Launches & Closures Hedge Funds

Billionaire Michael Dell's MSD Capital gets U.K. sign-off for European hedge fund

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The Dell founder’s firm gains FSA authorization ahead of launching its first fund for outside investors.

MSD Capital, the New York firm originally founded to manage the money of billionaire Michael Dell, has received authorization from the U.K.’s Financial Services Authority to launch a European distressed fund, the MSD European Opportunity Fund, which launched on Feb. 1 and is being managed out of London.

The $10 billion firm was set up in 1998 by Dell and manages the money of the computer mogul and his family. This is the first time it has opened up to outside investors. The firm aims to raise $500 million for the distressed fund; Dell and the MSD partners are