Sixth Street Partners

Sixth Street (formerly known as TSSP) is a global investment firm with $50 billion in assets under management.[1] The firm operates eight investment platforms across its growth investing, adjacencies, direct lending, fundamental public strategies, infrastructure, special situations, agriculture and par liquid credit businesses. Its team invests across a wide range of assets.[2]

Sixth Street Partners
TypePrivate
IndustryInvestment Company
Founded2009
HeadquartersSan Francisco, with offices in New York, London, Hong Kong, Dallas, Houston, Luxembourg, Melbourne, Boston
Websitesixthstreet.com

Notable investments

Airbnb

In Spring 2020, Sixth Street co-led a $1 billion equity and debt investment in online travel marketplace Airbnb.[3]

Airtrunk

In 2017, Sixth Street and Goldman Sachs invested equity and provided debt financing for the creation of Sydney-based AirTrunk, one of the leading data center businesses in the Asia Pacific region.[4] In April 2020, AirTrunk was acquired by Maquarie Infrastructure and Real Assets (MIRA) for A$3 billion.[5]

Spotify

In the spring of 2016, the firm co-led an investment consortium that invested $1 billion in music-streaming service Spotify Ltd. through debt convertible to equity.[6]

Credit Suisse

In May 2016, Sixth Street purchased a $1.27 billion portfolio of debt and equity investments related to 170 different companies from Credit Suisse. The transaction's complexity and short turn-around time reportedly required a team of nearly 50 Sixth Street staff members to underwrite.[7]

Publicly-traded Business Development Company (BDC)   

Sixth Street Specialty Lending (NYSE: TSLX)

Sixth Street Specialty Lending (NYSE: TSLX) is a specialty finance company that invests in and lends to U.S. middle market companies. TSLX is managed by Sixth Street Specialty Lending Advisers, LLC, an SEC-registered investment adviser that is a part of Sixth Street. TSLX was created in 2011 and listed on the New York Stock Exchange in 2014.[8] It has originated $9.7 billion in total financings since its inception.[9]

Strategic partnerships

Concrete Rose Capital

Sixth Street is a founding strategic partner of Concrete Rose Capital, an early stage investment platform focused on capitalizing underrepresented founders, investing in companies serving underrepresented consumers, and helping early stage companies build diverse teams.[10]

Dyal Capital Partners

In April 2017, Dyal Capital Partners made a strategic minority investment valuing Sixth Street at $3.5 billion. All proceeds from the transaction were reinvested into Sixth Street's business.[11]

History

Sixth Street was established in 2009 by a group of partners, many of whom had previously worked together in the Americas Special Situations Group at Goldman Sachs when it was led by Sixth Street CEO Alan Waxman. Sixth Street was formed to recreate the type of investing platform the group managed as the Special Situations Group.[12]

Sixth Street was formed as a strategic partnership with TPG, which initially made $2 billion of their fund commitments available for investment by the Sixth Street team. While TPG had a minority stake in Sixth Street, the firms operated autonomously.[13] In 2020, Sixth Street and TPG became formally independent of each other. TPG retained a passive minority ownership stake in Sixth Street, and the two firms became formally independent in May 2020.[14][15]

References
  1. "Sixth Street Closes Second Fund for Direct Lending in Europe at €1 Billion Hard Cap". businesswire. Retrieved 2021-01-08.
  2. Jarzemsky, Matt (2017-04-11). "Dyal Capital to Buy 10% Stake in TPG Special Situations Partners". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-28.
  3. Batchelor, Deirdre Bosa,Laura (2020-04-06). "Airbnb is raising $1 billion amid fallout from coronanvirus". CNBC. Retrieved 2020-06-01.
  4. "AirTrunk Secures Funding from Goldman Sachs and TSSP". AirTrunk. 2017-02-12. Retrieved 2020-07-14.
  5. Dorbian, Iris (2020-04-08). "MIRA acquires AirTrunk from Goldman Sachs and Sixth Street". PE Hub. Retrieved 2020-06-01.
  6. www.bloomberg.com https://www.bloomberg.com/news/articles/2018-03-27/tpg-credit-arm-chasing-more-spotify-like-deals-with-goldman-hire. Retrieved 2020-06-01. Missing or empty |title= (help)
  7. Jarzemsky, Matt (2016-05-04). "Credit Suisse Slashes Debt Trading With Private-Equity Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-28.
  8. "TPG Specialty Lending - About Us & Value Proposition". May 28, 2019.
  9. "TPG Specialty Lending - Investor Resources". May 28, 2019.
  10. Capital, Concrete Rose (2020-07-11). "Concrete Rose Capital". Medium. Retrieved 2020-07-14.
  11. TSSP. "TPG Sixth Street Partners (TSSP) Announces Completion of Strategic Minority Investment by Dyal Capital Partners". www.prnewswire.com. Retrieved 2019-05-28.
  12. Lat, David. "How To Go In-House, And How To Excel Once You're There: An Interview With David Stiepleman". Above the Law. Retrieved 2020-07-14.
  13. Jarzemsky, Matt (2017-04-11). "Dyal Capital to Buy 10% Stake in TPG Special Situations Partners". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-06-01.
  14. www.bloomberg.com https://www.bloomberg.com/news/articles/2020-01-28/tpg-sixth-street-to-end-partnership-in-bid-to-fuel-dealmaking?sref=v4fI4VTf. Retrieved 2020-07-14. Missing or empty |title= (help)
  15. "TPG and Sixth Street Partners Announce Completion of Agreement to Become Independent, Unaffiliated Businesses". www.businesswire.com. 2020-05-01. Retrieved 2020-06-01.
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