Updated:
MSD Capital
MSD Capital, founded in 1998 by Michael Dell, is a multi-asset family office managing a portion of his wealth with offices worldwide.
MSD Capital
MSD Capital was established in 1998 by Michael Dell, shortly after Dell Technologies went public, to manage a portion of his growing personal wealth. The firm is led by Managing Directors John C. Phelan and Glenn R. Fuhrman, who have been with the firm since its founding. Unlike many single-family offices that remain small, MSD Capital has grown into a substantial multi-asset investment platform with offices in New York, Chicago, Los Angeles, Taipei, Boston, Washington DC, Greenwich, Bala Cynwyd, and Lincolnshire. The firm invests across a broad set of asset classes, including private equity, real estate, public equities, private credit, and hedge funds. MSD Capital targets both direct investments and co-investments, with a focus on North America and Asia. Known holdings include a stake in 1Password, investments in healthcare companies, and real estate assets such as office properties and hotels. The firm's investment style is characterized by long holding periods and a lack of external fundraising, giving it the flexibility to take concentrated positions. MSD Capital employs approximately 60 investment professionals and support staff across its offices. The firm's decentralized structure allows sector and regional teams to operate with autonomy. In 2024, the firm participated in a syndicated investment in a data infrastructure company (per Bloomberg, 2024). The firm also manages philanthropic vehicles through the Michael & Susan Dell Foundation, which is separately funded and operated. A key structural differentiator is that MSD Capital is explicitly funded solely by Michael Dell's personal wealth and does not manage capital for outside investors. This structure allows the firm to avoid the short-term performance pressure and liquidity constraints of external fund management. The leadership team, Phelan and Fuhrman, have remained constant for over two decades, providing continuity unusual in the industry.
General information
Firm type
Single Family Office
Year founded
1998
AUM
$12B – $18B (Altss estimate)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Chicago, IL, United States · Los Angeles, CA, United States · Taipei, Taiwan · Boston, MA, United States · Washington, DC, United States · Greenwich, CT, United States · Bala Cynwyd, PA, United States · Lincolnshire, IL, United States
Principals
Michael Dell
Founder
John C. Phelan
Managing Director
Glenn R. Fuhrman
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at MSD Capital?
The firm is effectively run by Managing Directors John C. Phelan and Glenn R. Fuhrman, who have been with MSD Capital since its founding in 1998. Michael Dell is the founder and beneficiary but is not involved in day-to-day management. The firm operates with a decentralized model where sector and regional heads lead their respective teams (per public record).
How does MSD Capital source proprietary deal flow?
MSD Capital leverages its long track record and permanent capital base to gain access to private deals that may not be available to traditional fund managers. The firm's large team and multiple offices allow it to originate deals directly, often through relationships built over decades. The absence of external fundraising reduces competitive pressure and allows more patient engagement with management teams (per public record).
Is MSD Capital structured as a single family office or does it operate more like a private investment firm?
MSD Capital is a single-family office, but its scale, team size, and multi-asset platform make it resemble a large asset manager. The firm has over 60 professionals, multiple offices across the US and Asia, and invests across private equity, real estate, credit, public equities, and hedge funds. However, all capital belongs to Michael Dell, and no outside limited partners are solicited (per public record).
Does MSD Capital participate in fund commitments or only direct deals?
The firm does both. MSD Capital invests directly in companies and assets, often in private equity and real estate. It also commits capital to external hedge funds and private credit funds as part of its multi-asset strategy. The firm's ability to take large positions in fund vehicles is supported by its permanent capital base (per public record).
What investment stages does MSD Capital typically target?
MSD Capital targets a range of investment stages, including growth equity, buyouts, and distressed opportunities. The firm's real estate investments span development and existing assets. Public equity investments are typically long-term concentrated positions. The common thread is a patient, value-oriented approach across private and public markets (per public record).
Which sectors does MSD Capital explicitly avoid?
There is no public disclosure of sectors that MSD Capital explicitly avoids. The firm's disclosed holdings and track record suggest a focus on technology, healthcare, financial services, energy, and real estate, with no known bias against any specific sector (per public record).
How is MSD Capital related to the Michael & Susan Dell Foundation?
MSD Capital and the Michael & Susan Dell Foundation are separate entities, both funded by Michael Dell. The foundation is a philanthropic organization with a focus on education, health, and economic stability, while MSD Capital is an investment firm. The foundation does not receive investment management services from MSD Capital; it has its own investment team (per public record).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: