tssp diversified credit vehicle - granicus

TPG SIXTH STREET HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION

September 2019

TSSP Diversified Credit Vehicle

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DisclaimerThis presentation (the "Presentation") is provided for informational purposes and reference only and is not intended to be, and must not be, taken as the basis for an investment decision. Byacceptance hereof, you agree that (i) the information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior writtenconsent of TPG Sixth Street Partners (“Sixth Street”); (ii) you will keep confidential all information contained herein not already in the public domain; (iii) the information contains highly confidentialand proprietary “trade secrets” (some of which may constitute material non-public information); and (iv) you will only use the information contained in this Presentation for informational purposesand will not trade in securities on the basis of any such information. The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers asto legal, business, tax and other related matters concerning an investment in any of the parallel investment vehicles within Sixth Street. Unless otherwise noted, the information contained herein hasbeen compiled as of the date that appears on the cover page of this Presentation, and there is no obligation to update the information. The delivery of this Presentation will under no circumstancescreate any implication that the information herein has been updated or corrected as of any time subsequent to the date of publication or, as the case may be, the date as of which such information isstated.

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in evaluating the merits of investing in Sixth Street. Offers andsales are made only pursuant to a confidential private placement memorandum, the limited partnership agreement, subscription agreement and other definitive documentation of respective SixthStreet-sponsored investment vehicles (collectively the “Sixth Street Documentation”) and in accordance with applicable securities laws. The information set forth herein does not purport to becomplete and is qualified in its entirety by reference to the Sixth Street Documentation. This Presentation is not a part of or supplemental to such Sixth Street Documentation. This Presentation issuperseded in its entirety by the Sixth Street Documentation.

The Sixth Street Documentation will be made available and must be received prior to subscribing for an interest in a Sixth Street fund. The Sixth Street Documentation contains additional informationabout the investment objectives, terms and conditions of an investment in Sixth Street and risk disclosures that are important to any investment decision regarding Sixth Street. You should read theSixth Street Documentation (including the risk disclosures) in its entirety before making an investment in a Sixth Street fund.

An investment in a private investment partnership is speculative and involves significant risks, including that there will be no public or private market for the interests in the partnership and suchinterests will not be transferable without the consent of the general partner. Investors should carefully review the information provided regarding such risk factors in the Sixth Street Documentation(including the private placement memorandum). Investors should understand these risks and have the financial ability and willingness to accept them for an extended period of time before making aninvestment.

Please note this Presentation contains various examples or subsets of investments. As the investments shown are intended to be examples or subsets demonstrating a particular theme or process,they inherently may not represent all investments that could be categorized or described on a particular page and in the aggregate may represent only a small percentage of existing and historicalinvestments led by Sixth Street. Investments in other companies may have materially different results. There is no assurance that any investments discussed herein will remain in the applicable fund atthe time you receive this information. It should not be assumed that any investment not shown would perform similarly to the examples shown. It should not be assumed that recommendations madein the future will be profitable, will equal the performance of the investments in this Presentation, or will not incur losses. Future investments may be under materially different economic conditions,including interest rates, market trends and general business conditions, affecting different investments and using different investment strategies and these differences may have a significant effect onthe results portrayed. Each of these material market or economic conditions may or may not be repeated. Further investments may be made under different economic conditions, using differentstrategies, and may have materially different results. Please see the notes to historical performance summaries for important information and detail relating to the performance history presented inthis Presentation.

The market analysis, estimates and similar information, including all statements of opinion and/or belief, contained herein are subject to inherent uncertainties and qualifications and are based on anumber of assumptions. All statements in this Presentation (and oral statements made by Sixth Street personnel regarding the subjects of this Presentation) other than historical facts are forward-looking statements, which rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors outside of Sixth Street’s control which could cause actualresults to differ materially from such statements. See the disclaimer on forward-looking statements on the following page.

[Continued on Next Page]

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Disclaimer (Cont’d)No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation asto the future performance of any investment. Past performance is not necessarily indicative of future results. Differences between past performance and actual results may be material and adverse.

Information throughout the Presentation derived from sources other than Sixth Street have not been independently verified.

Future investments may be under materially different economic conditions, including interest rates, market trends and general business conditions, affecting different investments and using differentinvestment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Furtherinvestments may be made under different economic conditions, using different strategies, and may have materially different results.

