D1 Capital Partners' private investment portfolio surged 39% last year, a performance primarily driven by its investment in Elon Musk's SpaceX. The latter achieved an $800 billion valuation last month.

According to people familiar with the matter, the investment in this rocket and satellite manufacturer accounts for approximately 45% of the hedge fund's exposure to venture capital and private equity investments. These individuals requested anonymity as the information is not public.

They indicated that excluding this specific investment, D1 Capital's private portfolio would have increased by only about 18%.

In a letter to investors on Friday, D1 Capital founder Dan Sundheim wrote that SpaceX's latest valuation reflects its "transformative developmental achievements." He added that if Musk's company succeeds, "we believe it will become the single largest engine for value creation at D1 Capital."