I'm pretty sure Mr. Dell has been investing in hedge funds for years now. He was one of the folks LTCM went to when they were in trouble. On a side note, damn I wish I knew enough filthy rich people to get a hedge fund off the ground. -- http://themarkettruth.blogspot.com/
I maybe wrong, but I thought he had a pretty huge hedge fund more or less of his own, not him trading it directly, but run from mostly his money. I forget the name of it, but I thought I had read that awhile ago.
MSD Capital is indeed it. Michael S. Dell Capital - They are on Park Ave. MSD is also incubating SkyBridge which will be seeding new managers. Very interesting model - something of a hybrid of a fund of funds and a private equity fund.