Securities are offered through TSSP BD, LLC, 301 Commerce Street, Suite 3300, Fort Worth, TX 76102, an affiliate of TSSP and a member of FINRA. In the European Economic Area (the “EEA”), TSSP BD,LLC acts through an affiliated entity, TPG Europe, LLP, Stirling Square, 5-7 Carlton Gardens, London SW1Y 5AD, which is authorised and regulated by the UK Financial Conduct Authority.

It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the investments in this Presentation. Where gross performance figures are notedin this document please refer to the full track records for further detail.

Complaints concerning services provided by TSSP BD may be directed to [email protected].

Note on Forward Looking Statements

All statements in this Presentation (and oral statements made regarding the subjects of this presentation) other than historical facts are forward-looking statements, which rely on a number ofestimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside Sixth Street’s control. Such factors include, but arenot limited to, uncertainty regarding and changes in global economic or market conditions, including those affecting the industries of Sixth Street portfolio companies, and changes in U.S. or foreigngovernment policies, laws, regulations and practices. Opinions expressed are current opinions as of the date of this Presentation. Should Sixth Street’s estimates, projections and assumptions or theseother uncertainties and factors materialize in ways that Sixth Street did not expect, actual results could differ materially from the forward-looking statements in this Presentation, including thepossibility that investors may lose all, or a material portion, of the amounts invested. While Sixth Street believes the assumptions underlying these forward-looking statements are reasonable undercurrent circumstances, investors should bear in mind that such assumptions are inherently uncertain and subjective and that past or projected performance is not necessarily indicative of futureresults. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained in this Presentation, and nothing shall be relied upon as a promiseor representation as to the performance of any investment. Investors are cautioned not to place undue reliance on such forward-looking statements and should rely on their own assessment of aninvestment.

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mailto:[email protected]

TSSP HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION

I. TSSP Executive Summary

2. TSSP Diversified Credit Vehicle

6. Appendix

Agenda

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TPG HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION 5TPG Global Introduction

TPG Global Assets

Diversified across sectors and geographies

$108.8 Billion

Note: As of March 31, 2019. Amounts shown are subject to rounding. TPG’s assets under management (“AUM”) of TPG-affiliated funds and separately managed accounts is approximately $108.8 Billion. TPG AUM also includes TPG PACE Group, TPG Energy Solutions, TPG Tech Adjacencies, TPG Strategic Infrastructure and TPG Digital Media. TPG Capital AUM includes investments in TPG TFP, TPG V and TPG VI managed by TPG Special Situations Partners (“TSSP”) pursuant to the agreement between TPG and TSSP (“TOP I Investments”). TOP I Investments are included in TPG Capital’s AUM and excluded from TSSP’s AUM. TPG Capital AUM includes TPG Real Estate investments made in TPG V and TPG VI. Non-performance based criteria used to select the portfolio companies shown. See next page for TSSP, TPG Real Estate, and TPG Public Equity platforms.

Large Cap Private Equity

North America Tech Europe Asia

$43.9 Billion

Middle Market and Growth Private Equity:

$10.9 Billion

Small-Cap Clean Energy and Renewable Resources:

$289.0 Million

Healthcare Focused Venture:

$546.0 Million

Global Impact Fund: $3.0 Billion

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TPG HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION

Flexible Financing for Growth Companies:

$1.5 Billion

6TPG Global Introduction

TPG Global Assets (cont.)

Diversified across sectors and geographies

Note: As of March 31, 2019. Amounts shown are subject to rounding. TPG AUM also includes TPG PACE Group, TPG Energy Solutions, TPG Tech Adjacencies, TPG Strategic Infrastructure and TPG Digital Media. TSSP AUM excludes investments in TPG TFP, TPG V and TPG VI managed by TSSP pursuant to the agreement between TPG and TSSP (“TOP I Investments”). TOP I Investments are included in TPG Capital’s AUM and excluded from TSSP’s AUM. TPG Specialty Lending (“TSL”) includes amounts for TSL and TSL-Europe. TPG Real Estate AUM includes separately managed accounts. TPG Real Estate AUM excludes Real Estate investments made in TPG V and TPG VI. Non-performance based criteria used to select the portfolio companies shown. See prior page for TPG Capital, TPG Growth, The RISE Fund, TPG Biotech, and TPG CCP.

