Sixth Street Partners (“Sixth Street”) is a global multi-asset class investment business with over $70 billion in regulatory assets under management. Founded in 2009, Sixth Street has more than 560 team members including over 270 investment professionals operating from around the world. Sixth Street conducts its investment management business through its subsidiary, Sixth Street Advisers, LLC (the “Sixth Street Adviser”), and through a variety of other investment advisory affiliates, all of which are either wholly owned by or under common control with Sixth Street. This brochure is intended to cover the investment advisory activities of Sixth Street and all of its investment advisory affiliates, except for Sixth Street Specialty Lending Advisers, LLC and Sixth Street Lending Partners Advisers, LLC. Sixth Street Specialty Lending Advisers, LLC and Sixth Street Lending Partners Advisers, LLC, which are under common control with, and advisory affiliates of, Sixth Street, file separate Form ADVs. Sixth Street Specialty Lending, Inc. and Sixth Street Lending Partners file periodic reports with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Various affiliates of Sixth Street are referenced herein in different scenarios, including in the context of conflicts of interest. For purposes of this brochure, “we,” “us” and “our” refer to Sixth Street, together (where the context permits) with our subsidiaries that provide investment advisory services, including the Sixth Street Adviser and those entities that serve as general partners of the Funds (as defined below). Sixth Street conducts its investment activities primarily through the following investment platforms:
• Sixth Street TAO seeks to generate attractive returns by flexibly investing across strategies employed by Sixth Street’s other investment platforms while also serving as home for between-the-box strategies and adjacent opportunities.
• Sixth Street Opportunities is Sixth Street’s platform for pursuing thematic, control-oriented, actively managed investments exhibiting downside protection.
• Sixth Street Growth focuses on financing solutions for healthy, growth-oriented companies, in particular through structured equity, growth debt and stapled debt and equity opportunities.
• Sixth Street Agriculture focuses on agricultural investment opportunities primarily in North American permanent crops.
• Sixth Street Direct Lending is Sixth Street’s platform dedicated to direct loan origination, comprised of:
• Sixth Street Specialty Lending, Inc. (“SLX”) is a New York Stock Exchange-listed, regulated business development company (“BDC”) that focuses on U.S. middle market loan origination investment opportunities. SLX’s investment adviser is Sixth Street Specialty Lending Advisers, LLC, which, as noted above, files a separate Form ADV;
• Sixth Street Lending Partners is a BDC focused on U.S. upper middle market lending (“SSLP”, and together with SLX, the “Regulated Funds”). SSLP’s investment adviser is Sixth Street Lending Partners Advisers, LLC, which, as noted above, files a separate Form ADV; and
• Sixth Street Specialty Lending Europe focuses on directly originated European credit opportunities.
• Sixth Street Fundamental Strategies seeks to generate attractive risk-adjusted returns primarily through public market opportunities in larger corporate capital structures under stress or undergoing transformation.
• Sixth Street Credit Market Strategies (“Credit Market Strategies”) focuses on investing in performing corporate credit and structured products including but not limited to sponsoring and managing collateralized loan obligation issuers (“CLOs”) and investing in secondary CLO securities, leveraged loans, and high yield bonds.
• Sixth Street Insurance focuses on strategic partnerships, corporate acquisitions, reinsurance, and insurance company advisory work and balance sheet management across the global insurance sector. In connection with such opportunities, Sixth Street Insurance provides asset management services to the portfolio investments of certain Funds and has, and expects to enter into, investment management agreements and/or other advisory arrangements in connection therewith and with third party insurance companies or other businesses operating in similar sectors.
