Michael Dell's Family Office Close To US Insurance Group Purchase – Media

Editorial Staff

14 September 2026

Tech tycoon Michael Dell’s family investment firm is near to buying The Baldwin Insurance Group, a listed insurance brokerage valued at about $4.2 billion, according to the Financial Times yesterday.

DFO Management and Baldwin could announce an agreement to take the company private as soon as next week, the report said, quoting unnamed sources. The report said the deal would be one of the largest acquisitions that DFO Management, formerly MSD Capital, the pure single-family office managing just the Dell family's capital, has carried out.

New York-based Sequence Holdings is also involved in talks to buy the business, a report by Reuters about the coverage of the matter said. Family Wealth Report has contacted Sequence and DFO for comment and may update in due course.

Baldwin shares have risen by more than 24 per cent this year, partly due to speculation that the insurance broker could attract a takeover offer.

The newspaper 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.

Such a move highlights how single-family offices can be significant M&A players in their own right. Michael Dell brings significant firepower to the field: His net worth is around $262 billion, according to Bloomberg's Billionaires Index , making him the world's fifth-richest person.

DFO Management, headquartered in New York, is run by former Goldman Sachs co-head of investment banking Gregg Lemkau , Marc Lisker , and Alisa Mall . DFO Management, which manages more than $110 billion of family assets, was initially set up in 1998 and restructured under its current name in 2022.

One of the more prominent family offices, DFO Management’s activities attract headlines. In February 2021, for example, the family office reportedly entered what was then the red-hot market of blank check businesses, otherwise known as special purpose acquisition companies . Dell’s office also caught attention when it shifted its asset allocation to private markets late in 2019. Dell's family office platform has been directly involved in control and growth-equity transactions including the Summit Companies buyout , the Badia Spices majority stake , the Auberge Resorts minority stake , and financing for Metropolis Technologies' acquisitions of SP+ and Oosto.

Hillspire, the private family office management company for former Google CEO Eric Schmidt and his wife, Wendy, has also been a prominent deal-maker. According to data from FINTRX, a platform tracking FOs, it carried out 15 investments, making it the most active US family office by disclosed 2025 activity.