Sixth Street Advisers, LLC
Founded in 2009, Sixth Street is a leading global investment firm dedicated to developing themes and offering solutions to companies across all stages of growth.
- Regulatory AUM
- $102B
- PE fund assets
- $73B
- PE funds
- 123
- Investments held
- 35 of 39
- Deals, last 12 months
- 13
68 additional team members, 53 additional counterparties and placement agents, 210 additional funds, deals and LP commitments, 55 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- +23funds on Form ADV
Private equity funds on its Form ADV went from 100 to 123 (+23).
New vehicles are a new flagship's feeders, parallels and co-invest sleeves being stood up: capacity arriving before the capital is announced.
People to know
View all people- Co-Founder and PartnerWhy: Founder of the firmNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Washington State Investment Board$891M disclosed
- California State Teachers' Retirement System$185M disclosed
- New Jersey Division of Investment$100M disclosed
- Sixth Street Opportunities Partners VI (a), L.P.vintage 2025
- Sixth Street Sports and Live Entertainment (a), L.P.vintage 2024
- Tssp Bd, LLCplacement agent, 23 shared
- Raymond James Ltd.financial adviser, 3 shared
- Rosen & Katzlegal adviser, 3 shared
Relationship network
325 connected entities31 observed deals16 repeat counterparties10 dated deals shown here, 2021 to 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Service provider
- Capital provider
- Fund or vehicle
- Person
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 2 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 141 of 184 distinct vehicles are sworn Private Equity Funds; 111 reported gross assets on a filing in 2022 or later
- Size band
- Large capdefined by: proxy: $73.11bn Private Equity Fund GAV on the Form ADV filed 2026-05-14
- Strategies
- Growth equity, private credit
Classification history (2)
- Sep 23, 2026Buyout firm (confirmed, 85%)141 of 184 distinct vehicles are sworn Private Equity Funds; 111 reported gross assets on a filing in 2022 or later
- Sep 13, 2026Buyout firm (confirmed, 85%)115 of 148 distinct vehicles are sworn Private Equity Funds; 85 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)RAUM $102B · 123 PE funds · filed May 14, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Nov 9, 2011 to May 14, 2026
- RAUM
- $102Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 123
- PE fund GAV, latest filing
- $73Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $91Bevery private fund type, latest filing
- 2024 PE fund GAV
- $65Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 77%
- Fund type mix
- Private equity fund: 123 funds, $73B reported gross assets, 141 ever reported
- Securitized asset fund: 31 funds, $11B reported gross assets, 34 ever reported
- Hedge fund: 4 funds, $6.0B reported gross assets, 6 ever reported
- Other private fund: 2 funds, $548M reported gross assets, 3 ever reported
- Employees
- 622
- Headquarters
- Dallas, TX
Stated criteria beside observed behaviour5 of 8 criteria stated · 32 observed dealsShowHide
- Sectors
- Business services, healthcare, software, consumer, real estate, life sciences, technology
- Geography
- Global
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- $100M to $2.5B
- Control
- Control, majority, minority
- Thesis
- Our comprehensive capabilities and operational experience enhance the businesses we invest in, which include many of the world's leading companies.
- On record
- 32 companies, 39 holdings, 30 transactions
- Period
- 2020 to 2026 (62 dated observations, 7 holdings undated)
- Most deals
- Software (6 of 32, e.g. Keyfactor and Kiavi), financial services (5 of 32), business services (2 of 32) and 2 more
- Subsectors
- Financial services (5 of 32), software (5 of 32), live events and sports management (1 of 32), property management (1 of 32) and 4 more
- Deal roles
- 17 platforms, 2 add-ons, 5 minority stakes, 15 with role not stated
- Add-ons per platform
- 0.12 add-ons per platform
- Control
- 17 control, 5 minority, 17 not stated
- Disclosed deal values
- 2 deals with a disclosed value, $717M to $1.3B
- Where
- Ca (2 of 32), nj (1 of 32), al (1 of 32)
- Bought from
- 3 sponsor, 3 unknown
- By year
- 2020: 1 platform; 2021: 2 other deals; 2022: 2 platforms, 1 other deal; 2023: 3 platforms, 1 other deal; 2024: 4 platforms, 1 other deal; 2025: 1 platform, 1 exit, 4 other deals; 2026: 1 platform, 2 add-ons, 6 other deals
- Repeat counterparties
- Rosen & Katz (legal adviser) on 4 deals, a legal adviser on 3 deals, a buy-side adviser on 3 deals, a legal adviser on 2 deals and 7 more
32 companies on the graph (30 transactions); most in software (6); 17 platforms and 2 add-ons; observed 2020 to 2026
Sixth Street Opportunities Partners VI (a) · 2 vehicles · vintage 2025$5.8B
- Sixth Street Opportunities Partners VI (a) buyout or unlabelled · 2025$2.9B
- Sixth Street Opportunities Partners VI (b) buyout or unlabelled · 2025$2.9B
Sixth Street Sports and Live Entertainment (a) · 1 vehicle · vintage 2024$1.2B
- Sixth Street Sports and Live Entertainment (a) buyout or unlabelled · 2024$1.2B
Gross assets by year from the annual reporting tape20 more funds, not yet on the fund tableShowHide
These funds appear in this adviser’s Form ADV reporting. One row per fund per year (the latest filing of that year). Values are reported gross assets, not fund size.
