6th Street Advisors

6th Street was created in 2009 when Alan Waxman and his partners separated the $11 billion special situations and credit platform from TPG into an independent firm. The team had previously operated as TPG's distressed and opportunistic credit group, executing restructurings and rescue financings during the financial crisis. The separation agreement gave the new partnership full control over investment decisions while maintaining the institutional processes developed inside TPG since the late 1990s.

CEO and Co-Founder Alan Waxman leads the firm's investment committee, which is concentrated among a small group of founding-era partners who have worked together since the TPG credit days. The firm does not operate with a co-CEO structure. Senior partners oversee verticals — credit, equity, real estate, and structured finance — but major commitment decisions are made centrally, not delegated to division heads.

6th Street operates as a hybrid, combining large-scale private credit underwriting with direct equity and real estate investing. The firm's roots are in distressed and opportunistic credit, but its equity platform now accounts for a meaningful share of deployment, including growth-stage and control investments. This multi-strategy approach means the firm competes against both direct lenders and traditional private equity sponsors, often acting as a one-stop capital provider.

6th Street does not primarily operate as a fund-of-funds or LP co-investor; it typically originates and structures transactions directly. However, the firm does offer a co-investment program that allows its own limited partners to invest alongside 6th Street on specific deals, replicating the alignment model used by peers like Apollo and KKR. External GPs occasionally approach 6th Street for structured capital solutions where traditional fund formats are too rigid.

The firm's sourcing advantage comes from its balance-sheet-first posture and distressed-credit heritage. 6th Street maintains substantial partner capital that allows same-day execution on complex transactions, making it a preferred counterparty for sellers who need certainty of close. Its network includes bankruptcy attorneys, turnaround advisors, and corporate restructuring teams that typically do not interact with growth-equity or buyout firms, creating a deal funnel distinct from auction-driven processes.

Yes, the 6th Street Foundation operates as a separate entity focused on economic mobility and health equity grants. The foundation is funded by partner contributions and firm profits, not management fees. Investment decisions and foundation grant-making are governed independently, with foundation staff reporting to a separate board rather than the investment committee.

6th Street is stage-agnostic, writing checks across growth equity, late-stage venture, buyout, and distressed situations. The credit platform lends to companies at all stages of maturity, from venture-backed pre-revenue firms to publicly traded corporations undergoing restructuring. The equity group concentrates on growth-stage and mature businesses where capital can accelerate an existing commercial trajectory, rather than seed or early-stage venture.