David Rubinstein Takes Stake in AI-Driven Software Company WorkFusion

Co-founder of Carlyle Group, David Rubenstein founded his family office last year, dubbing it Declaration Capital, presumably as an ode to the Declaration of Independence, for which he owns a rare facsimile. The 68 year old billionaire launched the firm just as he stepped away from his role as co-CEO of the Carlyle Group instead taking on the title co-Executive Chairman.

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Rubenstein, once a White House staffer, later became a prominent figure in the leveraged buyout arena.  His work at Carlyle made him a billionaire; he and his co-founders built the firm into one of the world’s largest private equity firms.  Today it manages over $200 billion in assets.

Rubenstein will directly oversee Declaration Capital.  He has wide ambitions for the nascent firm. Staffed with his daughter Alexa Rachlin, formerly of Goldman Sachs, and with Brian Frank, formerly a money manager at MSD Partners, Declaration seeks to target areas that would not overlap with Carlyle’s interests.  With family offices, potential conflicts of interest can often pose as a risk.  To avoid this, transactions through Declaration must first be approved by Carlyle prior to execution.

Since its founding, Declaration has completed approximately 10 deals. Its latest investment in Workfusion showcases its interest in software and perhaps more specifically in the development of intelligent automation software.  Declaration participated in the recent $50 million round.

WorkFusion develops AI-driven solutions for a number of sectors, including banking and financial services, insurance and healthcare.  The company is headquartered in New York City with offices in eight countries throughout Europe and Asia.  In essence, the company’s software is built for data-first companies with products that automate business processes by combining AI, RPA and people in one intuitive platform. Top enterprises in data-intensive industries choose WorkFusion to reduce their cost of doing business and to use AI to overcome the complexity of scaling operations.