to Declaration in multi-strategy platform structure, mid-market focus, and family-office capital base; Declaration IR head Michael Walker was previously Head of IR at Reservoir.
• BDT & MSD Partners: BDT & MSD Partners is a merchant bank that provides long-term capital and advice to families and founder-led businesses. Directly comparable to Declaration in family-office heritage, multi-strategy approach, and long-duration capital; Declaration GP Solutions Co-Head Federico Schiffrin was previously a Managing Director at BDT&MSD.
• Pritzker Private Capital: Pritzker Private Capital provides flexible capital and operational support to family- and founder-owned businesses. Directly comparable in middle-market focus, family-office heritage, and long-duration partnership model; Declaration's podcast features Pritzker's Paul Carbone.
• Westbrook Partners: Westbrook Partners is a global real estate investment firm focused on distressed, value-add, and development opportunities. Comparable in real estate focus and institutional-quality execution; Declaration real estate partner Matthew Cohen was previously a Managing Principal at Westbrook.

Regional players

• JBG SMITH Properties: JBG SMITH is a NYSE-listed REIT focused on the Washington, DC metro area, including a major mixed-use development at National Landing. Comparable in real estate focus and DC-metro orientation, and a repeat JV partner of Declaration's real estate strategy; two Declaration partners (Ron Dalal, David Rabin) and several other team members have JBG/JBG SMITH backgrounds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/declaration-partners

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments59 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Declaration Partners