▶Alan Waxman consistently emphasizes the massive growth of private capital markets, from approximately $2 trillion before the Global Financial Crisis to $14-15 trillion today, driven by post-crisis regulations like Dodd-Frank and Basel III which constrained traditional banks.Apr 2026
▶His investment philosophy, rooted in his time at Goldman Sachs' Special Situations Group, centers on providing large-scale, flexible, and creative capital solutions, as evidenced by major deals with entities like Airbnb, Spotify, and Real Madrid.Apr 2026
▶He frequently references the historical significance of the 1933 Glass-Steagall Act and its 1999 repeal, arguing the repeal was a response to competitive pressures from European banks and led to a significant increase in leverage within the US financial system before the 2008 crisis.Apr 2026
▶Sixth Street's ability to execute complex, billion-dollar-plus investments across various asset classes is a core tenet of its strategy, leveraging a large, flexible $30 billion TAL fund that sits across all its platforms.Apr 2026
▶Waxman critiques the 'factory model' of investing that he claims became prominent in 2018, arguing this trend of rapid fundraising and deployment has led to overpaying for assets, creating 'stuck assets' on many firms' balance sheets.
▶While acknowledging that many private Business Development Companies (BDCs) are experiencing redemption requests exceeding their quarterly limits, he does not currently believe this poses a systemic risk, a potentially debatable position given market anxieties.
▶He expresses significant concern that the economic transition driven by AI will cause major job losses, a topic he believes is not being adequately addressed by policymakers and business leaders.
▶Sixth Street has deliberately chosen not to raise capital through perpetual private BDC vehicles, a strategic decision that contrasts with a major industry trend of targeting the wealth channel with such products.Apr 2026
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