About MSD Capital

Overview

MSD Capital is a private investment firm established in 1998 to exclusively manage the assets of Michael Dell and his family. MSD Capital engages in a broad range of investment activities and has the flexibility to invest in a wide variety of asset classes. MSD has offices located in New York, Santa Monica and West Palm Beach.

MSD Platform

Experienced investment, risk management and infrastructure personnel with extensive depth and breadth across asset classes
Disciplined, team-oriented culture characterized by independent thinking. We are fundamental value investors
Experience
Culture
MSD
Reputation
Stable Capital Base
Global network and reputation as a preferred investor which provides access to unique investment opportunities
Permanent, stable capital which allows us to invest for the long term

MSD Platform

Experience

Experienced investment, risk management and infrastructure personnel with extensive depth and breadth across asset classes

Reputation

Global network and reputation as a preferred investor which provides access to unique investment opportunities

Stable Capital Base

Permanent, stable capital which allows us to invest for the long term

Culture

Disciplined, team-oriented culture characterized by independent thinking. We are fundamental value investors

Mission Statement

The purpose of MSD Capital is to make investments that consistently generate superior absolute risk-adjusted returns over the long-term.

The purpose of MSD Capital is to make investments that consistently generate superior absolute risk-adjusted returns over the long-term. We evaluate investment opportunities by utilizing multi-disciplinary frameworks of analysis to generate thoughtful and robust investment theses. We are motivated by an intense curiosity to grasp the underlying truths that govern financial markets and economic behavior. We note that these truths may be contrary to the consensus view, but we believe that our discipline as independent thinkers will allow us to identify these truths and secure long-term success. Throughout the organization, we share a common desire to be the best at what we do, and we believe this never-ending pursuit of excellence has intrinsic value independent of any economic benefit that we may receive. Finally and most importantly, we conduct all business with the highest level of integrity, honesty and discipline.

Business Principles

  • Our people are the key to our success. We recruit only world-class individuals who we would enjoy working with and who understand and accept our core values and beliefs.
  • Our primary asset is our reputation. Any actions we take with respect to our capital or business partners should be heavily influenced by their effect on our reputation. Investing our reputation is as important as investing our capital.
  • Our performance on a quarterly or annual basis, while important, will not be given priority over our long-term goals.
  • We conduct our business with the highest level of integrity and honesty. Deals should be fair to our partners and should not favor us at their expense. We will be forthright with those we deal with and expect the same in return. We work with prospective partners to develop a mutual understanding, appreciation and respect for our approach to investing. If such an understanding cannot be achieved, we will not become partners.
  • The best decision for Michael Dell and his family is the best decision for MSD Capital.
  • Much of the work that we do is of highly confidential nature, and we do everything that we possibly can to protect that information and maintain and respect the privacy of the firm.
  • Individual opportunity and reward is based on merit. Our vision places large demands on each of us. Those demands can become frustrating, so we should try to make sure that our jobs are fun, the office is friendly and the rewards for loyal employees are large. We work with passion, commitment and enthusiasm.
  • We understand and value the importance of technology and are constantly looking for ways to utilize technology to make MSD more efficient and productive.
  • Control over investment decisions is essential to our style of doing business. We will always do what we believe is right, regardless of what conventional wisdom might indicate.
  • In considering potential investments, we encourage an environment that fosters open debate, values contrary opinions and tolerates honest mistakes.
  • We seek out excellence in all we undertake. We should never be satisfied with the status quo. Instead, we should constantly seek to improve in all our endeavors.
  • We must continually remind ourselves of our limitations and dedicate ourselves to the avoidance of hubris. If our methodologies are valid and our people are talented, hubris is one of the only things that can make us fail.
 

Risk Management

We consider investment risk principally in terms of the potential for permanent loss of invested capital.

A thorough understanding of the risks for each investment that we make is central to our process. We strive only to make investments that meet our strict risk / reward criteria. This disciplined investment approach is a fundamental part of our firm’s method of managing risk.