David Rubenstein Joins Family Offices Betting on US Real Estate

An investment firm backed by Carlyle Group Inc. co-founder David Rubenstein and other members of the world’s rich is bolstering its US real estate investments as the sector shows signs of recovery.

Declaration Partners has raised $303 million from family offices and wealthy individuals including Rubenstein for its second real estate fund, which will invest in areas such as multifamily housing and industrial properties, according to a statement Tuesday from the New York-based firm.

More than half the fund’s capital has already been committed, with recent transactions including joint-venture deals for a Dallas luxury apartment community, a New York industrial ...