The Modern Rainmaker
From a kid in Texas to $30 BILLION AUM.
$20B+ in profits.
He built one of the most successful family offices ever.
The full arc of John Phelan’s story⬇️
From a kid in Texas to $30 BILLION AUM.
$20B+ in profits.
He built one of the most successful family offices ever.
The full arc of John Phelan’s story⬇️
Dallas, 1986.
John Phelan graduates Phi Beta Kappa from SMU.
Economics. Political Science. Top of his class.
He has hunger for the game.
He heads to Goldman Sachs, Investment Banking Division.
Mentors; Hank Paulson. Byron Trott.
John Phelan graduates Phi Beta Kappa from SMU.
Economics. Political Science. Top of his class.
He has hunger for the game.
He heads to Goldman Sachs, Investment Banking Division.
Mentors; Hank Paulson. Byron Trott.
Sam Zell & Real Assets.
At the Zell-Merrill Lynch funds, he enters distressed real estate.
Sam Zell becomes a mentor.
He learns to buy hard assets when everyone else runs.
Quote from Zell: “Liquidity is oxygen. Everyone forgets until it’s gone.”
Phelan doesn’t forget.
At the Zell-Merrill Lynch funds, he enters distressed real estate.
Sam Zell becomes a mentor.
He learns to buy hard assets when everyone else runs.
Quote from Zell: “Liquidity is oxygen. Everyone forgets until it’s gone.”
Phelan doesn’t forget.
Eddie Lampert & ESL.
Greenwich. A small $50M fund run by a quiet genius: Eddie Lampert.
Phelan joins.
They hunt special situations, distressed equities, merger arbitrage.
In 7 years: $50M → $2B.
He sees firsthand: a tiny, sharp team can outplay giants.
Greenwich. A small $50M fund run by a quiet genius: Eddie Lampert.
Phelan joins.
They hunt special situations, distressed equities, merger arbitrage.
In 7 years: $50M → $2B.
He sees firsthand: a tiny, sharp team can outplay giants.
1994. The Call That Changes Everything.
Through Lampert, Phelan meets a young tech founder: Michael Dell.
They click.
Four years later, Dell entrusts Phelan and Glenn Fuhrman with $400M.
MSD Capital is born.
Mission: Preserve & grow the Dell fortune.
No outside LPs. Absolute freedom.
Through Lampert, Phelan meets a young tech founder: Michael Dell.
They click.
Four years later, Dell entrusts Phelan and Glenn Fuhrman with $400M.
MSD Capital is born.
Mission: Preserve & grow the Dell fortune.
No outside LPs. Absolute freedom.
2008. Los Angeles.
The crisis hits. IndyMac collapses.
The FDIC auctions off $13.9B in assets.
Most run.
Phelan sees a once-in-a-lifetime liquidity hole.
MSD joins Soros, Mnuchin & co. Equity: ~$1.5B.
Result: OneWest → sold to CIT for billions.
Lesson: Buy fear. Provide oxygen. Get paid.
The crisis hits. IndyMac collapses.
The FDIC auctions off $13.9B in assets.
Most run.
Phelan sees a once-in-a-lifetime liquidity hole.
MSD joins Soros, Mnuchin & co. Equity: ~$1.5B.
Result: OneWest → sold to CIT for billions.
Lesson: Buy fear. Provide oxygen. Get paid.
2013. Round Rock, Texas.
Michael Dell wants his company back.
Wall Street wants quarterly numbers.
Phelan & Silver Lake go all-in:
•$24B LBO
•$19B debt stack
•$4.4B equity
Away from the public glare, Dell reinvents itself.
It sets up the $60B EMC mega-merger.
Michael Dell wants his company back.
Wall Street wants quarterly numbers.
Phelan & Silver Lake go all-in:
•$24B LBO
•$19B debt stack
•$4.4B equity
Away from the public glare, Dell reinvents itself.
It sets up the $60B EMC mega-merger.
2016. Two Plays, Two Arenas.
UFC: $4B buyout. MSD provides preferred equity.
Low downside, high upside. Exit IRR north of 20%.
Dell-EMC: Largest tech deal in history.
Phelan structures the capital bridge that made it happen.
Same year. Same philosophy:
Flexible capital wins in chaos.
UFC: $4B buyout. MSD provides preferred equity.
Low downside, high upside. Exit IRR north of 20%.
Dell-EMC: Largest tech deal in history.
Phelan structures the capital bridge that made it happen.
Same year. Same philosophy:
Flexible capital wins in chaos.
The Quiet Fortress.
While making headlines in tech and distressed, Phelan builds ballast:
Four Seasons Maui ($280M → $1B+)
Hualalai, Hawaii
Fairmont Miramar, Santa Monica
Boca Raton Resort
Cash-flowing hard assets. Inflation protection.
Permanent capital reservoirs.
While making headlines in tech and distressed, Phelan builds ballast:
Four Seasons Maui ($280M → $1B+)
Hualalai, Hawaii
Fairmont Miramar, Santa Monica
Boca Raton Resort
Cash-flowing hard assets. Inflation protection.
Permanent capital reservoirs.
The Architecture
Every move followed a hidden design:
Capture liquidity in storms
Store in resilient assets
Redeploy when the next drought hits
MSD wasn’t just a fund.
It was a rainwater system for capital.
Every move followed a hidden design:
Capture liquidity in storms
Store in resilient assets
Redeploy when the next drought hits
MSD wasn’t just a fund.
It was a rainwater system for capital.
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