Uncapped with Jack Altman24 Kesä 2025

Uncapped #14 | Dan Feder from the University of Michigan

It was a pleasure to sit down with Dan Feder, Senior Managing Director with the University of Michigan Investment Office who leads the endowment’s investments in venture capital and private equity. Prior to joining the University of Michigan, Dan was the Managing Director of Private Markets at the Washington University Investment Management Company. Dan’s career in endowment management began at the Princeton University Investment Company where he led the development of Princeton’s global private equity and venture capital portfolio. Dan has also served as the Managing Director of Private Markets for the Sequoia Capital Heritage Fund (an endowment-style investment fund sponsored by Sequoia Capital) and as a Senior Investment Manager in the endowment services area at TIAA-CREF. We covered: Endowment portfolio construction Incentive structures in LP land Backing conflicting strategies UMich’s framework to investing Picking individuals vs firms --- Timestamps: (0:00) Intro (0:40) Becoming an endowment manager (2:59) Constructing an endowment’s portfolio (9:10) Risk-based investing vs uncertainty (13:07) Incentive structures in LP land (16:28) Team construction (22:26) Backing strategies that are at odds (26:06) Why LPs invest in venture (27:38) UMich framework to investing (32:29) Picking individuals vs firms (36:40) Big vs small funds (40:48) How to pick fund managers (45:41) Herd mentality in LP land --- Linktree: https://linktr.ee/uncappedpod Twitter: https://x.com/jaltma Email: friends@uncappedpod.com

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Uncapped #55 | Tony Xu from DoorDash

Tony Xu is the co-founder and CEO of DoorDash, the leading local commerce platform in the United States. Since co-founding DoorDash in 2013, Tony has built the company into a publicly traded business ...

28 Heinä 47min

Uncapped #54 | Sam Blond from Monaco

Sam Blond is the co-founder and CEO of Monaco, an AI-native revenue automation platform built to replace the CRM as the system of record for sales. Before Monaco, Sam was a Partner at Founders Fund an...

14 Heinä 1h 9min

Uncapped #53 | Trae and Delian from Founders Fund

Trae Stephens is a Partner at Founders Fund and co-founder and Executive Chairman of Anduril Industries, a defense technology company building autonomous systems for the U.S. military and its allies. ...

30 Kesä 1h 11min

Uncapped #52 | Mike Volpi from Hanabi Capital

Mike Volpi is a General Partner at Hanabi Capital, with a background that spans senior operating roles and nearly two decades of investing. Mike currently sits on the boards of several innovative comp...

10 Kesä 56min

Uncapped #51 | Joe Lonsdale from 8VC

Joe Lonsdale is the Founder and Managing Partner at 8VC, an early-stage venture capital firm managing over $6 billion in capital. In 2003, he founded Palantir (NASDAQ:PLTR), a global software company ...

27 Touko 43min

Uncapped #50 | Tobi Lütke from Shopify

Tobi Lütke is the co-founder of Shopify, where he has served as the company's CEO since 2008. Under his leadership, Shopify grew from an online snowboard shop in Ottawa, Canada in 2004 to the world'...

20 Touko 58min

Uncapped #49 | Kevin Hartz & Bennett Siegel from A*

Kevin Hartz and Bennett Siegel are co-founders and GPs at A*, a five year old early-stage venture capital firm with $1B in AUM. A* has invested in companies like Notion, Cape, Whop, Paraform, Simile, ...

12 Touko 36min

Uncapped #48 | Tarek Mansour from Kalshi

Tarek Mansour is the co-founder and CEO of Kalshi. Kalshi is a regulated prediction market exchange valued at $22B in 2026 where people trade on the outcomes of real-world events – things like inflat...

29 Huhti 47min