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April 30, 2024
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Don't have any insights on the culture (haven't interacted with them much yet). Launched July 16, called $4bn of capital (IIRC). Sundheim's non-solicitation with Viking investors expired recently, but I think there's limited capacity as they want to keep AUM around that level for a while.
Strategy is L/S Equity, with a focus on returns over a medium to long term horizon. They will engage in private investments occasionally, and will aggressively size investments relative to their conviction in that position. No specific sector tilt that I'm currently aware of, but since Sundheim is the sole PM and will be heavily involved in the research process, portfolio composition (sector/geography-wise) will likely be very similar to his time at Viking.
Analysts all seem to be from top-shops; looks like they'll cover sectors that they worked with previously.
Seems like a few analysts went from shops that focused on distressed (Silverpoint, AnchorCap), do you think its only L/S equity then? Also, any idea or word if they take bankers or do you have to get the prior HF experience?
If I were to guess, those guys were probably brought on primarily because of their experience with illiquid/private investments. D1 will likely have some private equity investments side-pocketed, but it would be best classified as L/S equity.
I have no insight into their recruiting processes or preferences so take the following with a very large grain of salt. It was very likely extremely competitive to land one of the 9 analyst spots for a mega-fund launched by an extremely successful and established investor. I'd imagine that people with prior experience with a HF probably were preferred because D1 wanted to hit the ground running at full speed with a fairly lean team, but I doubt that they're staunchly against hiring people who don't have investing experience
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