Kirk Falconer
All-weather in nature, Sixth Street’s opportunities strategy is as comfortable in so-called blue-sky investments as it is in stressed and distressed deals.
In recently paying fresh attention to private wealth, GPs, especially the largest ones, have discovered it represents a major opportunity.
By rolling or converting their commitments, LPs would be able to continue to participate in the $26bn Tao, a unique investment vehicle in the alternative assets world.
A key feature of the Pathfinder strategy is its social impact pledge. Inclusive of Fund II’s first close, the platform will have more than $10.5bn of capital 'designated with this charitable tie-in', CEO Michael Arougheti says.
The fund's strategy will likely borrow, sources told Buyouts, from Blackstone Private Credit Fund – widely known as BCRED – a business development company formed in 2020 for individual investors.
A key aspect of the debut Pathfinder fund is its social impact pledge, with Ares committing to donate at least 10% of the vehicle’s carried interest profits to global health and education charities. Fund II is expected to take a similar approach.
'For 2023... we believe our aggregate fundraising will be well in excess of last year’s and will approach our record in 2021 of $77bn,' CEO Michael Arougheti said in a year-end earnings call.
Fund III is managed by BCP Credit, a New York private debt shop launched by BC Partners in 2017 with the hire of former Apollo executive Ted Goldthorpe.
The credit fund and a similarly-focused equity fund are both expected to close in 2023, suggesting Blackstone may soon have as much as $13bn of dedicated capital for near-term energy transition investing.
'We’re spending a lot of time with institutions we’ve never spent time with before', co-CEO Scott Nuttall said in a Q3 earnings call.