MSD Partners
BDT & MSD Partners (formed 2023 from BDT & Company and MSD Partners) is a private merchant bank providing financial advisory, private placement, and affiliated investment fund management services to founders, family businesses, family offices, and foundations globally, backed by patient capital anchored by the Dell family.
- Company typePrivate
- Founded2009
- HeadquartersNew York, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What MSD Partners does
MSD Partners, now operating as BDT & MSD Partners following a 2023 combination, is a privately held merchant bank headquartered in New York with co-headquarters in Chicago and a globally distributed office footprint spanning the US, UK, Germany, Luxembourg, Switzerland, and the UAE (DIFC). The firm provides three integrated services: financial advisory (including underwriting for public and private securities offerings), private placement services to issuers and private investment funds, and affiliated investment fund management through BDT Capital Partners, LLC and MSD Partners, L.P. The firm operates as a limited-purpose SEC/FINRA-registered broker-dealer and is affiliated with SEC-registered investment advisers, with parallel authorizations from the UK FCA, German BaFin, and Dubai DFSA, and SIPC membership.
The firm is co-led by Byron Trott (founder of BDT & Company in 2009) and Gregg Lemkau (formerly co-head of Goldman Sachs Investment Banking Division). It was formed from the 2023 combination of BDT & Company (founded 2009) and MSD Partners (founded 2009 as the investment vehicle for Michael Dell and his family). Its core client base is closely-held and family-led businesses, founders, family offices, trusts, and foundations, supported by patient, aligned capital anchored by the Dell family. There is no proprietary technology platform; the firm's intellectual property is its relationship network, brand, and regulatory licensing stack.
Revenue is generated through three streams: transaction-based financial advisory fees (fixed fee or percentage of proceeds), placement fees calculated as a percentage of private placement transaction value (borne by issuers and fund sponsors), and management fees and carried interest on affiliated funds (BDT Capital Partners and MSD Partners). Pricing is not publicly disclosed and all engagement is relationship-driven rather than self-serve, with no open brokerage accounts or investment discretion exercised by the firm.
MSD Partners firmographics
Firmographics- Name
- MSD Partners
- Legal name
- BDT & MSD Partners, LLC
- Website
- https://bdtmsd.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- BDT & MSD Partners (formed 2023 from BDT & Company and MSD Partners) is a private merchant bank providing financial advisory, private placement, and affiliated investment fund management services to founders, family businesses, family offices, and foundations globally, backed by patient capital anchored by the Dell family.
- Ownership category
- akta.pro rank
MSD Partners industry classification
Industry- Product category
- Merchant Banking & Investment Advisory
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Private Placement Agents (Reg D/144A) (FSAEALAA)
- akta.pro secondary industries
- Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH), BDC / Public Vehicle Venture Debt Providers (FSANAIAC), Private Credit & Direct Lending Fundraising Placement (FSAEALAE)
Keywords
Where MSD Partners is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices13 records
Markets served
MSD Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel
Revenue model
- Financial Advisory Services Fees: MSD Partners charges fixed fees and/or a percentage of proceeds from consummated transactions for financial advisory services including underwriting services to public and private companies and their principals and affiliates.
- Private Placement Fees – Issuer Companies and Unaffiliated Funds: The firm receives placement fees from Issuer Companies and sponsors of Unaffiliated Funds, calculated as a percentage of transaction value. It also receives placement fees from co-investment vehicles formed to facilitate investments alongside Affiliated Funds, or from underlying Issuer Companies directly.
- Affiliated Fund Placement and Management Fees: For Affiliated Funds (managed by BDT Capital or MSD Partners), the firm does not receive direct placement fees from investors except for co-investment vehicles. Non-co-investment Affiliated Fund investments are subject to management fees and carried interest paid to affiliates.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Financial Advisory Services – fee structure not publicly disclosed |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
MSD Partners product offering
Product offeringCore offering
MSD Partners (now operating as part of BDT & MSD Partners, LLC since the 2023 combination) is a private merchant bank and investment firm that delivers financial advisory services including underwriting to public and private companies and their principals, private placement services to issuers and private investment funds, and affiliated investment funds (managed by BDT Capital Partners, LLC and MSD Partners, L.P.) on behalf of Michael Dell, his family, and like-minded long-term investors.
