 | |
| Formerly | MSD Capital |
|---|---|
| Type | Private, Limited liability company |
| Industry | Family office |
| Founded | 1998 |
| Founder | Michael Dell |
| Headquarters | One Vanderbilt, New York City |
| Website | www |
DFO Management (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 and has offices in Santa Monica and West Palm Beach, was formed in 1998. [1]
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] John Phelan continued as chief investment officer until his retirement in June 2022.[ citation needed ]
In December 2022, MSD Capital was restructured to form DFO Management. [5]
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. [6]
Among MSD Capital's real estate holdings are the luxury resorts Four Seasons Resort Maui [6] and Four Seasons Resort Hualalai, [7] 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. [6]
In 2013, MSD Capital participated in the $24 billion acquisition of Dell Inc. by Michael Dell and Silver Lake, [8] 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. [9]
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. [10]
In August 2017, MSD Capital partnered with TruAmerica Multifamily to acquire the Florida-based multifamily community Sienna at Lake Vista for $66 million. [11]
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. [12] 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. [13] 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. [14]
MSD Private Capital invests in control buyouts, significant minority and structured equity, with the flexibility for long-term investment. [15] The Private Capital Group is primarily focused on control private equity investments. [12] MSD's private equity team has invested in East West Manufacturing, [16] West Monroe Partners, [17] 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. [18] and Ring Container Technologies Inc. [12]
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. [19] The firm's real estate deals include Four Seasons Maui, Fairmont Miramar, and Boca Raton Resort & Club. [4] [20]
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. [21]
In October 2022, MSD Partners merged with BDT & Co to form BDT & MSD Partners. [22]
The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and private credit. It is one of the largest mega-funds in the world. In 2015, Carlyle was the world's largest private equity firm by capital raised over the previous five years, according to the PEI 300 index. In the 2023 ranking however, it had slipped to fifth place.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds. As of December 31, 2022, the firm had completed more than 690 private equity investments in portfolio companies with approximately $700 billion of total enterprise value. As of December 31, 2022, assets under management (AUM) and fee paying assets under management (FPAUM) were $504 billion and $412 billion, respectively.
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate. Blackstone is also active in credit, infrastructure, hedge funds, insurance, secondaries, and growth equity. As of June 2023, the company's total assets under management were approximately US$1 trillion, making it the largest alternative investment firm globally.
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. The firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm invests in a range of industries including consumer/retail, media and telecommunications, industrials, technology, travel, leisure, and health care.
Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, crypto, tech opportunities, partnership opportunities, special situations, and real estate. Bain Capital invests across a range of industry sectors and geographic regions. As of 2022, the firm managed approximately $165 billion of investor capital. The firm was founded in 1984 by partners from the consulting firm Bain & Company. The company is headquartered at 200 Clarendon Street in Boston with 22 offices in North America, Europe, Asia, and Australia.
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.
Fortress Investment Group is an American investment management firm based in New York City. Fortress was founded as a private equity firm in 1998 by Wes Edens, Rob Kauffman, and Randal Nardone. When Fortress launched on the NYSE in February 2007, it was the first large private equity firm in the US to be traded publicly. In December 2017, Fortress was fully acquired by SoftBank Group, was delisted, and returned to being a privately held company. Fortress manages $44.7 billion of assets under management as of June 30, 2023, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. In May 2023, Mubadala Investment Co agreed to acquire a majority stake in Fortress from Softbank for an undisclosed sum.
Silver Lake, legally Silver Lake Technology Management, L.L.C., is an American global private equity firm focused on investments in technology, technology-enabled and related industries. Founded in 1999, the firm is one of the largest technology investors in the world. Its investment holdings have included Airbnb, Alibaba Group, Ancestry.com, Broadcom, Credit Karma, City Football Group, Dell Technologies, Diamond Baseball Holdings, Endeavor, Expedia Group, Fanatics, First Advantage, FlixBus, Global Blue, GoDaddy, Jio, Lightbox, Grupo BC de Asesoría Hipotecaria S.L., Motorola Solutions, New Zealand Rugby, NortonLifeLock, Qualtrics, Red Ventures, Sabre Corporation, Skype, SoFi, GLG, Seagate Technology, SolarWinds, TEG, Twitter, Unity Technologies, Waymo, Weld North Education, WP Engine, Vacasa, the A-League football competition in Australia, and ZPG. Silver Lake is headquartered in Silicon Valley, and has offices in New York, London and Hong Kong.
Apollo Global Management, Inc. is an American private equity firm. It provides investment management and invests in credit, private equity, and real assets. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.
TPG Angelo Gordon is a global alternative investment manager founded in 1988 by John Angelo and Michael Gordon who together ran the arbitrage department of L.F. Rothschild in the 1980s. The firm focuses on four main investment disciplines: credit, real estate, private equity, and multi-strategy.
H.I.G. Capital is a global private equity and alternative assets investment company, headquartered in Miami, Florida. With over $60 billion of equity capital under management, the firm has a range of funds, including private equity, growth equity, credit/special situation, primary lending, and syndicated credit funds, as well as real estate funds. H.I.G. Capital provides both debt and equity investments for small and medium-sized businesses.
Sculptor Capital Management is an American global diversified alternative asset management firm. They are one of the largest institutional alternative asset managers in the world.
Francisco Partners, legally Francisco Partners Management, L.P., is an American private equity firm focused exclusively on investments in technology and technology-enabled services businesses. It was founded in August 1999 and based in San Francisco with offices in London and New York City.
Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997 with additional offices across North America, Europe, and Asia.
Katherine 'Kate' Taaffe Richard is an American business woman and the founder of Warwick Investment Group, a private equity firm focused on real assets with approximately $2.3 billion in managed assets. Warwick Investment Group is a SEC-registered investment advisor, managing funds that invest globally in natural resources and real estate. Warwick has an established track record in strategic consolidation in these sectors, having completed more than 4,000 transactions since inception. The firm has ~75 team members and advisors across offices in Oklahoma City, Dallas, New York and London, investing across private equity funds, special purpose vehicles and open-ended structures. Warwick also manages capital for pension funds in 8 of the 50 states.
Warwick Investment Group is a SEC-registered investment advisor, managing funds that invest globally in natural resources and real estate. Warwick has an established track record in strategic consolidation in these sectors, having completed more than 4,000 transactions since inception. The firm has ~75 team members and advisors across offices in Oklahoma City, Dallas, New York and London, investing across private equity funds, special purpose vehicles and open-ended structures. The firm also manages capital for pension funds in 8 of the 50 states.
TruAmerica Multifamily is a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States. Since its founding in 2013 by real estate investor Robert E. Hart, the company has acquired and/or asset manages a portfolio of more than 55,000 apartment units valued at roughly $16.1 billion.
Sixth Street is a global investment firm with over $70 billion in assets under management. The firm operates nine investment platforms across its growth investing, adjacencies, direct lending, fundamental public strategies, infrastructure, special situations, agriculture and par liquid credit businesses. Sixth Street invests in the equity and debt of public and private companies, acquires real estate, finances infrastructure projects, and provides start-up capital to new businesses. Sixth Street has been noted in the financial media for the unusual structure of its largest fund, which is open-ended and able to hold longer-term investments.
Blue Owl Capital is an American alternative investment asset management company. It is currently listed on the New York Stock Exchange under the ticker symbol: "OWL".
BDT & MSD Partners is an American merchant bank that is co-headquartered in Chicago and New York City. The firm has both an advisory platform and an investment platform.
