DFO Management

 DFO Management (formerly known as MSD Capital) is wholly owned by Michael Dell, the founder, chairman, and CEO of Dell Technologies, and his family. It functions as his single-family office to manage their personal wealth and private investments. 

The Manhattan-based firm was established in 1998 and rebranded to DFO Management at the end of 2022. It operates independently to invest across a wide variety of asset classes, including private equity, public markets, and real estate. 

• https://www.dellfamilyoffice.com/about

Key Investments and HoldingsPublic equity stakes (via 13F filings, which cover only certain U.S. equities and change over time):

• Significant or notable past/recent holdings have included Dine Brands Global (majority or large stake; owner of Applebee’s and IHOP), PVH Corp. (apparel brands like Calvin Klein and Tommy Hilfiger), Hayward Holdings, and others like Safehold Inc., Townsquare Media.

Real estate:

• Ownership or significant interests in luxury resorts, such as Four Seasons Resort Maui (acquired 2004) and Four Seasons Resort Hualalai (acquired 2006, in partnership).
• Other real estate deals have included multi-family properties, air rights developments (e.g., near Grand Central Terminal), and partnerships in assets like hotels.

Historical/major transactions:

• Participated in the consortium that acquired IndyMac Bank assets (renamed OneWest Bank) in 2008.
• Involved in Michael Dell’s take-private and later transactions related to Dell Inc./Dell Technologies.
• Investments in private equity, credit, and other private assets (details are less public due to its family office status).