Dan Sundheim's D1 Capital was one of the most anticipated hedge fund launches of 2018. After two years, he hasn't disappointed, returning 78% from its primary portfolio.
Despite his flashy purchases, those who have known Sundheim for decades say he's still the same guy he was when he was a 20-year-old frat brother at the University of Pennsylvania — a low-key, smart friend who never seems to get too worked up about anything. The former Viking Global Investors chief investment officer started trading at D1 in July 2018 with more than $5 billion — including more than $500 million of his own money — and hasn't looked back.
The firm bought a 5% stake in Unity Software in July 2019 for about $250 million, which is now worth more than $1 billion following the company's September initial public offering. But the story of how Sundheim, 43, joined the hedge-fund billionaires club, amassed a $300 million art collection, and bought a minority stake in the Charlotte Hornets off Michael Jordan begins before D1 and Viking.
Sundheim declined requests for interviews, and his spokesman Jonathan Gasthalter declined to comment.WILL RAGOZZINO/Patrick McMullan via Getty ImagesAs many people in the industry will tell you, there are many jerks who work in hedge-fund land. Big egos and big wallets can be a dangerous combination, but those who have known Sundheim longest say he's just like he was when he was at Wharton in the late '90s: humble, smart, and loyal.
The fraternity is well-represented within D1: Chief Operating Officer Jeremy Katz, Director of Research Michael Lean, and partner Teddy Gleser were all in the fraternity at the same time as Sundheim. Wharton led to Bear Stearns, where Sundheim put in hundred-hour weeks in the firm's merchant-banking division, then a newer, small group"Dan was, in a super positive way, different than everyone else there," Rob Lewin, the chief financial officer of KKR who worked with Sundheim at Bear Stearns, said. "If you had asked at the time who was going to be uniquely successful out of all the people we worked with, it was pretty clear to me and others who it would be.
— the investing progeny of the legendary hedge-fund manager Julian Robertson and his firm Tiger Management — focus on technology companies, Sundheim's expertise is broad, and he wasn't overly protective of any company or sector.
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