Carlyle Group co-founder David Rubenstein started family office, Declaration Partners. He later opened it up to other wealthy individuals.
Declaration is raising its second real estate fund, according to Fortune.
This fund/conflict of interest will focus on multifamily housing and industrial properties.
Declaration, which was created in 2017 with an anchor investment from Rubenstein’s family office, initially relied on the billionaire’s money with executives at the firm investing alongside him. It later raised capital from other wealthy individuals on a deal-by-deal basis before deciding to launch a fund.Rubenstein was Carlyle's primary fundraiser for decades and currently Co-Chairman of Carlyle's Board of Directors.
Mr. Rubenstein is Co-Founder and Co-Chairman of the Board.What do you do when your competition for both fundraising and potential real estate investments is your board chair's family office?
Declaring conflicts of interest is so passé. Actually taking action to avoid them is non-existent.
David Rubenstein signed The Giving Pledge in 2010. Signers commit to giving away more than half of their fortune. In 2012 Rubenstein had an estimated net worth of $1.9 billion.
The Fortune story noted:
Rubenstein, 74, a former White House staffer who became a leveraged-buyout legend, built Carlyle into one of the world’s largest managers of alternative assets. He has a net worth of about $5 billion, according to the Bloomberg Billionaires Index, and also hosts a Bloomberg Television show.In twelve years Rubenstein's net worth rose 163%. What role did PEU preferred taxation play in his wealth accumulation? Mr. Rubenstein tends to avoid the topic as it is not serious money.
Update: Chairman Rubenstein is stepping down from the Kennedy Center board but will head up the new Kennedy Center Foundation. His bio for the article failed to mention his conflict of interest with Declaration Partners. His association with Carlyle is front and center.
