Michael C. Litt, W. Robert Dahl Jr. and Stephen F. Wiggins opened Arrowhawk Capital Partners, an institutional alternative investment management boutique. Mr. Litt was co-portfolio manager of FrontPoint Partners multistrategy hedge fund until the firm was acquired by Morgan Stanley. Mr. Dahl was head of global health care at private equity manager Carlyle Group. Mr. Wiggins currently is an operating partner at Essex Woodlands Health Ventures and will act as a strategic adviser to Arrowhawk until his obligations at Essex are completed, Mr. Litt said. Mr. Wiggins also is founder and CEO of Oxford Health Plans.
Arrowhawk will initially manage a hedge fund that will launch in 2009. A private equity fund will follow when Mr. Wiggins joins full time. Mr. Litt said the team now is assembling a group of large public and corporate pension funds that will invest in Arrowhawk funds and take minority stakes in the firm.
Arrowhawk is being built to meet the objective of pension plans that want to invest in sources of unconstrained global alpha, Mr. Litt said, adding that the firms convergence model will match the expertise of CEOs from various industries recruited to be operating partners with the investment skills of internal analysts and portfolio managers for public and private equities.