Nashville’s financial landscape has gained a significant player with the emergence of Whistler Capital Partners, a new private equity firm launched by Managing Partner Geoff Clark and his team. This strategic spin-out from Starr Investment Holdings LLC marks a pivotal moment, establishing Whistler Capital Partners as an independent entity headquartered in the thriving business environment of Nashville.
This newly formed firm brings with it substantial assets under management, exceeding $1 billion, as confirmed by Clark. The spin-out culminates nearly fifteen years of Clark’s leadership within Starr Investment Holdings, a subsidiary of C.V. Starr & Co. Inc., a New York City-based firm under the chairmanship of Maurice “Hank” Greenberg, formerly the chairman and CEO of American International Group (AIG).
In a strategic move back in 2019, Clark relocated Starr Investment Holdings’ senior leadership and its dedicated healthcare team to Nashville. This relocation injected considerable capital and expertise into Nashville’s burgeoning private equity sector. During this period, the firm actively engaged in growth equity and leveraged buyout transactions, with investment sizes ranging from $25 million to $1.5 billion.
Looking ahead, Whistler Capital Partners will maintain a strategic focus on the healthcare sector, leveraging their deep industry knowledge to pursue similar deal structures. However, the transition to an independent firm provides Whistler Capital Partners with the agility to expand its operations, establish its own dedicated fund, and increase the cadence of its investment activities.
“This strategic evolution is centered around business growth,” Clark stated. “Given our specialized expertise in the healthcare domain, we’ve anticipated a natural progression towards launching our own fund for some time. Independent general partners are generally favored by investors when it comes to fund formation.”
Clark indicated that the firm’s objective is to launch its fund in the coming year, although specific target amounts were not disclosed.
Adding significant weight to Whistler Capital Partners‘ leadership is the appointment of Eric Dobkin as chairman. Dobkin, a former partner at Goldman Sachs, is widely recognized as the “Father of the Modern IPO” for his groundbreaking contributions to the firm’s capital markets division, as highlighted in a New York Times feature. His expertise will be invaluable as Whistler Capital Partners navigates its growth trajectory.
Currently composed of eight professionals, Whistler Capital Partners anticipates further expansion, with plans to relocate up to two individuals from New York to their Nashville headquarters. Additionally, Clark projects the recruitment of several local professionals in the near term to bolster both the investment and operating teams. The firm’s operational base will be situated in a newly acquired 8,000-square-foot space within the Sylvan Supply office development on Charlotte Avenue, effective November 1st.
“Building a robust operating team has been a key objective since establishing our presence in Nashville. The city boasts an exceptional talent pool, particularly within the thriving healthcare industry,” Clark emphasized, underscoring Nashville’s strategic advantages for Whistler Capital Partners.
While operating independently from C.V. Starr & Co. Inc., Whistler Capital Partners will maintain ongoing business relationships with Starr Investment Holdings’ former parent company. Notably, C.V. Starr & Co. Inc. will retain its stake in El Segundo, California-based Radiology Partners—an entity in which Starr Investment Holdings made a significant $700 million investment in 2019. However, Whistler Capital Partners will assume the role of managing partner for this investment, illustrating the continued collaboration.
“[The spin-out process] has been exceptionally constructive and supported by [C.V. Starr & Co. Inc.],” Clark commented. “I am deeply appreciative of my years there and hold immense respect for Hank Greenberg… and I am enthusiastic about our continued collaboration in this new framework.”
