UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F

                               Form 13F Cover Page

Report for the Calendar Year or Quarter Ended: December 31, 2010

Check here if Amendment [ ] Amendment Number: ______________

This Amendment (Check only one.): [ ] is a restatement
                                  [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    MSD Capital, L.P.
Address: 645 Fifth Avenue, 21st Floor
         New York, NY 10022

Form 13F File Number: 28-5391

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Marc R. Lisker, Esq.
Title: General Counsel, MSD Capital, L.P.
Phone: (212) 303-1668

Signature, Place, and Date of Signing:


/s/ Marc R. Lisker                      New York, NY   February 14, 2011
- ------------------------------------   -------------   -----------------
(Signature)                            (City, State)         (Date)

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report, and all
     holdings are reported by other reporting manager(s).)

[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:              0
Form 13F Information Table Entry Total:        14
Form 13F Information Table Value Total:   904,559 (thousands)

PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
CONFIDENTIAL INFORMATION HAS BEEN OMITTED FROM THIS FORM 13F AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

NONE




         Column 1              Column 2    Column 3   Column 4        Column 5       Column 6  Column 7       Column 8
         --------           -------------- --------- ---------- ------------------- ---------- -------- ----------------------
                                                                                                           Voting Authority
                               Title of                 Value     Shrs or  SH/ Put/ Investment  Other   ----------------------
      Name of Issuer             Class       Cusip   (X $1,000)   prn amt  PRN Call Discretion Managers    Sole         Shared None
      --------------        -------------- --------- ---------- ---------- --- ---- ---------- -------- ----------      ------ ----
                                                                                              
ENERGY XXI (BERMUDA) LTD    USD UNRS SHS   G10082140   125,156   4,523,180 SH          SOLE              4,523,180        0     0
ENERGY XXI (BERMUDA) LTD    USD UNRS SHS   G10082140    12,451     450,000 SH          SOLE                      0  450,000     0
TRANSATLANTIC PETROLEUM LTD SHS            G89982105    38,313  11,505,374 SH          SOLE             11,505,374        0     0
ASBURY AUTOMOTIVE GROUP INC COM            043436104    68,122   3,686,273 SH          SOLE              3,686,273        0     0
DINEEQUITY INC              COM            254423106   124,060   2,512,356 SH          SOLE              2,512,356        0     0
DOMINOS PIZZA INC           COM            25754A201    75,664   4,743,829 SH          SOLE              4,743,829        0     0
ECHOSTAR CORP               CL A           278768106    91,668   3,671,129 SH          SOLE              3,671,129        0     0
JOURNAL COMMUNICATIONS INC  CL A           481130102    19,047   3,771,609 SH          SOLE              3,771,609        0     0
MACQUARIE INFRASTR CO LLC   MEMBERSHIP INT 55608B105    74,768   3,531,800 SH          SOLE              3,531,800        0     0
NALCO HOLDING COMPANY       COM            62985Q101    61,178   1,915,416 SH          SOLE              1,915,416        0     0
SCHOOL SPECIALTY INC        COM            807863105    38,788   2,784,500 SH          SOLE              2,784,500        0     0
SUNSTONE HOTEL INVS INC NEW COM            867892101    42,958   4,158,548 SH          SOLE              4,158,548        0     0
TYLER TECHNOLOGIES INC      COM            902252105    52,469   2,527,423 SH          SOLE              2,527,423        0     0
WRIGHT EXPRESS CORP         COM            98233Q105    79,917   1,737,327 SH          SOLE              1,737,327        0     0


PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
CONFIDENTIAL INFORMATION HAS BEEN OMITTED FROM THIS FORM 13F AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.