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{{short description|American private investment firm}}
{{short description|American private investment firm}}
{{Infobox company
{{Infobox company
| name = MSD Capital LP
| name = DFO Management, LLC
| logo = [[File:MSDCapitals logo.gif|100px|MSD Capital]]
| former_name = MSD Capital (1998–2022)
| logo = [[File:MSDCapitals logo.gif|100px|MSD Capital]]
| type = [[Private Company|Private]], [[Limited liability company]]
| type = [[Private Company|Private]], [[Limited liability company]]
| founder = [[Michael Dell]]<ref name="ms1">MSDCapital Website [http://msdcapital.com/faq.htm FAQs] {{webarchive|url=https://web.archive.org/web/20130602014220/http://msdcapital.com/faq.htm |date=2013-06-02 }}</ref>
| industry = [[Private equity]]
| founder = [[Michael Dell]]
| industry = [[Family office]]
| products = [[Leveraged buyout]], [[Growth capital]], [[investments]], [[real-estate]]<ref name="ms1"/>
| foundation = 1998
| assets = not public, in excess of $12 billion<ref name="ms1"/>
| location = [[One Vanderbilt]], [[New York City]]
| num_employees = +/-120<ref name="ms1"/>
| homepage = {{URL|www.dellfamilyoffice.com}}
|
| foundation = 1998
| location = 645 Fifth Avenue, 21st Floor, [[New York City]] and<br>
100 Wilshire Boulevard, Suite 1700, [[Santa Monica]], [[California]], [[United States]]<ref name="ms2">MSDCapital Website [http://msdcapital.com/contact.htm Contact Us]</ref>

| homepage = [http://msdcapital.com/ msdcapital.com]
}}
}}


'''MSD Capital''' is an American private [[Investment company|investment firm]] that manages the capital of [[Michael Saul Dell]] and his family. The firm, which is based in [[New York City|New York]] and has offices in Santa Monica and West Palm Beach, was formed in 1998.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=91753|title=MSD Capital, L.P.: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=2017-12-31}}</ref>
'''DFO Management, LLC''' (formerly '''MSD Capital''') is an American [[family office]] that manages the capital of [[Michael Saul Dell|Michael Dell]] and his family. The firm, which is based in New York City and has offices in Santa Monica and West Palm Beach, was formed in 1998.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=91753|title=MSD Capital, L.P.: Private Company Information – Bloomberg|website=bloomberg.com|access-date=2017-12-31}}</ref>


== Founding and management==
In 2009, the principals of MSD Capital formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital. Among other things, MSD Partners makes control equity and structured preferred investments through its MSD Private Capital Group.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2017-09-14/michael-dell-s-msd-partners-to-buy-ring-container-technologies|title=Michael Dell's MSD Partners to Buy Ring Container Technologies|date=2017-09-14|work=Bloomberg.com|access-date=2017-12-31}}</ref>
In 1998, Michael Dell recruited [[John Phelan (businessman)|John C. Phelan]] and Glenn R. Fuhrman to form MSD Capital to manage his family's wealth. For over 20 years, Phelan and Fuhrman had been co-managing partners of MSD Capital,<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2013-01-31/dell-keeps-lbo-financing-in-the-family-with-msd-capital|title=Dell Keeps LBO Financing in the Family With MSD Capital|date=2013-01-31|work=Bloomberg.com|access-date=2017-12-31}}</ref> until the end of 2019 when Fuhrman retired.<ref name="chung">{{Cite web|last=Chung|first=Juliet|date=December 6, 2019|access-date=September 30, 2022|title=Michael Dell's Money Managers Change How His Wealth Is Invested |url=https://www.wsj.com/articles/michael-dells-money-managers-change-how-his-wealth-is-invested-11575628204 |website=[[The Wall Street Journal]]}}</ref> In 2021, [[Gregg Lemkau]] joined as CEO and has run the firm since.<ref name=lemkau>{{Citation
| last =Idzelis
| first =Christine
| title =Goldman's Gregg Lemkau Is Leaving for Alternative Manager MSD Partners
| publisher =[[Institutional Investor (magazine)|Institutional Investor]]
| date =16 November 2020
| url =https://www.institutionalinvestor.com/article/b1p8r6qm0tlzsm/Goldman-s-Gregg-Lemkau-Is-Leaving-for-Alternative-Manager-MSD-Partners
| access-date =4 October 2022 }}</ref> Phelan continued as chief investment officer until his retirement in June 2022.<ref>{{Cite web |title=Phelan Steps Down as CIO of Michael Dell’s Family Office (1) |url=https://news.bloomberglaw.com/private-equity/john-phelan-steps-down-as-cio-of-michael-dells-family-office |access-date=2024-04-17 |website=news.bloomberglaw.com |language=en}}</ref>


