Carlyle's Rubenstein Makes Moves to Assume Larger Role at Declaration (Correction)

Rubenstein cancels long-standing stockholder agreement that entitled him to board seats and co-chairmanship on Carlyle's board

For almost a decade, billionaire David Rubenstein has juggled the management of his personal fortune to avoid potential conflicts of interest as a co-founder and co-chairman of Carlyle Group Inc.

Since opening in 2017, Rubenstein’s family office has targeted asset classes, such as venture capital, that are outside of Carlyle’s main purview. An independent money management firm called Declaration Partners, which Rubenstein helped form, runs the family office’s private equity and real estate investments. Even so, some of its proposed deals are subject to Carlyle’s review.

Now the 76-year-old baseball team owner (the Baltimore Orioles), television show host and philanthropist is seeking more latitude to do his own thing investment-wise.