Sixth Street

What Sixth Street does

Sixth Street is a privately held global investment firm founded in 2009 and headquartered in San Francisco, managing over $130 billion in assets under management as of December 31, 2025 across more than 25 countries with 750+ team members including approximately 300 investment professionals. The firm operates as a single unified platform via its Sixth Street TAO private capital engine, which powers eight investment solutions—Global Opportunities, Growth, Direct Lending, Energy/Renewables/Infrastructure, Real Estate, Insurance Solutions, Public Markets, and Asset Based Finance—alongside sector franchises in Consumer and Internet, Financials, Healthcare and Life Sciences, Software and Business Services, and Sports/Media/Entertainment/Telecom. Underlying the platform is the Digital Strategies team, which embeds engineers and machine learning models across a cloud-native technology stack to support sourcing, portfolio management, and risk analysis.

The firm's business model centers on bespoke capital deployment ranging from $50 million to over $2.5 billion across the capital structure, generating revenue through management fees and performance allocations on private funds, co-investment vehicles, separately managed accounts, the publicly listed Sixth Street Specialty Lending BDC (NYSE: TSLX, $3.42B total assets), and insurance affiliates including Enstar Group (acquired April 2026 for $5.1 billion) and Talcott Financial Group (acquired 2021) that together advise over $130 billion in insurance assets. Distribution is relationship-driven via the Capital Formation group targeting pensions, sovereign wealth funds, and insurance companies, complemented by co-investment partnerships with firms including Carlyle, KKR, Bain Capital, and HPS.

Recent strategic positioning has emphasized three pillars: insurance and reinsurance platform expansion (Enstar acquisition, Hamilton casualty sidecar via Ada Re, $35B Allianz reinsurance, $25B Principal Financial transaction), sports and live entertainment (Bay FC, Bay Collective majority stake in Sunderland AFC Women, Boston Celtics investor group at $6.1B, SF Giants strategic partnership), and credit infrastructure scaling (Structured Credit Partners JV with Carlyle issuing CLOs, SLE III European direct lending fund at €3.75B hard cap). Notable portfolio investments span Airbnb ($1B, 2020), Spotify ($1B convertible, 2016), Chobani ($750M, 2014), FC Barcelona media rights (€667M, 2022), Caris Life Sciences ($450M+ since 2018), and BP midstream ($1.5B, 2025), with senior advisors including Nobel laureate Jennifer Doudna and former Goldman Sachs executives.

Name

Sixth Street

Legal name

Sixth Street Partners, LLC

Website

https://sixthstreet.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sixth Street is a privately held global investment firm founded in 2009 that manages $130B+ AUM across direct lending, growth equity, real estate, insurance solutions, and asset-based finance, deploying $50M–$2.5B+ bespoke capital solutions for institutional investors, portfolio companies, and insurance platforms across 25+ countries.

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro primary industry

Security & Defense / GovTech Growth Equity (FSANACAN)

akta.pro secondary industries

Micro-PE / Lower Middle Market ETA Funds (FSANALAG), Transportation, Logistics & Mobility Growth Equity (FSANACAK)

Keywords

• Private investment solutions
• Direct lending services
• Growth equity investing
• Insurance asset management
• Alternative asset management

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Management Fees: Sixth Street generates revenue through management fees and performance/incentive fees on its $130B+ AUM across private investment funds, co-investment vehicles, and accounts. Revenue is recurring in nature with long-dated capital bases.
2. Insurance Asset Management Fees: Sixth Street Insurance platform advises over $130 billion in insurance company assets, generating fee income through ALM advisory, asset allocation, asset based finance, and broader fixed income/credit markets strategies for insurance clients.
3. Real Estate Investment Returns: Real estate investments across office, residential, hospitality, industrial, and retail asset classes globally with over $8 billion invested since 2009. Generates returns through equity (asset and platform level), JV equity, preferred equity, and debt solutions.
4. Healthcare Royalty Financing: Royalty financings including passive royalty purchases, synthetic royalty financings, and royalty-backed debt for pharmaceutical and biotech companies.
5. Long Duration Cash Flow Transactions: Structured financings of long duration cash flows or royalty streams particularly for sports, media, entertainment, and telecom companies seeking to divest long-term non-core assets with minimal dilution.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Core offering

Sixth Street is a global investment firm that deploys flexible, long-term capital solutions for companies across all stages of growth, institutional investors, and management teams. Its offerings span eight investment platforms (Global Opportunities, Sixth Street Growth, Direct Lending, Energy/Renewables/Infrastructure, Real Estate, Insurance Solutions, Public Markets, and Asset Based Finance), powered by the Sixth Street TAO private capital engine, with bespoke commitments typically ranging from $50 million to $2.5 billion+. Revenue is generated through management fees and performance fees on more than $130 billion in assets under management.

