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Calpers allots more than $1 billion to Sixth Street’s asset-based finance

Investment company finances commercial equipment, transportation

Bloomberg NewsbyBloomberg News
July 8, 2024
in Lender Operations
Reading Time: 1 min read
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California Public Employees’ Retirement System committed more than $1 billion to an asset-based finance strategy managed by Sixth Street, according to a person with knowledge of the matter.

Calpers — the largest public pension fund in the US — allocated the funds through a separately managed account overseen by Sixth Street in the second quarter, said the person, who asked not to be identified discussing confidential information.

CA's Gov't Pension Fund To Report Loss Of One Quarter Of Its Holdings
The California Public Employees’ Retirement System building in Sacramento, California July 21, 2009. CalPERS, the state’s public employees retirement fund, reported a loss of 23.4%, its largest annual loss. (Photo by Max Whittaker/Getty Images) Photographer: Max Whittaker/Getty Images

A spokesperson for Sixth Street declined to comment. A Calpers representative declined to comment.

Sixth Street’s asset-based effort is led by Michael Dryden, who joined as a partner in 2022 from Credit Suisse Group AG, where he was global head of securitized-products finance.

In March, a consortium led by Sixth Street acquired lending platform GreenSky from Goldman Sachs Group Inc.

Sixth Street’s asset-based finance group focuses on deploying anywhere from $100 million to more than $2.5 billion across areas including commercial and residential mortgages, commercial equipment, renewables and energy finance, consumer asset classes, infrastructure debt and transportation.

The San Francisco-based investment firm was recently among the parties vying to acquire Discover Financial Services’ $10 billion student-loan portfolio, which Carlyle Group Inc. and KKR & Co. ultimately won, Bloomberg reported last month.

Alternative asset managers have increasingly touted compelling opportunities within asset-based finance, in part because traditional lenders have continued to retreat from the sector. The group includes around 40 investment professionals.

— By Gillian Tan (Bloomberg)

Tags: bloombergCalpersequipment financeSixth Street
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