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Sequoia’s Heritage Project: Not Dead Yet?

Sequoia Capital is “pushing ahead” with its its outsourced investment management platform for college endowments (a.k.a. Heritage Fund), despite the apparent departure of team leader Eric Upin.

That’s the word from Dan Feder, who joined Sequoia last year after having run venture capital and private equity for the Princeton Investment Management Co. I reached Dan on his Sequoia line earlier this morning, probably because the receptionist wasn’t in yet to screen me out. He declined to get into specifics (per Sequoia’s MO), but did say that he had no plans to leave the Silicon Valley-based firm.

The obvious question, of course, is how Feder and Sequoia would be able to move forward. There isn’t much of a team left anymore, particularly given the recent departure of hedge fund veteran Michael Beckwith. Moreover, Eric Upin left to join the very firm — Makena Capital — that Sequoia was hoping to emulate (albeit on a smaller scale).

A bit too contradictory for my tastes…