In December 2022, MSD Capital was restructured to form DFO Management.<ref>{{Cite news |date=2023-06-07 |title=Dell Family Office to Diversify Portfolio as Big Payday Looms |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-06-07/dell-family-office-to-diversify-portfolio-as-big-payday-looms |access-date=2023-07-17}}</ref>
== Founding ==

In 1998, Michael Dell recruited John C. Phelan and Glenn R. Fuhrman to form MSD Capital to manage his family's wealth. For nearly 20 years, Mr. Phelan and Mr. Fuhrman, the firm's co-founders, have served as co-managing partners of MSD Capital.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2013-01-31/dell-keeps-lbo-financing-in-the-family-with-msd-capital|title=Dell Keeps LBO Financing in the Family With MSD Capital|date=2013-01-31|work=Bloomberg.com|access-date=2017-12-31}}</ref>

==Management==

MSD Capital has a dedicated investment team. According to the firm's statement on its website, Mr. Dell is not involved in its day-to-day operations.


==Activities==
==Activities==
According to information on MSD Capital's website, the firm has a broad investment mandate and has the flexibility to invest in a wide variety of asset classes. Since its founding in 1998 through 2019, MSD Capital has generated more than $17 billion in profits.<ref name="chung"/>


Based on the most recent [[Form 13F]] filings by MSD Capital, its holding of the equity of public companies include [[PVH (company)|PVH Corp.]], the apparel company that owns brands including Calvin Klein and Tommy Hilfiger, and [[Dine Brands Global]], known for its IHOP and Applebee's restaurants.<ref name=lattman>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|date=18 January 2013 |access-date=2017-12-31}}</ref>
According to information on MSD Capital's website, the firm has a broad investment mandate, focused principally on making investments across the globe in the debt and equity of public and private companies, real estate and other asset classes.


Among MSD Capital's real estate holdings are the luxury resorts [[Four Seasons Resort Maui]]<ref name=lattman/> and [[Four Seasons Resort Hualalai]],<ref>{{Cite web|url=http://www.travelweekly.com/Travel-News/Hotel-News/Tech-magnates-turning-attention-toward-ultraluxury-hotels|title=Tech magnates turning attention toward ultraluxury hotels: Travel Weekly|website=www.travelweekly.com|language=en|access-date=2017-12-31}}</ref> both located in Hawaii.
Based on the most recent [[Form 13F]] filings by MSD Capital, its holding of the equity of public companies include PVH Corp., the apparel company that owns brands including Calvin Klein and Tommy Hilfiger, and Dine Brands Global, known for its IHOP and Applebee's restaurants.<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref><ref>{{Cite web|url=https://whalewisdom.com/filer/msd-capital-l-p#/tabholdings_tab_link|title=MSD CAPITAL L P Top Holdings|website=whalewisdom.com|language=en|access-date=2017-12-31}}</ref>


In 2008, MSD Capital joined a consortium to acquire the assets of [[IndyMac]] Bank for around $13.9 billion, renaming it [[OneWest Bank]].<ref name=lattman/>
* [[PVH (company)|PVH]] Corp.
* [[Dine Brands Global]]


In 2013, MSD Capital participated in the $24 billion acquisition of Dell Inc. by Michael Dell and [[Silver Lake (investment firm)|Silver Lake]],<ref>{{Cite web|url=http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlake-acquisition|title=Financial News|last=us|first=Dell|website=Dell|access-date=2017-12-25|archive-date=2017-12-26|archive-url=https://web.archive.org/web/20171226020757/http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlake-acquisition|url-status=dead}}</ref> as well as Dell's $60 billion merger with EMC in 2016 and the company's 2018 IPO.<ref name="chung"/>
Among MSD Capital's real estate holdings are the luxury resorts [[Four Seasons Resort Maui]]<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref> and [[Four Seasons Resort Hualalai]],<ref>{{Cite web|url=http://www.travelweekly.com/Travel-News/Hotel-News/Tech-magnates-turning-attention-toward-ultraluxury-hotels|title=Tech magnates turning attention toward ultraluxury hotels: Travel Weekly|website=www.travelweekly.com|language=en|access-date=2017-12-31}}</ref> both located in Hawaii.


