(Bloomberg) -- Sixth Street Partners is seeking to raise at least $4 billion for its newest opportunities fund, according to people with knowledge of the matter.
The firm has started early discussions about the vehicle, Sixth Street Opportunities Partners VI, with potential investors, said the people, who asked not to be identified discussing private information. Sixth Street is set to charge fees on invested capital in the fund rather than on commitments, matching terms introduced by rival firms over the past several years, they added.
The fund’s mandate includes making credit and equity bets across various industries including biotechnology, energy and sports, said one of the people.
A Sixth Street representative declined to comment.
The firm, led by CEO Alan Waxman, raised roughly $4 billion for its prior vehicle, Sixth Street Opportunities Partners V. That fund’s investors include Washington State Investment Board, New York State Common Retirement Fund and California State Teachers’ Retirement System, according to data compiled by Bloomberg.
Sixth Street’s opportunities effort has hunted for control-oriented investments, asset opportunities and corporate dislocations, according to a 2021 presentation, which lists agriculture, infrastructure, specialty lending, insurance and agriculture among areas that it can invest in.
Sixth Street has more than $80 billion in assets under management, according to its website.
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