Sixth Street Fundamental Strategies
Info on this group? It's the public markets arm of Sixth Street; I received interest from this group during on-cycle, which was a little surprising (I indicated interest in buy-out/majority stakes private investing to HHs; honestly ascribing to the vanilla pathway of post-buyside exit top B-School-> top L/S HF). I have a little bit of a HF background (prior internship) so I suppose that's the rationale. I am now an IB M&A analyst.
That said, I'm trying to wrap my head around this platform; it seems to primarily work in the private credit / distressed & special situations space.
Definitely looking for any input here and if this opportunity makes sense given my interests and background, given that datapoints on the team is very limited. Thanks!
Hey Analyst 1 in IB - Cov, the following topics might be helpful:
More suggestions...
Hope that helps.
Not a bad platform, but not a good fit for what you want to do. The group you're talking about likes to pitch themselves as taking a "private markets approach to public markets". They invest out of a locked up drawdown fund but invest in liquid things - mostly public equities pre-2020 and in 2021, but distressed debt is supposed to be the mandate - and hold them for like 5 years (thinking about MOIC vs. your traditional hedge fund). This wont have any buyout.
This was very helpful. Is there any more info you could add regarding the group? Perhaps the split between equity and credit? Type of equities strategy they usually pursue? Past returns? Going through off-cycle with them right now.
Happy to take this to pm's too if you're willing.
You've posted anonymously so can't PM. I can't say split between equity and credit as its a cyclical thing, but there's an old pension fund investor deck which has the Sixth street FSG details somewhere if you search for it. Try googling "Sixth Street Fundamental Strategies Group Pension Bornah". You should ask these guys in the process about their investment split over time, but in the interview they obviously want you to say you would be unconstrained and opportunistic with respect to asset class. If they do equities its going to be public equities. They would be involved with Reorg unlisted equities as well of course, but they're not doing private equity stuff at all. Past returns i don't think it's very public as they only got their own dedicated fund ($2bn) recently, and it used to be they were only investing out of TOP, TAO and other funds within TPG and didn't have their own money.
One thing you should know is its not a hedge fund despite the investment mandate. They go through various investment committees and spend a lot of time in powerpoint making presentations etc. Some of the more honest associates/VPs will tell you that. The investment "process" will be more like private equity work product. Although i'm not sure how deep their diligence actually goes vs. the true PE investors.
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