Private Investments

Brian Frank is Founder and the Managing Partner of Declaration Partners and Co-Head of Private Investments. Brian is also a Founding Partner of BayPine, a sister investment firm focused on buyouts with a digital transformation potential. Previously, Brian was a Partner and Portfolio Manager at MSD Partners, where he invested in private and public companies in the energy and industrials sectors.

Prior to MSD Partners, Brian was a Partner and Portfolio Manager at Cumberland Associates, where he oversaw investments in aerospace, energy, industrials and transportation companies. Earlier in his career, Brian was a Director at Harman International, a Principal in growth equity at WR Hambrecht + Co focused on technology investments, and an Investment Banking Analyst at Lazard Frères

Brian graduated from Harvard College, where he studied Government and Economics, and earned his MBA from Harvard Business School. Brian currently serves as a board member of Redesign Health, Vault Health, and ConcertAI, and is a former board member of StubHub Holdings.

Outside of work, Brian is a Director of Third Way, on the Rockefeller University Council, a life member of the Council on Foreign Relations, and enjoys travel, live experiences, and public policy.

Brian Stern is a Partner and Co-Head of Private Investments, where he focuses on financial services and financial technology investments.

Prior to joining Declaration in 2019, Brian served as Head of Strategic Investments for Stone Ridge Asset Management. Previously, he spent eight years at BlackRock, where he was Managing Director and Head of BlackRock Private Markets. Brian also served in the US Treasury as a member of the Presidential Task Force on the Auto Industry. Earlier in his career, he was a Director at Merrill Lynch Global Private Equity, an Engagement Manager at McKinsey & Co., and an Analyst in the M&A group at Smith Barney.

Brian graduated from Harvard College, where he studied History and Literature with a focus on late 19th century America, and earned his JD from Yale Law School. Brian currently serves as a board member of Paxos Trust Company, Sure, and Altruist.

Outside of work, Brian serves on the board of the Carver Center of Port Chester, NY and enjoys camping on the Appalachian Trail with his children, cycling, and racquet sports.

Elliot Wagner is a Partner and Co-Head of Private Investments, where he focuses on consumer.

Prior to joining Declaration in 2019, Elliot spent over 18 years at The Carlyle Group where he was a Partner and Managing Director in Carlyle’s US buyout fund and a member of the consumer & retail team since 2009. Previously, he was a member of the aerospace, defense & government services team based in Washington, DC. Elliot began his career in the M&A group at Lehman Brothers.

Elliot graduated from Cornell University, where he studied Applied Economics and Management. Elliot currently serves as an Emeritus member on the Advisory Council of the Dyson School of Applied Economics and Management at Cornell University as well as on the boards of Essor and LMI.

Elliot enjoys spending time with his wife and two children, playing tennis, discovering new brands, and is a passionate foodie.

Charles Rayner is a Partner on the investment team at Declaration Partners. He originally joined Declaration in 2017 and rejoined in 2024 to continue his focus on platform company investments. He has significant public and private investment experience across a variety of industrial sectors and related software and services.

Charles rejoined Declaration from BayPine, where he served as a Managing Director leading the firm’s industrial investment efforts. Previously, he was a senior member of the investment teams at Marble Arch and Conatus Capital, two fundamental long/short equity hedge funds. He began his career in the Private Equity group at Blackstone.

Charles graduated from the University of Pennsylvania’s Huntsman Program and earned his MBA from Harvard Business School. He currently serves on the board of New Frontier Materials. Outside of work, Charles enjoys hiking, chess, and frequenting Central Park playgrounds with his wife and two young children.

Rachel Kupelian is a Principal and member of the Private Investment team. Prior to joining Declaration in 2022, Rachel was an investor at Global Infrastructure Partners, a New York-based private equity firm, where she focused on opportunities within the Energy and Transportation sectors. Previously, she worked at Stifel Financial in the Healthcare Investment Banking Group focusing on Biopharma, MedTech and Healthcare Services transactions.

Rachel graduated from the University of Pennsylvania, where she studied Economics and Consumer Psychology. Outside of work, Rachel enjoys skiing, golfing, hiking, and reading.

Maher Abdel Samad is an Associate and a member of the Private Investment team.

Prior to joining Declaration in 2023, Maher worked at Lazard in Investment Banking focusing on M&A, Corporate Strategy, and SPAC principal investing.

Maher graduated from the University of Pennsylvania’s Jerome Fisher M&T Program, where he studied Systems Engineering, Finance, and Business Analytics. Outside of work, Maher enjoys travelling, DJ-ing, hiking, and world cuisines.

Connor Lee is a Senior Associate and member of the Private Investment team. Prior to joining Declaration in 2025, Connor was an investor at Clayton Dubilier & Rice, a New York-based private equity firm, where he focused on opportunities in Healthcare. Previously, he worked at JP Morgan in the Merger & Acquisitions Investment Banking Group.

Connor graduated from Georgetown University, where he studied Finance. Outside of work, Connor enjoys racquet sports, golf, and trying new restaurants in New York.