BDT & MSD Partners

What BDT & MSD Partners does

BDT & MSD Partners is a privately held merchant bank formed in January 2023 through the combination of BDT & Company (founded by Byron Trott in 2009) and MSD Partners (founded in 2009 to invest on behalf of Michael Dell, his family, and like-minded investors). The firm is co-led by Byron Trott and Gregg Lemkau and positions itself as "the merchant bank to generational builders," providing trusted advice, aligned capital, and differentiated investment solutions to founders, family business owners, family offices, trusts, and foundations. It manages approximately $50 billion in assets, including a $15+ billion Global Credit platform, and operates through regulated entities in the United States, United Kingdom, Germany, Luxembourg, Switzerland, and Dubai.

The firm's core offerings comprise three integrated service lines: Financial Advisory Services (relationship-based advisory and underwriting for closely held companies and their principals, typically priced via fixed fees or a percentage of transaction proceeds); Private Placement Services (placement agent for issuers, co-investment vehicles, and affiliated/unaffiliated funds, earning percentage-based placement fees); and Investment Solutions (management fees and carried interest from affiliated funds BDT Capital Partners and MSD Partners). A separate Global Credit platform extends loans and credit solutions across consumer, commercial, sports (English football clubs), real estate, and specialty finance. Distribution is exclusively direct and relationship-driven, with no retail or intermediary channels.

The firm's competitive position rests on the personal reputations of its senior partners, a multi-generational network of business owners and family offices, and the credibility premium associated with the Dell family capital anchor. Recent activity has been broad and sizable, including the $3.7 billion Weber take-private (2023), over $1 billion in Four Seasons hospitality acquisitions (2026), and minority/credit positions across approximately two dozen portfolio companies spanning IT operations, insurance brokerage, AI defense, healthcare, parking/mobility, apparel, restaurants, education, and luxury real estate development. The business model is fundamentally capital-intensive and advisory-led rather than technology-led, with revenue derived from transaction fees, recurring management fees on AUM, and carried interest — none of which are publicly disclosed.

Name

BDT & MSD Partners

Legal name

BDT & MSD Partners, LLC

Website

https://bdtmsd.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

101–250 employees

Short description

BDT & MSD Partners is a privately held merchant bank serving founders, family-owned businesses, and family offices with relationship-based financial advisory, private placement, and direct investment services across approximately $50 billion in assets under management.

Ownership category

akta.pro rank

Product category

Merchant Banking

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYFSANAIAC

BDC / Public Vehicle Venture Debt Providers

Financial & Insurance/Private Equity & Venture Capital/Venture Debt Providers

Keywords

• Merchant banking services
• Private equity investing
• Financial advisory services
• Private placement services
• Family office investments

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Financial Advisory Services: BDT & MSD Partners charges fixed fees and/or a percentage of proceeds from consummated transactions for financial advisory services, including underwriting, provided to companies and their principals.
2. Private Placement Services: The firm earns placement fees from issuer companies in connection with private placements of their securities, as well as from co-investment vehicles and unaffiliated investment funds.
3. Affiliated Fund Management: Through affiliates BDT Capital Partners and MSD Partners, the firm earns management fees and carried interest from affiliated investment funds targeting family offices, trusts, foundations, and like-minded investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

BDT & MSD Partners is a merchant bank that provides trusted, relationship-based advisory services, aligned patient capital, and differentiated investment solutions to founders, family business owners, family offices, trusts, foundations, and other like-minded investors. The firm combines Financial Advisory Services, Private Placement Services, and a Global Credit Platform alongside affiliated investment funds (BDT Capital Partners and MSD Partners).

Product overview

BDT & MSD Partners is a merchant bank formed in January 2023 through the combination of BDT & Company (founded 2009) and MSD Partners (founded 2009). The firm provides a unified platform of financial services including Financial Advisory Services (tailored advisory for founders and families), Private Placement Services (for issuers and investment funds), and Investment Solutions (for family offices and institutional investors). The firm also operates a Global Credit Platform with over $15 billion in assets. Led by Byron Trott and Gregg Lemkau, the firm is backed by Michael Dell and maintains offices across Chicago, New York, London, Frankfurt, Dubai, and other global locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Financial Advisory Services
• Private Placement Services
• Investment Solutions
• Global Credit Platform

Quantifiable outcome

• $50 billion merchant bank formed through merger in 2023
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Goldman Sachs: Global bulge-bracket investment bank with a substantial merchant banking and private equity franchise through GS Capital Partners and the PIMCO-affiliated platforms. Provides investment banking advisory, private placements, and direct private capital solutions targeting closely-held businesses and family offices, closely mirroring BDT & MSD's integrated merchant bank model.
• Morgan Stanley: Global investment bank with significant wealth management and investment management arms serving high-net-worth and family-office clients. Competes for advisory, private placement, and bespoke capital mandates from founder-led businesses, with counterpoint capital deployment via its in-house private investment vehicles.
• Lazard: Independent financial advisory and asset management firm with deep relationships with founder-led and family-controlled enterprises across the Americas, Europe, and emerging markets. Closest "pure advisory" peer to BDT & MSD's Financial Advisory Services offering, with parallel global reach and historical M&A franchise.
• Guggenheim Partners: Privately held diversified financial services firm spanning investment banking, asset management, and securities services, with a notable merchant-banking / direct-investing platform. Comparable as a privately held, founder-aligned alternative to bulge-bracket banks competing for closely-held business advisory and placement mandates.

Direct peers

• Evercore: Independent advisory firm serving large-cap and family-controlled businesses on strategic M&A, divestitures, and capital structure decisions, alongside private equity fund-of-funds and co-investment activities. Directly comparable as a relationship-driven, founder-friendly advisory model that frequently partners with aligned capital sources.
• Centerview Partners: Boutique advisory firm founded by former investment-bank senior partners, focused on advising family-controlled, founder-led, and large-cap corporates on strategic and capital-markets transactions. Closest boutique peer to BDT & MSD's "merchant bank to the closely held" positioning.
• Allen & Company: Privately held boutique investment bank known for advising founders, families, and technology/media entrepreneurs on strategic M&A, IPOs, and private placements. Operates with a relationship-driven model analogous to BDT & Company historically, with similar reliance on senior-partner relationships and limited public profile.
• PJT Partners: Independent advisory firm with leading restructuring, strategic advisory, and fund placement franchises serving founder-controlled and family-office clients globally. Direct competitor for BDT & MSD's advisory and private placement mandates, particularly in sponsor-led situations and large-cap strategic decisions.
• LionTree: Independent merchant bank advising TMT, media, and consumer-facing founder-led companies on M&A, strategic advisory, and capital raising, with affiliated investment and credit solutions. Direct peer in cross-sector advisor-plus-capital mandate competitions, having co-led rounds in BDT & MSD's portfolio (e.g., Metropolis).
• Stephens Inc. Private, family-controlled investment bank with deep relationships across founder-led and family-owned businesses, particularly in the US South and Midwest. Comparable as a privately held, relationship-driven merchant bank serving closely-held companies via advisory, private placement, and direct investment franchises.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bdtmsdpartners
• LinkedInlinkedin.com/company/bdtmsd-partners

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments56 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BDT & MSD Partners