Product overview
BDT & MSD Partners is a merchant bank formed in 2023 through the combination of BDT & Company (founded 2009 by Byron Trott) and MSD Partners (founded 2009, investing on behalf of Michael Dell and family). The company operates as a unified platform offering four integrated pillars: Trusted Advice (advisory services for founders and families), Aligned Capital (patient investment partnerships), Investment Solutions (diversified opportunities in generational businesses for family offices and institutions), and Unparalleled Network (leadership community). The platform also provides Financial Advisory Services including underwriting and Private Placement Services, with affiliated investment funds managed through BDT Capital and MSD Partners. The company is not a technology product company but a financial services firm.
Differentiator
Problem solved
Functional benefit
Companies that use MSD Partners
Customer profileSegments3 records
Ideal customer profiles3 records
MSD Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
MSD Partners partnerships and signals
Strategic signalScale indicators3 records
Recent moves6 records
Expansion highlights5 records
MSD Partners competitors and assessment
Company assessmentDirect peers
- Moelis & Company: Global independent investment bank advising corporations, founders, and financial sponsors on M&A and capital markets, providing a similar advisory service profile to BDT & MSD's transaction-focused practice.
- Allen & Company: Closely held merchant bank famous for advising founder-led and family-controlled businesses on transformative M&A and capital raises; the most direct analog to BDT & MSD's relationship-driven model serving founders and family capital.
- Lazard: Global financial advisory and asset management firm with deep relationships advising families, founders, and closely held businesses on M&A and capital raising, comparable to BDT & MSD's advisory pillar.
- LionTree: Independent advisory and investment firm focused on media, entertainment, and technology, advising founders and family-controlled businesses on M&A and capital raising with a similar merchant-bank orientation.
- PJT Partners: Boutique advisory firm spun out of Blackstone that advises founders, family offices, and alternative asset managers on strategic transactions and capital raising, directly comparable to BDT & MSD's placement and advisory services.
- Centerview Partners: Independent advisory firm founded by former senior Wall Street bankers that focuses on large, complex transactions for closely held companies and family-controlled enterprises, overlapping BDT & MSD's core advisory franchise.
- Raine Group: Merchant bank focused on advisory and principal investing for founder-led and family-controlled businesses in TMT, consumer, and media, overlapping BDT & MSD's closely held advisory franchise.
- Evercore: Independent investment banking advisory firm serving large-cap and family-controlled businesses with M&A and capital markets advice, with similar founder/family client focus to BDT & MSD at a larger scale.
Broad incumbents
- Goldman Sachs (Investment Banking Division): Global bulge-bracket bank where Gregg Lemkau previously co-headed Investment Banking, advising many of the same closely held and founder-led clients BDT & MSD serves; competes on larger, more complex transactions.
- Brown Brothers Harriman (Family Office & Advisory): Long-standing private bank and advisor to multigenerational families and closely held businesses, with overlapping founder/family client base and investment management capabilities.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
MSD Partners social profiles
Digital presenceMSD Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
MSD Partners leadership team
Management profileNumber of profiles
Profiles7 records
MSD Partners subsidiaries and ownership
Company hierarchySubsidiaries8 records
MSD Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MSD Partners M&A and investment
M&A and investmentM&A3 records
Investments26 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MSD Partners
What does MSD Partners do?
MSD Partners (now operating as part of BDT & MSD Partners, LLC since the 2023 combination) is a private merchant bank and investment firm that delivers financial advisory services including underwriting to public and private companies and their principals, private placement services to issuers and private investment funds, and affiliated investment funds (managed by BDT Capital Partners, LLC and MSD Partners, L.P.) on behalf of Michael Dell, his family, and like-minded long-term investors.
Is MSD Partners a public or private company?
MSD Partners is a private company. It is classified as family owned and is currently operating.
When was MSD Partners founded?
MSD Partners was founded in 2009. It employs 251 to 500 people.
Where is MSD Partners based?
MSD Partners is headquartered in New York, United States, in the North America region.
How does MSD Partners make money?
Three revenue lines are on record. Financial Advisory Services Fees are the primary driver. The others are private Placement Fees – Issuer Companies and Unaffiliated Funds and affiliated Fund Placement and Management Fees.
Who are MSD Partners's main competitors?
Direct peers on record are Moelis & Company, Allen & Company, Lazard, LionTree, PJT Partners, Centerview Partners, Raine Group and Evercore. Broad incumbents are Goldman Sachs (Investment Banking Division) and Brown Brothers Harriman (Family Office & Advisory).
Does MSD Partners have an API?
No public API is recorded for MSD Partners.
What industry is MSD Partners in?
MSD Partners's product category is Merchant Banking & Investment Advisory. Its primary akta.pro industry code is FSAEALAA, Private Placement Agents (Reg D/144A), with a secondary code of FSAAADAH, Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest). Its NAICS code is 523940 and its SIC code is 6211.