In 2008, MSD Capital joined a consortium to acquire the assets of [[IndyMac]] Bank for around $13.9 billion, renaming it [[OneWest Bank]].<ref>{{Cite news|url=https://dealbook.nytimes.com/2013/01/17/michael-dells-empire-in-a-buyout-spotlight/|title=Michael Dell's Empire in a Buyout Spotlight|last=Lattman|first=Peter|work=DealBook|access-date=2017-12-31|language=en}}</ref>
In July 2016, it was announced that MSD Capital and MSD Partners would provide preferred equity financing to support [[Endeavor (company)#WME-IMG|WME | IMG]] in its acquisition of [[UFC]], the professional mixed martial arts (MMA) organization, alongside strategic investors [[Kohlberg Kravis Roberts|KKR]] and Silver Lake Partners.<ref>{{Cite news|url=https://www.nytimes.com/2016/07/11/business/dealbook/ufc-sells-itself-for-4-billion.html|title=U.F.C. Sells Itself for $4 Billion|last=Merced|first=Michael J. de la|date=2016-07-11|work=The New York Times|access-date=2017-12-31|language=en-US|issn=0362-4331}}</ref>


Also in 2016, MSD Capital bought an interest in Grand Central Terminal's air rights for $126 million. Two years later they sold some of the air rights to JPMorgan for $238 million.<ref name="thedeal">{{Cite web|date=March 14, 2018|access-date=September 30, 2022|title=Here's how much money Michael Dell stands to make from JPMorgan air rights deal |url=https://therealdeal.com/2018/03/14/heres-how-much-money-michael-dell-stands-to-make-from-jpmorgan-air-rights-deal/ |website=[[The Deal (Magazine)|The Deal]]}}</ref>
In July 2016, it was announced that MSD Capital and MSD Partners would provide preferred equity financing to support [[Endeavor_(company)#WME-IMG|WME | IMG]] in its acquisition of [[UFC]], the professional mixed martial arts (MMA) organization, alongside strategic investors KKR and Silver Lake Partners.<ref>{{Cite news|url=https://www.nytimes.com/2016/07/11/business/dealbook/ufc-sells-itself-for-4-billion.html|title=U.F.C. Sells Itself for $4 Billion|last=Merced|first=Michael J. de la|date=2016-07-11|work=The New York Times|access-date=2017-12-31|language=en-US|issn=0362-4331}}</ref>


In August 2017, MSD Capital partnered with [[TruAmerica Multifamily]] to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million.<ref>{{Cite web|url=http://rebusinessonline.com/truamerica-msd-capital-acquire-multifamily-property-in-fort-myers-for-66m/|title=TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M {{!}} REBusinessOnline|website=rebusinessonline.com|language=en-US|access-date=2017-12-31}}</ref>
In August 2017, MSD Capital partnered with [[TruAmerica Multifamily]] to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million.<ref>{{Cite web|url=http://rebusinessonline.com/truamerica-msd-capital-acquire-multifamily-property-in-fort-myers-for-66m/|title=TruAmerica, MSD Capital Acquire Multifamily Property in Fort Myers for $66M {{!}} REBusinessOnline|website=rebusinessonline.com|date=10 August 2017 |language=en-US|access-date=2017-12-31}}</ref>

In June 2019, MSD Partners purchased [[Boca Raton Resort & Club]] including 356 waterfront acres in [[Boca Raton]], Florida.<ref name="Forbes Real Estate">{{cite web |url=https://www.forbes.com/sites/franciscoalvarado/2019/06/13/michael-dell-paid-875-million-for-underperforming-boca-raton-resort--club/#55f236905d9e |title=Michael Dell Paid $875 Million For The Underperforming Boca Raton Resort And Club |last=Alvarado |first=Francisco|work=Forbes |date=June 13, 2019 |access-date=January 28, 2020}}</ref>


== MSD Partners ==
== MSD Partners ==
In 2009, the principals of MSD Capital formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital.<ref name="Bloomberg">{{Cite news|url=https://www.bloomberg.com/news/articles/2017-09-14/michael-dell-s-msd-partners-to-buy-ring-container-technologies|title=Michael Dell's MSD Partners to Buy Ring Container Technologies|date=2017-09-14|work=Bloomberg.com|access-date=2017-12-25}}</ref> These strategies include the equities of public and private companies, credit, real estate and other asset classes and securities.
In 2009, the principals of MSD Capital formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital.<ref name="Bloomberg">{{Cite news|url=https://www.bloomberg.com/news/articles/2017-09-14/michael-dell-s-msd-partners-to-buy-ring-container-technologies|title=Michael Dell's MSD Partners to Buy Ring Container Technologies|date=2017-09-14|work=Bloomberg.com|access-date=2017-12-25}}</ref> Since then, MSD Partners has operated as a separate entity from MSD Capital. The firm operates from New York, Santa Monica and West Palm Beach.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=206790278|title=MSD Partners, L.P.: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=2017-12-25}}</ref> It focuses on four areas of investing: credit, private equity, real estate and growth equity.<ref name=lemkau/>


