What MSD Partners, L.P. does

BDT & MSD Partners is a privately held global merchant bank formed in 2023 through the combination of BDT & Company, founded by Byron Trott in 2009 as a merchant bank for closely-held businesses, and MSD Partners, an investment firm established in 2009 originally investing on behalf of Michael Dell, his family, and like-minded investors. The combined firm is co-led by Byron Trott and Gregg Lemkau and provides trusted advice, aligned capital, and differentiated investment solutions to closely held businesses, family-owned enterprises, and "generational builders" seeking enduring growth and impact. Its operating geography spans 12 cities (Chicago, New York, Dallas, Menlo Park, Palm Beach, Santa Monica, Denver, Frankfurt, London, Luxembourg, Verbier, and Dubai), with Frankfurt and Dubai functioning as regional headquarters and London operating under a separately regulated LLP entity.

The firm's product surface is concentrated in three integrated offerings: investment advisory, capital markets and placement services, and principal capital deployment alongside client families and founders. Service delivery is organized through a multi-entity regulated stack — BDT & MSD Partners, LLC (SEC-registered broker-dealer, FINRA member), BDT Capital Partners, LLC (SEC-registered investment advisor), MSD Partners, L.P. (SEC-registered investment advisor), BDT & MSD Partners Europe GmbH (BaFin-authorized), BDT & MSD Partners International, LLP (FCA-authorized, with a DFSA-regulated Dubai branch) — allowing the firm to underwrite, place, and advise on transactions across U.S., European, and Gulf markets from licensed vehicles in each jurisdiction.

Business-model mechanics are not publicly disclosed (pricing/fees are not itemized), but as a merchant bank the firm generates revenue from a mix of advisory and capital-markets fees (M&A, private placements, restructurings), asset-based management fees on advised capital, and performance economics on principal co-investments. Customer acquisition is relationship-led rather than marketing-driven — the firm relies on its principals' networks and the Dell-family-aligned capital franchise rather than traditional go-to-market channels. No public revenue, AUM, or headcount figures are disclosed in the source material, and the firm does not publish pricing for its services.

Name

MSD Partners, L.P.

Legal name

MSD Partners, L.P.

Website

https://msdpartners.com

Company type

Private

Founded year

2009

Operating status

Operating

Short description

BDT & MSD Partners is a privately held global merchant bank, formed in 2023 from BDT & Company and MSD Partners, that provides trusted advice, aligned capital, and differentiated investment solutions to closely held businesses, family-owned enterprises, and generational builders across North America, Europe, and the Middle East.

Ownership category

akta.pro rank

Product category

Merchant Banking

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Miscellaneous Intermediation (523910)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Discretionary Portfolio Management (DPM) (FSAAABAC)

Keywords

• Merchant banking services
• Investment advisory
• Private equity investing
• Capital markets advisory
• Closely held businesses

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Distribution channels1 record

Core offering

MSD Partners, L.P., operating as BDT & MSD Partners, is a merchant bank that provides trusted advice, aligned capital, and differentiated investment solutions to generational builders and closely held businesses. The firm combines investment advisory and capital markets capabilities delivered through SEC-registered broker-dealer and investment advisor entities, as well as FCA-, BaFin-, and DFSA-regulated affiliates in Europe and the Middle East.

Product overview

BDT & MSD Partners operates as a unified merchant banking platform providing investment advisory and capital markets services. The firm was formed in 2023 through the combination of BDT & Company (founded 2009) and MSD Partners (established 2009). The integrated offering encompasses trusted advisory counsel, aligned capital deployment, and differentiated investment solutions targeting generational builders and closely held companies seeking enduring growth and impact.

Differentiator

Problem solved

Functional benefit

Products and services

• BDT & MSD Partners Merchant Banking Services Provides trusted advice, aligned capital, and differentiated investment solutions to support enduring growth and impact for generational builders and closely held businesses. Delivered through regulated entities including BDT & MSD Partners, LLC (SEC-registered broker-dealer, FINRA member), BDT Capital Partners, LLC (SEC-registered investment advisor), and international affiliates regulated by the FCA, BaFin, and DFSA.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves5 records

Expansion highlights4 records

Direct peers

• Lazard: Global independent financial advisory and asset management firm providing M&A, strategic advisory, and wealth management services to corporations, governments, and family-owned enterprises — a directly comparable independent advisory peer with a global footprint.
• Perella Weinberg Partners: Independent global advisory and asset management firm providing M&A, capital markets advisory, and investment solutions to closely held businesses, corporations, and financial sponsors — directly comparable in independent boutique advisory model.
• Moelis & Company: Independent global investment bank providing strategic advisory, capital markets, and asset management services, with a strong track record serving founder-led and family-controlled companies — comparable boutique advisory peer.
• Rothschild & Co: Global independent financial advisory group with deep heritage serving family-controlled businesses, founders, and governments on M&A, financing, and wealth management — a strong comparable in family-business advisory specialization.
• PJT Partners: Independent advisory-focused investment bank providing strategic advisory, capital markets, and fund placement services to corporations, financial sponsors, and family offices — comparable independent advisory peer with closely-held client overlap.
• LionTree: Independent advisory firm focused on M&A, capital raising, and strategic advisory for media, technology, and consumer companies including founder-led businesses — closely comparable independent advisory peer in founder/family-business coverage.
• Evercore: Independent investment banking advisory firm specializing in M&A advisory, restructuring, and capital markets advisory for corporations, financial sponsors, and family-controlled businesses — a close comparable in independent, founder-friendly advisory model.
• Centerview Partners: Independent advisory firm founded by senior former partners of leading investment banks, focused on M&A, restructuring, and capital markets advisory for large corporations and family-controlled enterprises — directly comparable in independent advisory positioning and closely-held client focus.
• Allen & Company: Closely held private merchant bank and investment advisor that has historically served family-owned businesses and founder-led companies — among the most direct analogues to BDT & MSD's "merchant bank to the closely held" model, with a similarly relationship-driven, non-public profile.

Broad incumbents

• Jefferies Financial Group: Diversified financial services firm with investment banking, capital markets, and asset management capabilities serving middle-market and large-cap clients including family-controlled businesses — a broader incumbent peer with overlapping family-business coverage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/msd-partners-l-p-

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about MSD Partners, L.P.