The Peel with Turner Novak Rethinking Asset Allocation, The Past Present and Future of Venture Capital | Dan Feder, University of Michigan
Sep 18, 2025
Dan Feder, Senior Managing Director of Investments at the University of Michigan’s $18 billion endowment, shares insights on venture capital and asset allocation. He emphasizes the need for institutional investors to rethink their strategies and distinguishes between risk and uncertainty. Dan recalls his unique experience racing Lance Armstrong, drawing parallels to investment preparation. He explains the evolution of venture since 2000, the trend of roll-ups in services, and offers key advice for fund managers to attract LPs, highlighting the importance of relevance and independent thinking.
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Beating Lance Armstrong In A Race
- Dan Feder once ran alongside Lance Armstrong in the New York Marathon and briefly beat him after the bridge segment.
- The experience illustrated that preparation, not just competitiveness on race day, drives outcomes.
Asset Allocation Is Necessary But Not Sufficient
- Asset allocation is a valid framework but incomplete as the sole driver of alpha.
- Investors must account for their institution's advantages and disadvantages when allocating capital.
Leverage Institutional Knowledge
- Use institutional or personal advantages to source high-value information before investing.
- Connect with domain experts to increase marginal informational value and improve investment odds.
