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MSD Partners

SEC-registered adviser since 2012New York, NYCRD 161664

$21.3B
AUM
77
Clients
See fees
Fee
231
Advisory staff

From Form ADV filed 24 August 2026 · data retrieved 15 October 2026SEC record

MSD Partners is an investment adviser headquartered in New York, New York, and registered with the SEC since 2012. Its clients include pooled investment vehicles, other clients and insurance companies.

Its services include portfolio management for pooled vehicles. Fee arrangements include a percentage of assets under management and performance-based fees. BDT & MSD Holdings, L.P. owns 75% or more of MSD Partners, and Gregg Lemkau is its CEO.

Clients

MSD Partners serves 77 clients, 74 of them pooled investment vehicles. The average client has about $277 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles74 clients92%
  • Other1 clients7%
  • Insurance companies2 clients1%
Show client breakdown
Pooled investment vehicles
Clients
74
Regulatory AUM
$19,507,308,129
Share
91.6%
Avg. per client
$263.6M
Insurance companies
Clients
2
Regulatory AUM
$286,659,727
Share
1.3%
Avg. per client
$143.3M
Other
Clients
1
Regulatory AUM
$1,502,461,833
Share
7.1%
Avg. per client
$1.50B

Total

Clients
77
Regulatory AUM
$21,296,429,689
Share
100%
Avg. per client
$276.6M

What it does

MSD Partners provides portfolio management for pooled vehicles and other activities. It is paid through a percentage of assets and performance-based fees.

MSD Partners advises 53 private funds.

83.2% of assets ($17.72B across 69 accounts) are managed with discretion; $3.58B across 8 accounts are not. 16% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

The filed percentages total 101%. The values below are shown as filed.

Exchange-traded equity securities
1%
Non-exchange-traded equity securities
47%
U.S. government/agency bonds
3%
Sovereign bonds
1%
Non-investment grade corporate bonds
4%
Securities issued by pooled investment vehicles (other than registered investment companies)
6%
Other (Private Structured Debt and Real Estate)
39%

Custodians

MSD Partners has custody of client assets.

Managed account assets by custodian
  • All other custodians$21.30B100%

Ownership and leadership

BDT & MSD Holdings, L.P. owns 75% or more of MSD Partners, and Gregg Lemkau is its CEO.

Who owns the firm
MSD Partners, L.P.· the adviser

  • BDT & MSD Holdings, L.P.

    Control person · since January 2023

    Owns 75% or more of MSD Partners, L.P.

Leadership

  • Gregg Lemkau
    Co-Chief Executive Officer
  • Byron Trott
    Chairman & Co-Chief Executive Officer
  • Adam Beshara
    President
  • Juliet Debaubigny
    President
  • Amy Ennesser
    President
  • Dan Jester
    President
  • Gregory Olafson
    President
  • San Orr
    President
  • Lawrence Schaltenbrand
    Partner & Co-Chief Financial Officer
  • Daniel Stock
    Partner & Co-Chief Financial Officer
  • Chad Feingold
    Partner and Chief Operating Officer
  • Saritha Reddy
    Chief Compliance Officer
  • Cindy Michel
    Partner
  • Robert Simonds
    Partner & General Counsel
  • David Thomas
    Partner & Chief Legal Officer

Staff

  • 498 employees
  • 231 in advisory functions
  • 171 broker-dealer reps

Reported holdings

MSD Partners’ reported 13F holdings total $76.8M across 9 positions, and the ten largest make up 100.0% of it.

$76.8M
Reported 13F value
9
Positions
100.0%
In the 10 largest
−6.8%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Oddity Tech Ltd · Shs CL A35.1%
  2. Renew Energy Global PLC · CL A Shs17.0%
  3. Xponential Fitness Inc. · Com CL A14.9%
  4. Azul S A · Sponsored ADS13.4%
  5. Lindblad Expeditions Hldgs I12.8%
  6. Safehold Inc.4.6%
  7. Servicetitan Inc. · Shs CL A1.7%
  8. Office Pptys Income TR · Com OF Beneficia0.2%
  9. Trisalus Life Sciences Inc.0.2%

Together, the ten largest are 100.0% of reported value.

The 9 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 14 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $76.8M is not its $21.30B in regulatory assets and does not represent any individual client's portfolio.

Fees

MSD Partners is paid through a percentage of assets under management and performance-based fees.

MSD Partners’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, MSD Partners has 12 offices, with 8 listed addresses across 6 states.

Listed office addresses by state

New York · 2 listed addresses

  • 550 Madison Avenue, 20th Floor, New YorkHQ
  • 411 Theodore Fremd Ave, Rye

Registration details

Legal name
MSD Partners, L.P.
Headquarters
550 Madison Avenue, 20th Floor, New York, NY 10022
Phone
212-303-1650
Website
Not reported
SEC file
801-74071
Structure
Delaware limited partnership
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does MSD Partners have?

MSD Partners has 77 clients and manages $21.3 billion for them, as of August 2026. They include 74 pooled investment vehicles, 2 insurance companies and 1 other clients.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 August 2026

What services does MSD Partners offer?

MSD Partners provides portfolio management for pooled vehicles and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does MSD Partners have?

MSD Partners has 0 investment adviser representatives registered with state securities authorities, out of 498 employees, and 231 perform investment advisory functions. 171 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does MSD Partners invest in?

At the end of its last fiscal year, MSD Partners’ separately managed accounts held 47% non-exchange-traded equities, 39% private structured debt and real estate, 6% pooled vehicles (private funds and similar), 4% high-yield corporate bonds, 3% U.S. government and agency bonds, 1% exchange-traded equities and 1% sovereign bonds. It advises 53 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns MSD Partners?

MSD Partners is owned through a chain of holding companies by Byron Trott. Its direct owner is BDT & MSD Holdings, L.P. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 24 August 2026

How does MSD Partners get paid?

MSD Partners is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 24 August 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 161664.
  3. Form 13F-HR, filed 14 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with MSD Partners, L.P. and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.