Sixth Street, a leading global investment firm with over $60 billion in assets under management, announced the formation of a dedicated structured products business to further enhance its capabilities as a strategic capital partner and solutions provider at scale.
Sixth Street Structured Products builds upon the firm’s existing expertise and will focus on asset/platform investing and origination across finance markets, including commercial and residential mortgages, renewables and energy finance, consumer asset classes, infrastructure debt, transportation, and commercial equipment.
Michael Dryden, an experienced leader of one of the largest structured finance businesses in financial services, has joined Sixth Street as a Partner to lead the expansion.
“Our thematic investing approach, deep underwriting expertise, and growing insurance capital base will all help drive the expansion of our presence in structured finance markets,” said A. Michael Muscolino, Co-Founder and Partner at Sixth Street. “We have known and greatly respected Mike for a long time, and we are pleased to have someone of his caliber and experience on board to lead this effort.”
Mr. Dryden will be based in New York. Prior to joining Sixth Street, he was global head of securitized products finance at Credit Suisse AG.
“Having worked with the Sixth Street team for many years, I know firsthand their ability to build businesses focused on creating strategic solutions for clients,” said Mr. Dryden. “We look forward to utilizing the deep asset financing and structuring expertise that already exists across the firm to bring new offerings and capabilities to the companies and institutions with which Sixth Street partners.”
The new division complements Sixth Street’s existing strategies dedicated to asset investing, asset-backed lending, direct-to-company financing, and syndicated leveraged loan investing, which have been among the core drivers of the firm’s business since its founding in 2009.
Sixth Street Structured Products will also benefit from the knowledge, resources, and ALM capabilities of Sixth Street’s insurance solutions platform, including its portfolio company Talcott Resolution. Talcott is a strategic risk partner to the insurance industry and, together with its affiliates, manages $113 billion in liabilities and surplus as of December 31, 2021.