$48B AUM$108.8 Billion

Real Estate Private Equity and Commercial Real Estate Lender:

$10.8 Billion

Investments in Property-Rich Platforms and

Companies in the US and Europe

Origination and Acquisition of Loans on Commercial Real Estate Assets in the

US

Special Situations / Credit Investments: $31.6 Billion

Long / Short Public Equity:

$2.5 Billion

Middle Market Loan Origination: $2.9 Billion

Special Situations and Distress: $7.5 Billion

Performing Corporate Credit:

$6.2 Billion

Defensive Yield, Stress, and Specialty

Finance:$12.9 Billion

Project Bills

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http://www.rooseveltmc.com/index.html

TPG SIXTH STREET HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION 7

TPG Sixth Street Timeline

2012 20132009 2010 2011 2014 2015 2016 2017 2018

▪ Sixth Street forms parallel investment funds alongside TOP II (“TAO 1.0”)

▪ Total fund commitments: $500M

▪ January 2014: Sixth Street holds the initial close of TPG Opportunities Partners III (“TOP III”)

▪ Total fund commitments: $3.4B

▪ Over time, TOP I invests $2.2B

▪ September 2013: Sixth Street holds the initial close for TPG Institutional Credit Partners I (“TICP I”)


▪ March 2015: Sixth Street holds the initial close of TPG Specialty Lending Europe (“TSL Europe I” or “TSLE I”)

▪ Total fund commitments: €811M

▪ May 2009: Alan Waxman joins TPG and co-founds Sixth Street alongside several other Sixth Street Partners Managing Directors

▪ Sixth Street begins investing through alternative investment vehicles formed by TPG Partners VI, L.P. and TPG Financial Partners, L.P ( “TOP I”)

▪ Sixth Street forms TPG Specialty Lending, Inc. (“TSLX”)


▪ November 2011: Sixth Street holds its initial close of TPG Opportunities Partners II (“TOP II”)


▪ April 2014: TSLX holds its initial public offering (“IPO”) and is listed on the New York Stock Exchange

▪ February 2014: Sixth Street holds the initial close of TSSP Adjacent Opportunities Partners 2.0 (“TAO 2.0”)


▪ Vintages of the TAO fund family become “TAO Global”

▪ March 2016: Sixth Street holds its first close for TICP CLO Partners II (“TICP II”)


▪ December 2016: Sixth Street holds the final close of TSSP Adjacent Opportunities Partners 3.0 (“TAO 3.0”)


▪ August 2018: Sixth Street holds the initial close of TSSP Opportunities Partners IV (“TOP IV”)


▪ October 2018: Sixth Street holds the initial close of TSSP Capital Solutions Partners (“TCS”)


▪ December 2018: Sixth Street holds the initial close of TSSP Structured Credit Opportunities Fund (“TSCO”)


▪ March 2017: TICP begins managing its first separately managed account

▪ July 2019: TICP now manages $500M in SMA strategies

▪ May 2017: Sixth Street changes its name from TPG Special Situations Partners to TPG Sixth Street Partners

▪ October 2017: Sixth Street accepts capital into TSSP Adjacent Opportunities Partners 4.0 (“TAO 4.0”) and adds capital to TAO as needed

▪ Total fund commitments (as of July 2019): $9.4B

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TPG Sixth Street Platform

Par Liquid Credit Platform

Note: Grey solid line denotes investment activities within the private side of the compliance wall.1. At this time of presentation the Agriculture Partners platform is prospective and not yet formed.

Defensive Yield

Stressed Opportunities

Distressed Non-Control Opportunities

European Mid Market Direct Lending

Asset Special Situations

Corporate Distressed-for-Control

Corporate Dislocations

TOP Funds TCS Funds

TAO Vehicles

TICP Funds

TICP SMAs

Special SituationsPlatform

US Mid Market Direct Lending

Adjacencies Platform

TSL Funds

“Sixth Street Playbook” Structured Equity

Growth Debt

Stapled Solutions

Bank Loans

CLOs

Capital SolutionsPlatform

Direct Lending Platform

Agriculture Partners1

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Breadth of What We Do

Comfortable with a wide array of assets; unified by structure & downside protection

Project Lundy

Note: As of August 2019. Investments selected to represent variety of transaction structures and investment strategies and is not comprehensive.

