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Hedge-Fund Star Sundheim Lures Piles of Cash on His Own Terms

  • As much as 35 percent will be invested in private companies
  • D1 Capital is said to earmark $1 billion for Viking investors
FAANGs Quietly Show Strength in Tumultuous Period: Taking Stock
Photographer: Michael Nagle/Bloomberg

For Dan Sundheim, who starts trading outside capital at his new hedge fund in mid-July, it might as well be 2007.

That’s when hedge fund managers dominated Wall Street. They could charge high fees, impose long lock-ups on capital and afford to be discerning about which investors they allowed into their funds. Then came the financial crisis and a decade of low returns and client defections. Most startups barely raised any money.