D1 Capital Partners

D1 Capital Partners

Dan Sundheim founded D1 Capital Partners in 2018 after a decade as chief investment officer at Viking Global Investors, where he helped steward roughly $30B in assets. The launch was immediate and seismic: institutional allocators backed Sundheim with one of the largest day-one capital pools in hedge fund history, drawn by his track record at Viking and the stability of his senior team. The firm is headquartered in New York. D1 operates across public and private markets. On the public side, the firm runs a concentrated long/short equity book anchored in technology, consumer, and financial-services companies — a continuation of the fundamental, research-intensive approach Sundheim practiced at Viking. The private portfolio targets late-stage venture and growth-equity rounds, often leading or co-leading investments with $100M+ checks. Confirmed positions have included Instacart, where D1 led a 2020 round at a $17.7B valuation (per The Wall Street Journal, 2020); Stripe; SpaceX; and GitLab before its IPO. The firm also moves opportunistically into credit and real estate. Geographic exposure is predominantly North America, with select exposure in Europe and Asia-Pacific companies through the public book. Headcount is not publicly disclosed, but the firm recruited heavily from Viking, Lone Pine, and other Tiger-aligned funds in its early years, building an investment team concentrated in New York. D1 does not market adjacent vehicles, a membership club for co-investors, or a named philanthropic foundation, though Sundheim has made significant personal political and charitable contributions. The firm maintains no retail-facing products and is structured as a private investment partnership with institutional, university-endowment, and family-office capital. In December 2023, D1 disclosed a reduced stake in several public holdings amidst a broader repositioning of the portfolio toward select private names, signaling active portfolio management in a challenging market for hybrid funds. The structural differentiator is the hybrid architecture itself. Pure hedge funds and pure venture firms each face concentrated risk in their respective liquidity windows; D1's ability to shift capital between public mark-to-market positions and private structured rounds — without a fund-of-funds overhead — gives Sundheim a flexibility that most Tiger Cubs, who typically spin out single-strategy funds, do not attempt. That dual-trigger mandate requires a rare blend of liquid-portfolio risk management and private-company underwriting under one P&L.