Product overview

Sixth Street is a single global investment firm (founded 2009; over $130B AUM as of 12/31/2025) operating as one unified platform through its core Sixth Street TAO private capital engine, which powers multiple specialized investment solutions—Global Opportunities, Sixth Street Growth, Direct Lending, Energy/Renewables/Infrastructure, Real Estate, Insurance Solutions, Public Markets, and Asset Based Finance—each offered alongside sector franchises (Consumer and Internet, Digital Strategies, Financials, Healthcare and Life Sciences, Software and Business Services, and Sports/Media/Entertainment/Telecom). The platform extends into operating insurance platforms including Enstar Group and Talcott Financial Group (acquired/affiliated insurance carriers) and Lifetri, Clara Pensions, and Convex (insurance portfolio companies), as well as the Bay Collective women's sports ownership platform and the publicly listed Sixth Street Specialty Lending (TSLX) BDC, with the Structured Credit Partners joint venture with Carlyle rounding out the credit infrastructure. Underlying the entire platform is the Digital Strategies team, which embeds engineers and machine learning capabilities across Sixth Street's cloud-native technology stack to support investment workflows.

Differentiator

Problem solved

Functional benefit

Brands

• Sixth Street TAO: One of the largest private capital investment platforms in the world; invests alongside Sixth Street's platforms and serves as a home for between-the-box strategies and adjacent opportunities.
• Sixth Street Growth
• Sixth Street Insurance Solutions
• Bay Collective
• Sixth Street Foundation

Products and services

• Sixth Street TAO
• Global Opportunities
• Sixth Street Growth
• Direct Lending
• Energy, Renewables, and Infrastructure
• Real Estate
• Insurance Solutions
• Public Markets
• Asset Based Finance
• Structured Credit Partners

Quantifiable outcome

• $130B+ in Assets Under Management as of 12/31/2025
• +7 more outcomes

Named customers18 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature4 records

Partnerships

30 partnerships are on record, tiered core, flagship and minor.