MSD Credit invests in liquid corporate credit, including leveraged loans, private credit and real estate credit with an emphasis on long-term partnerships.<ref name=credit>[https://www.msdpartners.com/strategies/credit "Credit,"] ''MSDCapital Website'', retrieved October 10, 2022.</ref>
MSD Partners operates from New York and Santa Monica.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=206790278|title=MSD Partners, L.P.: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=2017-12-25}}</ref> MSD Partners' Private Capital Group is led by Douglas Londal, who joined in 2015 from New Mountain Capital, where he was President.<ref>{{Cite news|url=https://www.bloomberg.com/news/features/2017-10-26/private-equity-s-biggest-backers-are-tired-of-the-fees|title=Private Equity's Biggest Backers Are Tired of the Fees|date=2017-10-26|work=Bloomberg.com|access-date=2017-12-25}}</ref>


MSD Private Capital invests in control buyouts, significant minority and structured equity, with the flexibility for long-term investment.<ref name=pc>[https://www.msdpartners.com/strategies/private-capital "Private Capital,"] ''MSDCapital Website'', retrieved October 10, 2022.</ref> The Private Capital Group is primarily focused on control private equity investments.<ref name="Bloomberg"/> MSD's private equity team has invested in East West Manufacturing,<ref name=eastwest>{{Citation
The Private Capital Group is primarily focused on control private equity investments.<ref name="Bloomberg"/> In 2017, it invested a combined $650 million in the acquisitions of Hayward Industries Inc.<ref>{{Cite news|url=https://www.wsj.com/articles/ccmp-capital-msd-partners-to-acquire-hayward-industries-1497890707|title=CCMP Capital, MSD Partners to Acquire Hayward Industries|date=2017-06-19|work=Wall Street Journal|access-date=2017-12-25|language=en-US|issn=0099-9660}}</ref> and Ring Container Technologies Inc.<ref name="Bloomberg"/> MSD Partners committed $1.4 billion to seven investments between January 2016 and October 2017.<ref name="Bloomberg"/>
| last =Velentzas
| first =Lauren
| title =MSD Partners Invests in East West Manufacturing
| publisher =Mergers & Acquisitions
| date =1 February 2022
| url =https://www.themiddlemarket.com/latest-news/msd-partners-invests-in-east-west-manufacturing
| access-date =13 October 2022 }}</ref> [[West Monroe Partners]],<ref name=wmonroe>{{Citation
| last =Porter
| first =Kiel
| title =MSD Partners Buys 50% Of Consultancy West Monroe
| publisher =Bloomberg
| date =14 October 2021
| url =https://www.bloomberg.com/news/articles/2021-10-14/msd-partners-buys-50-of-digital-consultancy-west-monroe
| access-date =13 October 2022 }}</ref> [[Blue Owl|Owl Rock Capital Corp]], [[Ultimate Fighting Championship]], and WIRB-Copernicus Group.<ref name=lemkau/> In 2017, MSD invested a combined $650 million in the acquisitions of Hayward Industries Inc.<ref>{{Cite news|url=https://www.wsj.com/articles/ccmp-capital-msd-partners-to-acquire-hayward-industries-1497890707|title=CCMP Capital, MSD Partners to Acquire Hayward Industries|date=2017-06-19|work=Wall Street Journal|access-date=2017-12-25|language=en-US|issn=0099-9660}}</ref> and Ring Container Technologies Inc.<ref name="Bloomberg"/>


