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Co-headquartered in Chicago and New York City, BDT & MSD Partners is a merchant bank and investment firm providing financial advisory services and long-term capital to family-owned and founder-led businesses. The firm operates across private equity, credit, and real estate markets, generating revenue through investment banking fees, management fees, and carried interest. The organization manages over $50 billion in assets under management and recently secured $14 billion for its BDT Capital Partners Fund IV. Ranked 36th among the largest private equity firms in the June 2024 PEI 300, the entity serves high-net-worth individuals and institutional investors. Key clients and executives include Michael Dell, Gregg Lemkau, and Dina Powell, who joined from Goldman Sachs. BDT & MSD Partners was formed in 2023 through the merger of BDT & Company, founded by Byron Trott, and MSD Partners, established by John Phelan.
Key people at BDT & MSD Partners.
BDT & MSD Partners primarily focuses on investments in family-owned and entrepreneurial businesses, providing both strategic advice and capital solutions.
BDT & MSD Partners operates as a merchant bank, which means it provides both advisory services and capital solutions to its clients.
BDT & MSD Partners was formed through the combination of BDT & Company, which was established in 2009, and MSD Partners.
BDT & MSD Partners primarily focuses on investments in family-owned and entrepreneurial businesses, providing both strategic advice and capital solutions.
BDT & MSD Partners operates as a merchant bank, which means it provides both advisory services and capital solutions to its clients.
BDT & MSD Partners was formed through the combination of BDT & Company, which was established in 2009, and MSD Partners.
Key people at BDT & MSD Partners.
BDT & MSD Partners operates as a distinctive merchant bank, delivering an integrated platform of advisory services, capital, and investment solutions. This model is specifically tailored to serve the intricate needs of founders, families, business owners, and long-term investors. The firm's approach is rooted in providing trusted guidance and flexible capital, aiming to support the strategic objectives and generational success of its clients.
A core aspect of BDT & MSD Partners' strategy is its focus on family-owned and entrepreneurial businesses. The firm partners with these enterprises, offering not just financial backing but also strategic insights and operational support. This commitment to long-term relationships and a deep understanding of the unique dynamics of such businesses allows BDT & MSD Partners to provide highly customized and impactful solutions.
The firm's offerings encompass a range of financial services, from strategic advisory on complex transactions to providing patient, aligned capital for growth initiatives, acquisitions, or recapitalizations. Its investment solutions are designed to be flexible, adapting to the specific circumstances and goals of each client, thereby fostering enduring value.
BDT & MSD Partners was formed from the combination of BDT & Company and MSD Partners, bringing together complementary expertise and client bases. BDT & Company, established in 2009, was also a merchant bank known for advising and investing alongside family-controlled businesses. This heritage underpins the combined entity's continued dedication to this specialized market segment.
With headquarters in both Chicago, Illinois, and New York City, New York, BDT & MSD Partners maintains a significant presence in key financial centers. This geographic footprint enables the firm to effectively engage with a broad spectrum of clients and opportunities across various industries, reinforcing its role as a prominent partner in the venture ecosystem.
BDT & MSD Partners has 1 tracked investment across 1 company. The latest tracked deal is $16.0B Series D in Waymo in February 2026.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Feb 2, 2026 | Waymo | $16.0B Series D | Dragoneer Investment Group, DST Global, Sequoia Capital | Andreessen Horowitz, Bessemer Venture Partners, CapitalG, Fidelity, GV, Kleiner Perkins, Mubadala Capital, Perry Creek Capital, Silver Lake, Temasek Holdings, Tiger Global Management, T. Rowe Price, Alphabet, Fidelity Management & Research Company, MSD Partners |
