DFO Management

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,{{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}} until the end of 2019 when Fuhrman retired.{{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}} In 2021, Gregg Lemkau joined as CEO and has run the firm since.{{Citation

| last =Idzelis

| first =Christine

| title =Goldman's Gregg Lemkau Is Leaving for Alternative Manager MSD Partners

| publisher =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 }} Phelan continued as chief investment officer until his retirement in June 2022.{{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}}

In December 2022, MSD Capital was restructured to form DFO Management.{{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}}

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.

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.{{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}}

Among MSD Capital's real estate holdings are the luxury resorts Four Seasons Resort Maui and Four Seasons Resort Hualalai,{{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}} 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.

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

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

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.{{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}}

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

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.{{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}} 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.{{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}} It focuses on four areas of investing: credit, private equity, real estate and growth equity.

MSD Credit invests in liquid corporate credit, including leveraged loans, private credit and real estate credit with an emphasis on long-term partnerships.[https://www.msdpartners.com/strategies/credit "Credit,"] MSDCapital Website, retrieved October 10, 2022.

MSD Private Capital invests in control buyouts, significant minority and structured equity, with the flexibility for long-term investment.[https://www.msdpartners.com/strategies/private-capital "Private Capital,"] MSDCapital Website, retrieved October 10, 2022. The Private Capital Group is primarily focused on control private equity investments. MSD's private equity team has invested in East West Manufacturing,{{Citation

| 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 }} West Monroe Partners,{{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 }} Owl Rock Capital Corp, Ultimate Fighting Championship, and WIRB-Copernicus Group. In 2017, MSD invested a combined $650 million in the acquisitions of Hayward Industries Inc.{{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}} and Ring Container Technologies Inc.

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.[https://www.msdpartners.com/strategies/real-estate "Real Estate,"] MSDCapital Website, retrieved October 10, 2022. The firm's real estate deals include Four Seasons Maui, Fairmont Miramar, and The Boca Raton.{{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}}

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.[https://www.msdpartners.com/strategies/growth "Growth,"] MSDCapital Website, retrieved October 10, 2022.

In October 2022, MSD Partners merged with BDT & Co to form BDT & MSD Partners.{{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}}

{{reflist}}

{{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 portfolio companies