MSD Real Estate seeks assets with significant barriers to entry and strong long-term growth characteristics. Since its founding in 2004, the MSD Real Estate team has committed approximately $2.5 billion of equity into more than 35 real estate and real estate-related transactions.<ref name=re>[https://www.msdpartners.com/strategies/real-estate "Real Estate,"] ''MSDCapital Website'', retrieved October 10, 2022.</ref> The firm's real estate deals include Four Seasons Maui, Fairmont Miramar, and [[The Boca Raton]].<ref name=lemkau/><ref name="Forbes Real Estate">{{cite web |url=https://www.forbes.com/sites/franciscoalvarado/2019/06/13/michael-dell-paid-875-million-for-underperforming-boca-raton-resort--club/#55f236905d9e |title=Michael Dell Paid $875 Million For The Underperforming Boca Raton Resort And Club |last=Alvarado |first=Francisco|work=Forbes |date=June 13, 2019 |access-date=January 28, 2020}}</ref>
In 2013, MSD Partners participated with Michael Dell and Silver Lake Partners in the acquisition of Dell Inc., worth approximately $24 billion.<ref>{{Cite web|url=http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlake-acquisition|title=Financial News|last=us|first=Dell|website=Dell|access-date=2017-12-25}}</ref>


MSD Growth is focused on high growth, founder-led, private technology companies with a preference for enterprise, consumer, fintech and healthcare industries. Investments range from $10 million to $100+ million in a single company.<ref name=growth>[https://www.msdpartners.com/strategies/growth "Growth,"] ''MSDCapital Website'', retrieved October 10, 2022.</ref>
=== Current holdings ===

Based on the most recent [[Form 13F]] filings by MSD Partners, its holdings of the equity of public companies<ref>{{Cite web|url=https://whalewisdom.com/filer/msdc-management-l-p#/tabholdings_tab_link|title=MSD PARTNERS, L.P. Top Holdings|website=whalewisdom.com|language=en|access-date=2017-12-25}}</ref> include the following:
In October 2022, MSD Partners merged with BDT & Co to form [[BDT & MSD Partners]].<ref>{{Cite news |last=Gottfried |first=Miriam |date=2022-10-20 |title=WSJ News Exclusive {{!}} BDT to Merge With MSD Partners, Form New Investment and Advisory Firm |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/bdt-to-merge-with-msd-partners-form-new-investment-and-advisory-firm-11666265401 |access-date=2023-07-17 |issn=0099-9660}}</ref>
{{div col begin}}
* [[Altaba|Altaba, Inc.]]
* [[Apollo Global Management|Apollo Global Management LLC]]
* Blueknight Energy Partners, L.P.
* BMC Stock Holdings, Inc.
* [[Cedar Fair, L.P.]]
* [[Coty, Inc.]]
* Halozyme Therapeutics Inc.
* [[HRG Group|Harbinger Group Inc.]]
* [[Interpublic Group of Companies|Interpublic Group of Companies, Inc.]]
* [[JPMorgan Chase|JPMorgan Chase & Co]]
* [[Liberty Media Corporation]]
* [[Macquarie Infrastructure Company|Macquarie Infrastructure Company LLC]]
* Marten Transport Ltd
* National General Holdings Corp.
* [[Nexstar Broadcasting Group]]
* Novagold Resources Inc.
* [[Restaurant Brands International|Restaurant Brands International Inc.]]
* Ring Energy Inc.
* [[SPDR]] [[S&P 500]] ETF Index Depositary Receipts
* SS&C Technologies Holdings, Inc.
* StealthGas Inc.
* [[Tribune Media]]
* US Foods Holding Corporation
* Vistra Energy Corp.
* Ziopharm Oncology Inc.
{{div col end}}


==References==
==References==
Line 91: Line 74:


==External links==
==External links==
{{Portal|Companies}}[https://www.msdpartners.com/ MSD Partners]
{{Portal|Companies}}
* {{Official website| https://www.dellfamilyoffice.com}}

[[Category:Companies based in New York City]]
[[Category:Financial services companies established in 1998]]
[[Category:Private equity firms of the United States]]
[[Category:Private equity firms of the United States]]
[[Category:Financial services companies established in 1998]]
[[Category:Private equity portfolio companies]]
[[Category:Private equity portfolio companies]]
[[Category:Companies based in New York City]]

Latest revision as of 18:04, 17 December 2024

DFO Management, LLC
FormerlyMSD Capital (1998–2022)
Company typePrivate, Limited liability company
IndustryFamily office
Founded1998
FounderMichael Dell
DefunctDecember 2022 Edit this on Wikidata
HeadquartersOne Vanderbilt, New York City
Websitewww.dellfamilyoffice.com

DFO Management, LLC (formerly MSD Capital) is an American family office that manages the capital of Michael Dell and his family. The firm, which is based in New York City and has offices in Santa Monica and West Palm Beach, was formed in 1998.[1]

Founding and management

[edit]