| Fund | Type (ADV) | Years | Path | Latest reported GAV | Source |
|---|---|---|---|---|---|
| TPG Opportunities Partners III (b), L.P. | Private Equity Fund | 2017 to 2026 | $363M filed May 14, 2026 | reports.adviserinfo.sec.gov | |
| TPG Markets Ii-B Sf Aiv, L.P. | Private Equity Fund | 2012 to 2022 | $0 filed Nov 15, 2022 | adviserinfo.sec.gov | |
| TPG Markets Ii-A Sf Aiv, L.P. | Private Equity Fund | 2012 to 2022 | $0 filed Nov 15, 2022 | adviserinfo.sec.gov |
- Michael Muscolino · Co-Founder and PartnerWhy this person: Founder of the firm; Named with investment responsibility
Who else at this firm · 2 people, grouped by function
- David Eric Stiepleman · Co-President & Executive Committee MemberWhy this person: Runs the firm (chief executive or president)
- R. Martin Chavez · Vice Chairman Of Sixth StreetWhy this person: Board member; Named with investment responsibilityLinkedIn or profile link on file (firm website), confirmed 2026-09-13, confidence 90%
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 1 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
- Co-Founder and Partner
- Vice Chairman Of Sixth Street
- Co-President & Executive Committee Member · since Jun 1, 2017
| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Seattle Seahawks | Minority investment | Sponsor (confirmed) | active held 1 month | unknown | sixthstreet.com |
| Aug 3, 2026 | Castle Trust Bank | Platform acquisition | Sponsor (confirmed) | active held 2 months | unknown | sixthstreet.com |
| Jun 18, 2026 | Sunderland AFC Women add-on to Bay Collective | Add-on acquisition | Sponsor (confirmed) | active held 4 months | unknown | sixthstreet.com |
- Principal held
- $18.7M
- 2 lenders
- Weighted mark
- 100.0
- unchanged on the quarter, same 1
- Non-accrual now
- 0
- 0 placed at Jun 30, 2026
- Marked down
- 0
- 2 pts or more on the quarter
- Maturing in 12 months
- 0
- none stated
- 1 portfolio company on a BDC schedule at Jun 30, 2026: 1 with ownership stated current, 0 listed on a portfolio page with no date or status.
- Lenders mark them at 100.0 on cost, weighted by principal (1 borrower with a mark inside the plausible band).
- On the 1 borrower marked at both Mar 31, 2026 and Jun 30, 2026, the weighted mark moved 0 points; 0 fell 2 points or more and 0 rose 2 points or more.
- Not counted above: 1 borrower still on a BDC schedule whose ownership by this sponsor is recorded as exited.
Show the credit outlook: 1 borrowers, 2 lenders, 8 quartersas of Jun 30, 2026
1 borrower is in every figure above and named with Private Credit Intelligence.
2 lenders are counted here and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Mark | Non-accrual placed | PIK added or up |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | n/a | 105.1 | 0 | 0 |
| Dec 31, 2024 | 1 | $15.6M | 104.6 | 0 | 0 |
| Mar 31, 2025 | 1 | $12.0M | 94.4 | 0 | 0 |
| Jun 30, 2025 | 1 | $15.8M | 91.1 | 0 | 1 |
| Sep 30, 2025 | 1 | $14.5M | 100.0 | 0 | 0 |
| Dec 31, 2025 | 1 | $17.8M | 100.0 | 0 | 0 |
| Mar 31, 2026 | 1 | $21.7M | 100.0 | 0 | 0 |
| Jun 30, 2026 | 1 | $18.7M | 100.0 | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then. Mark is fair value over cost across every position inside the plausible band.
- A mark is the lender's own fair value over cost for the quarter. Below 90 means the lender carries the loan at a discount of 10 or more on the dollar; it is that lender's valuation, not DFX's.
- Two lenders on the same facility 10 points apart are valuing the same loan differently; which one is right is not something a schedule of investments says.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Jun 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Marks, principal and accrual status are the BDCs' own filed figures; the quarter before is Mar 31, 2026.
- Tssp Bd, LLC 23 shared · very strong · last Jan 1, 2022
- Raymond James Ltd. 3 shared · strong · last Oct 9, 2024
- Rosen & Katz 3 shared · strong · last Jun 10, 2026
| Agent | Funds | Years | Strategies | Latest generation |
|---|---|---|---|---|
| Morgan Stanley | 2 | vintage 2025 | not stated | on it |
| Selinus Capital Gmbh | 1 | vintage 2024 | Lending | on it |
| Link Capital Partners | 2 | reported 2025 | Credit | not on the vintage 2025 generation |
From Form ADV Schedule D, which names the placement agents on each private fund an adviser reports, year by year.
- 2025-12-314 commitments · $891M disclosed
- 2025-06-302 commitments · $185M disclosed
- 2026-05-311 commitment · $100M disclosed
- Sep 3, 2026Sixth Street Announces Minority Investment in the Seattle Seahawks
- Aug 19, 2026The Role of Sixth Street Investment Committees
- Aug 13, 2026Sixth Street Acquires the Pier House Resort & Spa
Sixth Street Advisers, LLC is the same institution as 5 records in Venture Capital, RIA and Wealth, Independent Sponsors, Allocators and Private Credit.
DFX found 5 relationships across 5 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
Sixth Street Advisers, LLC sits on 13 traced paths of capital across the graphs.
DFX traced 13 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Merged in2026-09-27
- Merged in2026-09-27
- Merged in2026-09-14
+198 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.