Key Takeaways
- • DFO Management, Michael Dell's family office formerly known as MSD Capital, is reportedly near a deal to acquire The Baldwin Insurance Group, a listed insurance brokerage valued at about $4.2 billion, according to the Financial Times.
- • An agreement could be announced as soon as the following week, which would take Baldwin private and rank among the largest acquisitions DFO has carried out, per the FT's unnamed sources.
- • New York-based Sequence Holdings is also reported to be in talks to buy Baldwin, according to Reuters coverage of the matter.
- • Baldwin shares have risen more than 24% this year, partly on takeover speculation, suggesting investors may have already priced in part of any takeover premium.
- • Michael Dell's net worth is about $262 billion as of September 12, per Bloomberg's Billionaires Index, making him the world's fifth-richest person.
Summary
Michael Dell's family investment firm is reportedly close to acquiring The Baldwin Insurance Group, a listed insurance brokerage valued at about $4.2 billion, according to the Financial Times. The FT, citing unnamed sources, reported that DFO Management and Baldwin could announce an agreement to take the company private as soon as the following week. The report said the transaction would be one of the largest acquisitions DFO has undertaken. Family Wealth Report has contacted both Sequence and DFO for comment.
Reuters coverage of the matter reports that New York-based Sequence Holdings is also involved in talks to buy the business. Baldwin shares have risen more than 24% this year, partly due to speculation that the broker could attract a takeover offer. The FT said Baldwin shareholders could receive a takeover premium, although the stock's recent gains suggest investors may have already priced in part of that potential.
DFO Management, headquartered in New York, is a single-family office managing only the Dell family's capital. It is chaired by former Goldman Sachs co-head of investment banking Gregg Lemkau, with Marc Lisker as president and Alisa Mall as chief investment officer. The firm manages more than $110 billion of family assets. It was set up in 1998 and restructured under its current name in 2022. Its prior moniker, MSD, drew attention in February 2021 when it reportedly entered the SPAC market, and the office shifted its allocation toward private markets in late 2019.
The deal highlights how single-family offices are becoming significant M&A players. DFO's recent activity includes the Summit Companies buyout (2025), a majority stake in Badia Spices (2024), a minority stake in Auberge Resorts (2024), and financing for Metropolis Technologies' acquisitions of SP+ and Oosto. Michael Dell's net worth is around $262 billion, according to Bloomberg's Billionaires Index as of September 12. Separately, FINTRX data cited in the report shows Hillspire, the family office for former Google CEO Eric Schmidt, carried out 15 investments, the most of any US family office by disclosed 2025 activity.
Reuters coverage of the matter reports that New York-based Sequence Holdings is also involved in talks to buy the business. Baldwin shares have risen more than 24% this year, partly due to speculation that the broker could attract a takeover offer. The FT said Baldwin shareholders could receive a takeover premium, although the stock's recent gains suggest investors may have already priced in part of that potential.
DFO Management, headquartered in New York, is a single-family office managing only the Dell family's capital. It is chaired by former Goldman Sachs co-head of investment banking Gregg Lemkau, with Marc Lisker as president and Alisa Mall as chief investment officer. The firm manages more than $110 billion of family assets. It was set up in 1998 and restructured under its current name in 2022. Its prior moniker, MSD, drew attention in February 2021 when it reportedly entered the SPAC market, and the office shifted its allocation toward private markets in late 2019.
The deal highlights how single-family offices are becoming significant M&A players. DFO's recent activity includes the Summit Companies buyout (2025), a majority stake in Badia Spices (2024), a minority stake in Auberge Resorts (2024), and financing for Metropolis Technologies' acquisitions of SP+ and Oosto. Michael Dell's net worth is around $262 billion, according to Bloomberg's Billionaires Index as of September 12. Separately, FINTRX data cited in the report shows Hillspire, the family office for former Google CEO Eric Schmidt, carried out 15 investments, the most of any US family office by disclosed 2025 activity.
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