• Sixth Street Asset Based Finance (“Asset Based Finance”) focuses on investments in assets/platforms and extending credit across finance markets, including but not limited to commercial and residential mortgages, renewables and energy finance, consumer asset classes, infrastructure debt, transportation, and commercial finance. The investment platforms described above represent platforms in respect of which Sixth Street currently manages associated Funds and/or SMAs. Other Sixth Street platforms include Sixth Street Infrastructure and Sixth Street Real Estate. These platforms are not described above because Sixth Street does not currently manage Funds or SMAs with a primary investment focus within such investment platforms, however the investment mandates of certain Funds and/or SMAs include making investments across these platforms. For a further description of Sixth Street’s investment strategies and investment platforms, see “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss”. Advisory Clients. As set forth below, our only advisory clients are the Funds, SMAs, and Co-Investment Vehicles (each as defined below) to which we provide investment advice. In particular:
• We provide investment advisory services to private investment vehicles that are not registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”), as well as certain SMAs. We refer to such vehicles and accounts collectively as the “Funds.” “SMAs” are separately managed accounts, whereby the Sixth Street Adviser (or a relying adviser thereof) provides advisory services on a contractual basis with an investor directly, without the investor making its investment through a vehicle. While we generally, in this brochure, describe conflicts, risks and other investment considerations that are equally applicable to Funds that are investment vehicles, as well as SMAs, certain conflicts, risks or other investment considerations will not be applicable to SMAs in light of structural differences. Underlying investors in Funds and investors entering into SMAs are not, solely by virtue

of their interest in or relationship with any Fund or SMA, considered to be “Affiliates” for purposes of the Governing Documents (as defined below). The Funds’ investors are generally “accredited investors” and “qualified purchasers,” or in the case of employees, “knowledgeable employees,” in each case as defined in the Securities Act and the Investment Company Act, as applicable, and may include, among others, both U.S. and non-U.S. high net worth individuals and family offices, public and private pension and profit sharing plans, including investors regulated under the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), charitable organizations, endowments and foundations, insurance companies, investment companies, banks and other financial institutions, sovereign wealth funds, funds of funds, trusts and estates, corporations and thrift institutions. Additionally, employees and other persons associated with Sixth Street and/or its affiliates and portfolio investments make capital commitments to the Funds (including through feeder vehicles formed for such purpose designed to aggregate the commitments of employees and such other persons and which then subscribe to the Funds). We also serve as the sponsor of other entities that act as feeder vehicles into certain Funds. Additionally, in order to meet tax, legal, regulatory or other requirements, certain investors invest in substantially the same portfolio as certain Funds through specially formed investment vehicles, which we also advise. From time to time, we also establish investment vehicles for particular investors to co-invest alongside one or more Funds, whether with respect to one specific transaction or multiple potential transactions (each, a “Co-Investment Vehicle”). When a Co-Investment Vehicle is established for a particular transaction, it generally will invest in the transaction on the same terms as the applicable Fund that also is invested in such transaction. In order to facilitate efficient execution of potential co-investment transactions, we have formed (and expect from time to time in the future to continue to form) Co-Investment Vehicles to permit potential co-investments by an investor in one or more transactions (whether on an opportunistic or a systematic basis) should those opportunities arise. For purposes of this brochure, where the context permits, references to “Funds” will also be references to, or will include, applicable Co- Investment Vehicles. However, certain Co-Investment Vehicles, specifically those formed for a single transaction, will not be deemed to be Funds for the purposes of this brochure. These single transaction Co-Investment Vehicles are formed for the purpose of making a specific investment and do not provide Sixth Street with general discretion over investment decisions; instead, and for example, investors are able to independently evaluate the specific investment opportunity and make an investment decision with respect to their participation therein through their discretionary determination to invest in such a Co-Investment Vehicle, and the Co-Investment Vehicle’s governing documents will generally tie the disposition of its investment (and the exercise of certain rights, e.g., voting of the Co- Investment Vehicle’s interest in the investment) to the actions of the Fund alongside which it is co-investing. Organization. The Sixth Street Adviser was formed as a Delaware limited liability company in 2011 and is part of Sixth Street. The Sixth Street Adviser is wholly owned by Sixth Street Opportunities Advisers Holdings, LLC which under a series of subsidiaries is controlled by Sixth Street GP, LLC. Related Advisers and Related Funds. For purposes of this brochure, “Related Advisers” refers to Sixth Street Specialty Lending Advisers, LLC and Sixth Street Lending Partners Advisers, LLC, as well as any other advisers that are or may in the future be affiliated with us. For purposes of this brochure, we refer to the funds and accounts managed by the Related Advisers as the “Related Funds.” See “Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below for information relating to how we generally address conflicts of interest related to the Related Advisers and Related Funds. Nature of Advisory Services. As an investment adviser, we identify investment opportunities and participate in the acquisition, origination, management, monitoring and disposition of investments for each Fund. We:
• primarily provide investment advisory services on a broad range of investment strategies in a variety of instruments, including, but not limited to, o credit and credit-related investments; o bonds; o equities and other securities (including ABS (as defined below) and other structured securities); o loans (including bank loans and loan origination activity); o receivables; o assets; o claims; and o derivatives (including those that derive their value from the foregoing), all from a broad range of issuers, borrowers and counterparties in a broad range of markets, and in each case to the extent consistent with each applicable Fund’s investment objectives and strategies (please see “Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss” below). Advisory Services and Related Agreements. We generally provide investment advisory services to each Fund pursuant to a separate investment advisory agreement, which we refer to as an “Advisory Agreement.” Each Fund’s Advisory Agreement sets forth the terms of the investment advisory services we provide to the Fund. Investment guidelines or restrictions for each Fund, if any, are generally established in its organizational or offering documents and/or side letter agreements negotiated with its investors. We provide investment advice directly to the Funds, and not individually to the investors in the Funds (which are referred to throughout this brochure individually as an “investor” and collectively as the “investors”). As described more fully in “Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” below, we and our related entities routinely enter into side letter agreements and other arrangements with certain investors in the Funds that provide such investors with customized terms, which often results in preferential treatment. Amount of Client Assets. As of March 29, 2024, we managed on a discretionary basis a total of over $70 billion of client assets.