In 1998, Michael Dell recruited John C. Phelan and Glenn R. Fuhrman to form MSD Capital to manage his family's wealth. For over 20 years, Phelan and Fuhrman had been co-managing partners of MSD Capital,[2] until the end of 2019 when Fuhrman retired.[3] In 2021, Gregg Lemkau joined as CEO and has run the firm since.[4] Phelan continued as chief investment officer until his retirement in June 2022.[5]

In December 2022, MSD Capital was restructured to form DFO Management.[6]

Activities

[edit]

According to information on MSD Capital's website, the firm has a broad investment mandate and has the flexibility to invest in a wide variety of asset classes. Since its founding in 1998 through 2019, MSD Capital has generated more than $17 billion in profits.[3]

Based on the most recent Form 13F filings by MSD Capital, its holding of the equity of public companies include PVH Corp., the apparel company that owns brands including Calvin Klein and Tommy Hilfiger, and Dine Brands Global, known for its IHOP and Applebee's restaurants.[7]

Among MSD Capital's real estate holdings are the luxury resorts Four Seasons Resort Maui[7] and Four Seasons Resort Hualalai,[8] both located in Hawaii.

In 2008, MSD Capital joined a consortium to acquire the assets of IndyMac Bank for around $13.9 billion, renaming it OneWest Bank.[7]

In 2013, MSD Capital participated in the $24 billion acquisition of Dell Inc. by Michael Dell and Silver Lake,[9] as well as Dell's $60 billion merger with EMC in 2016 and the company's 2018 IPO.[3]

In July 2016, it was announced that MSD Capital and MSD Partners would provide preferred equity financing to support WME | IMG in its acquisition of UFC, the professional mixed martial arts (MMA) organization, alongside strategic investors KKR and Silver Lake Partners.[10]

Also in 2016, MSD Capital bought an interest in Grand Central Terminal's air rights for $126 million. Two years later they sold some of the air rights to JPMorgan for $238 million.[11]

In August 2017, MSD Capital partnered with TruAmerica Multifamily to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million.[12]

MSD Partners

[edit]

In 2009, the principals of MSD Capital formed MSD Partners, an investment adviser registered with the U.S. Securities and Exchange Commission, to enable outside investors to invest in strategies that were developed by MSD Capital.[13] Since then, MSD Partners has operated as a separate entity from MSD Capital. The firm operates from New York, Santa Monica and West Palm Beach.[14] It focuses on four areas of investing: credit, private equity, real estate and growth equity.[4]

MSD Credit invests in liquid corporate credit, including leveraged loans, private credit and real estate credit with an emphasis on long-term partnerships.[15]

MSD Private Capital invests in control buyouts, significant minority and structured equity, with the flexibility for long-term investment.[16] The Private Capital Group is primarily focused on control private equity investments.[13] MSD's private equity team has invested in East West Manufacturing,[17] West Monroe Partners,[18] Owl Rock Capital Corp, Ultimate Fighting Championship, and WIRB-Copernicus Group.[4] In 2017, MSD invested a combined $650 million in the acquisitions of Hayward Industries Inc.[19] and Ring Container Technologies Inc.[13]

MSD Real Estate seeks assets with significant barriers to entry and strong long-term growth characteristics. Since its founding in 2004, the MSD Real Estate team has committed approximately $2.5 billion of equity into more than 35 real estate and real estate-related transactions.[20] The firm's real estate deals include Four Seasons Maui, Fairmont Miramar, and The Boca Raton.[4][21]

MSD Growth is focused on high growth, founder-led, private technology companies with a preference for enterprise, consumer, fintech and healthcare industries. Investments range from $10 million to $100+ million in a single company.[22]

In October 2022, MSD Partners merged with BDT & Co to form BDT & MSD Partners.[23]

References

[edit]
  1. ^ "MSD Capital, L.P.: Private Company Information – Bloomberg". bloomberg.com. Retrieved 2017-12-31.
  2. ^ "Dell Keeps LBO Financing in the Family With MSD Capital". Bloomberg.com. 2013-01-31. Retrieved 2017-12-31.
  3. ^ a b c Chung, Juliet (December 6, 2019). "Michael Dell's Money Managers Change How His Wealth Is Invested". The Wall Street Journal. Retrieved September 30, 2022.
  4. ^ a b c d Idzelis, Christine (16 November 2020), Goldman's Gregg Lemkau Is Leaving for Alternative Manager MSD Partners, Institutional Investor, retrieved 4 October 2022
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