Financial Advisor reported in May 2018
The former White House staffer who became a leveraged-buyout legend will directly oversee Declaration Capital. He’s also funded an affiliate called Declaration Partners, which has wider ambitions.
He recruited Brian Frank, a former money manager at Michael Dell’s MSD Partners, to run the unit targeting venture, growth and family-owned businesses, areas that wouldn’t directly overlap with Carlyle, said a person with knowledge of the matter, who asked not to be identified because the plans are private. The firm may ultimately seek outside capital beyond Rubenstein’s fortune.
The staff includes Rubenstein’s daughter, Alexa Rachlin.
Crunchbase states Declaration Capital invested in five companies. Rubenstein oversees those investments.
It's hard to understand why his Declaration forays are not a conflict of interest within Carlyle, a politically connected private equity underwriter (PEU). Rubenstein has been a key part of a ruling triumvirate and serves as Chairman.
Declaration Partners registered with the SEC to raise capital for its various funds. It has 34 investments. according to CB Insights (which characterizes Declaration Partners as a family office). Rubenstein is on video marketing Vault for Declaration Partners.
The hiring of a family member, however talented, is a common practice among billionaire insiders. Insiders often hold multiple high paying roles within their complex, secretive organizations.
How has Rubenstein's Declaration ties harmed Carlyle fundraising? If Carlyle's chief fundraiser for decades is putting his money elsewhere shouldn't others do likewise?
Five years ago the answers were not available.
Rubenstein declined to comment through a Carlyle spokesman.
If anyone remains confused about Rubenstein's actual roles with Declaration that is the intent of the greed and leverage boys. Obfuscate for profit.
Update 5-10-23: Jesse's Cafe Americain has a quote from 2012 that includes:
"Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."
