# MSD Partners, L.P.

> MSD Partners, L.P. is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 24, 2026.

- CRD: 161664
- Filed as: MSD PARTNERS, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: August 24, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/161664
- AdvisorCensus page: https://advisorcensus.com/firm/msd-partners-l-p-new-york-ny-161664

## Quick answers

**How is MSD Partners, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), MSD Partners, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is MSD Partners, L.P. located?**
MSD Partners, L.P.'s principal office is in New York, NY, according to its Form ADV; the September 2026 filing also lists 12 other offices (Schedule D, Section 1.F).

**Is MSD Partners, L.P. registered with the SEC or a state?**
MSD Partners, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 161664.

**How much does MSD Partners, L.P. manage?**
MSD Partners, L.P. reports $21,296,429,689 in regulatory assets under management in its Form ADV filing dated August 24, 2026 (83% discretionary).

**How have MSD Partners, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for MSD Partners, L.P.: Regulatory assets under management: $8,964,963,903 in the October 2021 data and $21,296,429,689 in the October 2026 data, up 138%. Total employees: 105 in October 2021 and 498 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does MSD Partners, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (74); insurance companies (2); other (1).

**Does MSD Partners, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/161664

**What changed in MSD Partners, L.P.'s recent Form ADV filings?**
In the September 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $21,296,429,689
- Discretionary: $17,716,805,551
- Non-discretionary: $3,579,624,138

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 74 | $19,507,308,129 |
| Insurance companies | 2 | $286,659,727 |
| Other | 1 | $1,502,461,833 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Other

### Firm details
- Registered since: 2012 (14 years)
- Employees: 498 total, 231 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, FL, NY, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Chicago, IL
- Dallas, TX
- Denver, CO
- Dubai
- Frankfurt
- London
- Luxembourg
- Menlo Park, CA
- Palm Beach, FL
- Rye, NY
- Santa Monica, CA
- Verbier

### Websites listed on Form ADV (Item 1.I)
- bdtmsd.com
- LinkedIn @bdtmsd-partners

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $8,964,963,903 | 105 | August 24, 2021 |
| October 2022 | $13,055,137,038 | 134 | August 17, 2022 |
| October 2023 | $16,291,593,415 | 393 | June 15, 2023 |
| October 2024 | $24,116,933,957 | 421 | September 16, 2024 |
| October 2025 | $23,134,850,133 | 456 | June 27, 2025 |
| October 2026 | $21,296,429,689 | 498 | August 24, 2026 |

Regulatory assets under management: $8,964,963,903 in the October 2021 data and $21,296,429,689 in the October 2026 data, up 138%.
Total employees: 105 in October 2021 and 498 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 208 to 231.
- Added an office in Luxembourg.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. MSD Partners, L.P. (CRD 161664): Form ADV filing data as of October 2026.