At Sixth Street, every investment starts with a conversation: what does this company actually need?
Like light passing through a prism, a single need refracts into a spectrum of possibilities. Whether structuring loans and warrants for Airbnb, non-dilutive growth capital for Blueprint Medicines, or a royalty interest for Antero Resources, we build every solution from the ground up.
In this episode of Whiteboarding, explore how our cross-platform expertise and flexible approach across the capital structure enable us to create tailored solutions built for what’s next.
Most companies come to an investment partner and they’re shown one solution. A loan. An equity check. A solution they've already defined. But at Sixth Street, the best investments start with a conversation, not a pitchbook.
Think of it like light entering a prism. One need goes in and it refracts into a spectrum of possibilities most partners never see. Sixth Street was built to make that turn: dynamic by design, with the flexibility to invest up and down the capital structure. Any asset class. Any industry. Anywhere in the world.
When a need takes shape, Sixth Street opens a full structuring toolkit; loans, warrants, convertible notes, equity, and builds, deal-by-deal, with some of the most recognized companies in the world. Each one arriving at a different moment. Each with a different need.
Take Antero Resources. In 2020, the second largest natural gas producer in the country sought to raise equity capital to reduce debt in the worst natural gas price environment in recent times due to COVID. Sixth Street provided a capital solution by raising equity capital against its assets in the form of a royalty interests with significant downside mitigation to Sixth Street while preserving the upside to Antero and allowing Antero to retain control of its assets. This transaction provided Antero liquidity and strengthened its balance sheet materially.
Or Blueprint Medicines. In 2022, a commercial-stage biotech looking to expand the reach of its medicines and advance its pipeline — growth capital, without issuing new shares. Sixth Street pulled two tools: a senior secured credit facility, plus upfront financing in exchange for a portion of future sales of specific medicines. Two structures, one goal: funding the next stage of growth without diluting existing shareholders.
Finally, Airbnb. When travel froze overnight in 2020, a category-leading business wanted to reinforce its balance sheet and stay focused on long-term growth. Sixth Street reached deep into the toolkit: a first-lien loan, a second-lien loan, and warrants — senior downside mitigation on the debt, plus participation in future equity value as the company expanded. The commitment came together in six days. Speed, conviction, and a structure spanning the capital stack.
None of these solutions came off a shelf. Each was built around a different need, by the same team. And if you map them, you can see it: every investment sits somewhere on a spectrum, from debt on one end to equity on the other, with risk and return rising along the way. Spotify's convertible notes here. Blueprint’s two pieces, the loan and the royalties, here. And Airbnb, with first and second lien loans plus warrants, reaching across the spectrum. Each one a constellation of tools, coming together to form a structure built from the ground up.
Wherever a partner's situation lands on the map, Sixth Street can meet them there. Because behind every structure is the same engine: one team since 2009, more than 750 professionals, no silos, all asking what a company actually needs and executing from there. That's how Sixth Street stays ready to invest in what's next.
