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Alternative Market Briefing

Sixth Street wraps up $1.2bn European direct lending fund

Monday, January 11, 2021

Laxman Pai, Opalesque Asia:

Sixth Street, which has more than $50 billion in assets under management, has closed its latest direct lending fund at €1bn ($1.2 billion)hard cap, surpassing its initial €800m target.

The former TPG credit arm said that the Sixth Street Specialty Lending Europe II will primarily invest in directly originated middle-market European credit.

Sixth Street's second direct lending fund exceeds its predecessor fund, the €812 million TSSP Specialty Lending Europe Fund I.

The vehicle was designed to provide debt capital to mid-market companies, typically with an enterprise value between €50m and €1.5bn. Geographically, the fund seeks to invest within the UK, western Europe, and the Nordics, according to the press release from the alternative investment firm.

The fund's investors include Pennsylvania Public School Employees' Retirement System, Harrisburg, State of Wisconsin Investment Board, Madison, and Oregon Public Employees Retirement Fund, Tigard.

"We want to thank our limited partners for their long-term trust and support as we continue to successfully execute on our differentiated strategy during these uncertain times," said Joshua Easterly, Co-Founder, and Co-President of Sixth Street. "This capital raise is consistent with our approach of disciplined, patient fund sizing to serve our core client base of middle-market companies, coupled with the upsize flexibility from Sixth Street TAO which allows us to commit quick......................

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