Sixth Street Specialty Lending
Hello. Looking for info on Sixth Street’s Direct Lending / Specialty lending practice. Anyone know about culture, WLB, etc. on either the underwriting or portfolio management team.
Also heard they have unlimited PTO and was wondering if you actual get to disconnect during time off.
Based on the most helpful WSO content, here's what I can share about Sixth Street's Direct Lending / Specialty Lending practice:
Culture: The culture within Sixth Street Partners, including its lending practices, is generally considered to be top-notch. The firm attracts high-quality candidates, many with backgrounds from prestigious firms like Goldman Sachs. This suggests a culture of high performance and excellence.
Work-Life Balance (WLB): While specific details about the work-life balance in the Direct Lending / Specialty Lending practice aren't provided, it's common in the industry for such roles to have demanding hours given the nature of the work. However, compared to investment banking, roles in direct lending can sometimes offer a better balance.
Underwriting and Portfolio Management: The job duties for an associate in specialty lending involve a variety of tasks such as marking up NDAs, receiving materials, building models, and getting initial support from committees to move forward with deals. This suggests a dynamic work environment with a focus on due diligence and credit analysis.
Unlimited PTO: The concept of unlimited PTO is becoming more common in the industry, but it's important to note that the actual ability to take time off and disconnect can vary greatly depending on the workload and the firm's culture. There's no specific mention of Sixth Street's policy on this, but in many firms, the expectation to remain reachable or to work during time off can sometimes limit the practical use of unlimited PTO policies.
Remember, it's always a good idea to reach out to current or former employees on LinkedIn or through networking to get a more personal and current understanding of the work environment and policies.
Sources: Any info on Sixth Street Partners?, Direct Lending --> Distressed/Special Situations Investing, Life as a CLO Analyst + Career Progression, Specialty Lending (GS/TPG) - Any insights?, Thoughts on Financial Technology Partners
Bump! Interested to hear as well
Work with those guys a fair amount. Very sharp. Some of the best credit investors on the street. Tougher culture, but you would be learning from the right people if you went there. WLB likely poor given their strategy (spec sits is notorious for tough WLB)
I believe specialty lending is their direct lending book fwiw. Obviously looks at deals a bit hairier than normalway direct lending but also looks at down the fairway deals that alot of the other big direct lenders would put capital into.
Anyone know comp at Sixth Street? For Strategic Capital as well
I worked at Sixth Street on the investment team several years ago before they spun out of TPG so my info might be dated (they’ve more than doubled AUM since I was there). The pay was above market for strategic capital and in line with market for direct lending and Growth. Carry started at VP and you got carry across all Sixth Street funds / strategies regardless of which fund you invested out of. WLB was tough for both Strategic Capital and Direct Lending (80-90 hour weeks typical during live deals, averaged about 75). But an improvement from banking and weekends were more protected.
Definitely some of the smartest investors in credit so you will learn a ton. Sixth Street is also a career track role at Associate and above, so you typically lead IC memo presentations and portfolio company engagements to a much higher extent than pre-MBA 2 year associate roles at MF’s where your focus is more limited to diligence / memo creation.
I will say that beyond the work hours, the culture at Sixth Street was awesome when I was there. Young firm so a large emphasis on firm building, experimenting and exploring new themes / investment strategies, and just high energy across the board. Nearly everyone woke up thinking about investing. Sixth Street kind of blended the PE and hedge fund cultures / ways of operating. There was significant room for upward mobility and this is still the case today compared to most other large firms (based on my friends still there).
Thanks for this. Is the pay still above street?
And does the strategic capital team leave options open for chiller exits like VC, GE or PC
Yes pay has gone up across the board since I was there (split from TPG impacted this). Strategic capital pays the highest. The most common moves I’ve seen out of strategic capital over the years have been to top HF’s. But several Associates have also moved to GE, PE, and started their own search funds. Some to startups too. Strategic capital leaves the most options open since you’re doing everything - control equity, minority equity, preferred + credit hybrid, pure credit, and distressed debt. PE type diligence across a range of strategies. VC is also an option - easier to move down the capital structure to less complex diligence. The Direct Lending team also has very strong diligence and dips into both credit and preferred equity, but I’d say exit ops are more narrow to credit, HF, and a select few PE shops
Any views on their European Direct Lending team?
Et magni harum commodi consequatur aut. Alias est beatae repellat sit numquam. Consequatur rem molestiae molestiae eos consequatur. Qui excepturi iste in dolor et laudantium. Fugiat praesentium dolorem rem veniam cumque sed saepe.
Odit et omnis aut ut et sint. Quidem nulla dolores officiis quas quibusdam minima. Minus vel est dolor debitis impedit distinctio id. Incidunt consequuntur unde enim harum doloremque molestiae provident.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...