Any info on Sixth Street Partners?
Latest posts on here are pre 2022 on cycle and are very high-level. Only other info I can find is from various pension funds' public disclosures.
For context, senior at H/S/W going FT to a top group at /MS and interested in recruiting at Sixth Street when the time comes.
Interested in learning:
1) How the firm is structured at the fund-level, and how associates are allocated (i.e. what are the different groups). Not a lot of info out there given they're privately owned but it looks like they have a few pools of capital and their flagship fund is around $20bn+. Haven't heard of a special sits fund that big so particularly interested in how they did it / how it's structured.
- From a Strategic Capital Group job posting it looks like they're divided into industries but the only industry I'm able to find a web page on is Healthcare & Life Sciences It looks like their main focuses have been Healthcare & Life Sciences (ConcertAI, Mammoth, Datavant, Caris) and TMT (Legends and Spurs + Spotify and Airbnb out of Sixth Street Growth). They list out the following as their verticals on the What We Do page: Business Services, Consumer and Internet, Energy, Healthcare & Life Sciences, Real Estate, Renewables, Retail, Software and Technology, Telecom and Media.
- Are associates placed into industry groups? The job posting seems contradictory as it suggests associates work across industries but that the teams are divided by industry.
- What are the top groups within the firm? In terms of culture, pay, prestige, other relevant factors.
2) How has the separation from TPG / legal conflict with Dyal affected the firm? My understanding is not that much given they were independent anyways and the fact that it's been a while since either, but still helpful context to know.
3) Since they're completely independent of TPG now does that mean they can raise buyout funds? They seemed to have built a solid track record in debt and growth equity and are doubling AUM every year. This seems like a logical next step but what's the word on the street?
4) What types of investments do they typically make? It looks like they've been doing a lot of non-control growth stuff recently but I know they also do some control-oriented distressed (bought Neiman Marcus out of bankruptcy). They seem to be "thematic" but I'm not exactly sure what that means.
5) How big is the firm? Given it runs around $60bn AUM now and is about to acquire a big insurance company a la APO / / 'm assuming it's a lot more people now but if anyone has a headcount estimate that'd be helpful. Basically trying to figure out how big each group is.
6) Did they recruit during 2022 on-cycle? How many people did they hire in each of the groups? What are the backgrounds of new hires (firm/group and school)?
7) What's the history of the firm? I know it was founded in 2009 when all the GS SSG partners left but why'd they leave? Was it due to some internal conflict within GS? Did SSG blow up in 2009?