Self Storage

Carlyle Property Investors (CPI) is an open-end, perpetual-life, core-plus real estate fund managed by The Carlyle Group, one of the world's largest alternative asset managers with approximately US$440 billion in assets under management. CPI operates as a diversified, open-ended vehicle targeting institutional investors seeking a long-term total net return of 9%–11% per year through a portfolio of high-quality U.S. commercial real estate assets. As of early 2025, the fund managed approximately US$8.4 billion in assets, attracting capital from major institutional investors including the Oregon Public Employees Retirement Fund and the Texas Permanent Fund, which committed US$150 million. CPI pursues a core-plus real estate strategy anchored to demographic-driven demand sectors, investing in assets that exhibit strong in-place income while offering value-creation upside through minor repositioning, lease-up, or operational enhancements. The fund targets sectors with deep structural demand pools including manufactured housing, senior housing, data centers, single-family rentals, industrial outdoor storage, student housing, life science, and self-storage — asset categories Carlyle believes offer above-average long-term income growth tied to population trends and technological adoption. All investments are made within the United States, ensuring a focused geographic mandate with high transparency for limited partners. The Carlyle Group launched CPI to extend its real estate capabilities beyond traditional opportunistic strategies into the perpetual-capital segment, alongside Carlyle Realty Partners — its flagship U.S. opportunistic fund series, which closed its tenth vehicle at US$9 billion in August 2025. CPI's open-end structure enables continuous capital deployment and redemptions, appealing to institutional allocators seeking durable income exposure. The fund's consistent growth from approximately US$500 million at inception to US$8.4 billion in AUM reflects sustained institutional demand and validates Carlyle's ability to operate at scale across demographic-driven real estate sectors.

Declaration Partners Real Estate Fund II LP (DPREF II) is a $303 million value-added real estate fund managed by Declaration Partners, the private investment firm anchored by the family office of David M. Rubenstein. Building on the success of its predecessor, DPREF II represents a 25% scale-up from DPREF I and continues the firm’s strategy of flexible, patient capital deployment across core U.S. property sectors. DPREF II primarily targets investments in multifamily residential, industrial, self-storage, and retail properties. Nearly 60% of committed capital has already been allocated to these segments. The fund favors direct and joint-venture investments through proprietary channels, often avoiding competitive auction processes to secure attractive entry points. The fund’s mandate includes recapitalizations, preferred equity, and co-GP structures to deliver both downside protection and participation in long-term asset appreciation. The fund’s leadership includes Todd S. Rich and Matthew Cohen, who have worked together for over five years and continue to lead Declaration’s real estate initiatives. DPREF II’s portfolio already includes notable projects such as an industrial joint venture in the Hamptons, a recapitalized multifamily asset in Dallas, and an affordable housing development in Los Angeles—each reflecting the team’s value-oriented and impact-conscious approach. Declaration Partners leverages a network of U.S. and international family offices and high-net-worth individuals to back the fund. This alignment with patient private capital allows the fund to remain agile in turbulent markets, prioritizing value creation over rigid deployment schedules. DPREF II reflects growing investor demand for mid-sized, flexible real estate platforms focused on long-term fundamentals rather than short-term returns.