• Comstock Resources / Pinnacle Gas ServicescoreStrategic or Co-development Partner · 16 June 2026Comstock Resources sold a 27% non-controlling equity interest in Pinnacle Gas Services to funds managed by Sixth Street for $600 million, valuing Pinnacle at an enterprise value of $2.2 billion. Comstock retains 73% controlling interest. The deal includes provisions that could shift ownership stakes based on Sixth Street's return thresholds.
• Figure Technology SolutionsflagshipStrategic or Co-development Partner · 10 June 2026Figure Technology Solutions announced a definitive agreement to acquire Kiavi for $717 million through a joint venture with Sixth Street that will acquire Kiavi's balance sheet assets. Sixth Street contributes approximately $179 million of the $717 million total deal alongside Figure.
• Figure Technology Solutions / KiaviflagshipStrategic or Co-development Partner · 10 June 2026Figure Technology Solutions and Sixth Street Partners entered into a definitive agreement to acquire Kiavi Funding Inc. for approximately $720 million. The deal adds more than $7 billion in annual first-lien origination volume and over $100 million in monthly flow.
• San Francisco GiantsflagshipStrategic or Co-development Partner · 13 May 2026In 2025, Sixth Street and The San Francisco Giants announced a new strategic partnership with significant new equity investment into the Giants to support the organization in its pursuit to be champions on and off the field. The stake was partially bought out by Thrive Eternal in April 2026.
• NBA (European Expansion)flagshipStrategic or Co-development Partner · 16 April 2026Apollo Global Management, Ares Management Corp., and Sixth Street Partners are in early discussions to help fund the NBA's potential expansion into Europe, including newly created franchises, existing basketball outfits, and football clubs that do not currently operate basketball teams.
• Hamilton Insurance GroupcoreStrategic or Co-development Partner · 15 April 2026Hamilton Insurance Group established a casualty reinsurance sidecar backed by Sixth Street, with total ceded premiums estimated at approximately $300 million across its multi-year lifespan. The sidecar operates through Ada Re, Ltd., Hamilton's existing third-party capital platform.
• Bay Collective / Sunderland AFC WomenflagshipStrategic or Co-development Partner · 8 April 2026Sixth Street acquired a majority stake in Sunderland AFC Women's team through its Bay Collective platform, around 80% ownership. The deal is expected to be the largest transaction for a WSL2 team and aims to support the team's growth and potential promotion to the WSL. Sunderland Women and Bay FC are key portfolio additions.
• Permanent TSBcoreStrategic or Co-development Partner · 30 March 2026Permanent TSB confirmed a sale process with two additional US-led bidders, including a consortium involving Sixth Street Luxembourg and Centerbridge Partners, expanding the competitive process for taking over the Irish bank.
• Parkside Uptown DallascoreStrategic or Co-development Partner · 24 March 2026Y'all Street's flagship tower Parkside Uptown in Dallas secured recapitalization through an investment from Sixth Street. The project includes leasing by Bank of America and is scheduled for completion in early 2027.
• Carlyle GroupflagshipStrategic or Co-development Partner · 14 February 2026Business development companies managed by Carlyle Group Inc. and Sixth Street Partners established a joint venture called Structured Credit Partners to issue collateralized loan obligations (CLOs), launching with $600 million of equity capital commitments. The venture invests in first-lien, senior-secured loans and is expected to generate mid-teens returns.
• Blue Owl Capital / Oracle (Data Centers)minorStrategic or Co-development Partner · 19 December 2025Sixth Street and other private credit firms discussed willingness to fund data center buildouts with KKR and Blue Owl Capital, with AI adoption continuing to surprise to the upside.
• San Antonio SpursflagshipStrategic or Co-development Partner · 17 November 2025In June 2021, Sixth Street led a strategic investment alongside Michael Dell in the San Antonio Spurs, one of the most successful and admired franchises in all of sports. Sixth Street became a strategic partner to Managing Partner Peter J. Holt and the Holt family.
• Liberty Strategic CapitalflagshipStrategic or Co-development Partner · 29 July 2024Sixth Street, along with Steven Mnuchin's Liberty Strategic Capital and J.C. Flowers & Co., agreed to acquire Bermuda-based insurer Enstar Group Ltd. for $5.1 billion. This transaction is the second-largest private equity-backed insurance deal of the year.
• J.C. Flowers & Co.flagshipStrategic or Co-development Partner · 29 July 2024Sixth Street, along with Steven Mnuchin's Liberty Strategic Capital and J.C. Flowers & Co., agreed to acquire Bermuda-based insurer Enstar Group Ltd. for $5.1 billion.
• FC BarcelonaflagshipStrategic or Co-development Partner · 1 June 2022In the summer of 2022, FC Barcelona and Sixth Street reached agreements for two strategic investments in the Club's LaLiga TV broadcasting rights (10% share in June 2022, additional 15% in July 2022). Sixth Street invested €667 million for 25% of domestic media rights over 25 years. This was a major step forward in FC Barcelona's financial restructuring.
• Real MadridflagshipStrategic or Co-development Partner · 1 May 2022In 2022, Real Madrid, Sixth Street, and Legends announced a long-term partnership to elevate the Santiago Bernabéu Stadium as a worldwide benchmark for sports, leisure, and entertainment. Sixth Street has made strategic investments in Real Madrid through Legends and stadium infrastructure.
• AllianzcoreStrategic or Co-development Partner · 1 January 2021In 2021, Allianz Life entered into a reinsurance agreement with affiliates of Sixth Street, including Talcott, and with Resolution Life for a $35 billion fixed index annuity portfolio. This transaction helped unlock $4.1 billion in value and freed up regulatory capital for Allianz.
• ConvexcoreStrategic or Co-development Partner · 1 January 2021In January 2021, Sixth Street Insurance committed $500 million in preferred equity capital to Convex, Bermuda-based specialty insurer and reinsurer focused on complex risks.
• Legends HospitalityflagshipStrategic or Co-development Partner · 1 January 2021In 2021, Sixth Street made a majority investment in Legends, a premium experience platform partnered with the most iconic global brands in sports, entertainment, and attractions. Sixth Street leads the Legends partnership group alongside affiliates of the New York Yankees and Dallas Cowboys. Legends partnership with Real Madrid is a notable co-investment.
• Enstar Group LimitedflagshipStrategic or Co-development PartnerSixth Street Insurance operates in close partnership with Enstar Group Limited, a leading global insurance group. Sixth Street completed its acquisition of Enstar in April 2026 for $5.1 billion. Enstar delivers innovative insurance solutions through their network of companies. The partnership provides Sixth Street with regulated insurance platform capabilities.
• Talcott Financial GroupflagshipStrategic or Co-development PartnerSixth Street Insurance operates in close partnership with Talcott Financial Group, an international life insurance group that offers solutions to the life and annuity sector. Talcott oversees and administers over 1 million contracts. Multiple major transactions including $25B reinsurance transaction with Principal Financial Group and $7B block reinsurance transaction with Guardian.
• LifetricoreStrategic or Co-development PartnerLifetri is a Dutch insurance company active in the pension risk transfer and insurance market of the Netherlands. Sixth Street, Achmea, and Lifetri joined forces in the Dutch pension and life market.
• Clara PensionscoreStrategic or Co-development PartnerSixth Street is a founding investor in Clara-Pensions, a member-first pensions consolidation company for defined benefit pensions schemes in the United Kingdom.
• Principal Financial GroupcoreStrategic or Co-development PartnerSixth Street announced $25 billion reinsurance transaction between an affiliate of Talcott Resolution and Principal Financial Group, providing scaled balance sheet solutions in the life and annuity sector.
• GuardiancoreStrategic or Co-development PartnerTalcott Financial Group announced $7 billion block reinsurance transaction with Guardian, demonstrating deep insurance platform execution capabilities.
• Lincoln Financial GroupcoreStrategic or Co-development PartnerIn 2021, Lincoln Financial entered into an agreement with Talcott to reinsure up to $1.5 billion in sales of Lincoln's flagship variable annuity products.
• New England PatriotsflagshipStrategic or Co-development PartnerSixth Street acquired a 3% minority stake in the New England Patriots (NFL) in September at a valuation exceeding $9 billion - the highest among the four PE-backed NFL teams. The Patriots were among the first NFL teams to accept private-equity investment since the league approved minority stakes in August 2024.
• Goldman SachsflagshipStrategic or Co-development PartnerFounding partnership - Sixth Street's investment philosophy was developed over 20 years while at Goldman Sachs. Many senior team members including CEO Alan Waxman were former Goldman Sachs Partners. R. Martin Chavez serves as Vice Chairman of Sixth Street. Multiple historical co-investments (e.g., Silver Lake/Sixth Street $1B Airbnb investment in April 2020).
• Boston CelticsflagshipStrategic or Co-development PartnerIn 2025, Sixth Street was part of an investor group, led by Bill Chisholm, that acquired a controlling interest in the Boston Celtics for $6.1 billion.
• Real MadridflagshipStrategic or Co-development PartnerSixth Street's broader sporting portfolio spans teams including Real Madrid, Barcelona, and the San Antonio Spurs, highlighting the firm's extensive strategic investments in European and global football/sports franchises.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Others

• Carlyle Group:

Broad incumbents

• Apollo Global Management: One of the largest alternative asset managers with overlapping private credit, insurance (Athene), and private equity platforms. Directly comparable to Sixth Street's cross-platform structure and insurance-led model.
• Blackstone: The largest alternative asset manager with private equity, credit, real estate, and insurance platforms. Comparable to Sixth Street as a multi-strategy institutional investment firm, though substantially larger and more diversified.
• KKR: Global investment firm with PE, credit, and infrastructure businesses that frequently co-invests with Sixth Street (e.g., Saviynt, Power Home Remodeling, NBA Europe discussions). Direct comparable as a multi-strategy alternative manager.
• TPG: Global alternative asset manager with PE, credit, real estate, and impact platforms. Comparable scale and multi-strategy approach; former employer of several Sixth Street senior advisors.
• Bain Capital: Multi-strategy alternative asset manager with PE, credit, and special situations platforms. Frequent co-investor with Sixth Street (Power Home Remodeling, others); comparable in cross-platform structure.
• Brookfield Asset Management: Large alternative asset manager with leading real estate, infrastructure/renewables, credit, and insurance platforms. Directly comparable in real estate ($8B+ deployed) and renewables (>6GW invested) and insurance solutions.

Direct peers

• Ares Management: Major alternative asset manager with a leading private credit franchise and growing insurance/wealth platform. Closely comparable to Sixth Street's direct lending, insurance solutions, and growth investing.
• HPS Investment Partners: Specialist private credit firm and frequent Sixth Street co-investor (Elara Caring, others). Closely comparable business model in direct lending and private credit.
• Silver Lake: Technology-focused private equity firm and frequent co-investor with Sixth Street (co-led the $1B Airbnb investment in 2020). Comparable growth-stage, large-check technology and sports investing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sixthstreet

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments116 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sixth Street