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TPG Sixth Street Senior TeamAlan WaxmanChief Investment Officer and Managing Partner▪ Partner and Co-Head, Goldman Sachs Americas Special Situations Group ("AmSSG")▪ Chairman of the Investment Committee, AmSSG and Goldman Sachs

Specialty Lending Group▪ Co-Head, Goldman Sachs Distressed Special Situations Investing Group▪ Co-Portfolio Manager, Goldman Sachs Proprietary Distressed Bank Debt Desk ▪ Head, Goldman Sachs Hybrid Lending Group

Brian D’ArcyPartner MD of Sixth Street; Head of Sixth Street Broker Dealer▪ TPG Wealthy Family Syndicate▪ Alternative Capital Markets Group at Goldman Sachs, co-ran GS Internal Secondary Private

Equity Program

Matt DillardPartner MD of Sixth Street; Corporate Distressed ▪ Distressed Credit and Equity, Silver Point Capital▪ Analyst, Lazard Technology, Media and Telecom Group

Josh EasterlyPartner MD of Sixth Street; Head of TPG Specialty Lending▪ Chief Investment Officer, Goldman Sachs Americas Special Situations Group ▪ Head, Goldman Sachs Distressed Principal Investing ▪ Co-Head, Goldman Sachs Specialty Lending Group, AmSSG Asset Investing and

AmSSG Private Equity▪ Senior Vice President-Northeast Regional Originations Manager, Wells Fargo Foothill

Michael FishmanPartner MD of Sixth Street▪ Executive VP and National Director of Loan Originations, Wells Fargo Foothill▪ Previously on Board of the American Bankruptcy Institute

Jamie GatesPartner MD of Sixth Street; Head of Capital Formation & Strategy▪ Partner, Executive Vice President, Starwood Capital Group▪ Executive Director, Goldman Sachs London Office▪ Admitted to State Bars of Illinois and Indiana

Jennifer GordonPartner MD of Sixth Street; Deputy Chief Operating Officer and Chief Compliance Officer▪ Co-Head of Americas Securities Division Compliance, Goldman Sachs ▪ Member of the Investment Committee, Goldman Sachs Global Special Situations Group and

Member of the Risk Committee, Goldman Sachs Securities Division▪ Lawyer, White & Case

Clint KollarPartner MD of Sixth Street; Head of Sourcing▪ Head Trader, Greywolf Capital▪ Head Trader, Goldman Sachs AmSSG▪ Trader, Goldman Sachs Distressed Bond Desk

Michael McGinnPartner MD of Sixth Street; Co-Head of TCS▪ Managing Director and Co-Head of Private Capital Investing (PCI), GS AmSSG▪ Multi-Strategy Investing Group and Specialty Lending Group, Goldman Sachs▪ Investment Research Division, Goldman Sachs

Bornah MoghbelPartner MD of Sixth Street; Corporate Distressed▪ Distressed Credit and Equity Analyst, Silver Point Capital▪ Analyst, UBS Financial Sponsors Group

Vijay MohanPartner MD of Sixth Street; Corporate Dislocations▪ Managing Principal, Halcyon Asset Management ▪ Credit/Special Situations Investing, Goldman Sachs Americas Special Situations Group

Michael MuscolinoPartner MD of Sixth Street; Asset Special Situations▪ Principal, FG Companies ▪ Asset Special Situations, Goldman Sachs Americas Special Situations Group ▪ Financial Institutions Group, Goldman Sachs Investment Banking Division

Doug PaolilloPartner MD of Sixth Street; Head of TPG Institutional Credit Partners ▪ Managing Director and Senior Portfolio Manager, The Blackstone Group ▪ Member of Blackstone/GSO Customized Credit Strategies’ Global Management Committee

and Investment Committee▪ Corporate finance associate, JPMorgan Chase & Co.

Steven PlussPartner MD of Sixth Street; Chief Risk Officer▪ Co-Head, Chief Credit Officer of Goldman Sachs Specialty Lending Group (“SLG”)▪ Sat on the following committees while at GS: Americas Special Situations Group Illiquid

Investment Committee, “SLG” Committee, GS Bank Middle Market Loan Committee

Bo StanleyPartner MD of Sixth Street; President of TSLX; Co-Head of TCS▪ Director of Business Development, Wells Fargo ▪ Vice President of Technology Underwriting, Wells Fargo▪ Portfolio Analyst, Wells Fargo

David StieplemanPartner MD of Sixth Street; Chief Operating Officer▪ Managing Director and the Deputy General Counsel, Fortress Investment Group ▪ Lead counsel, Americas Special Situations Group and Mortgages Department at Goldman

Sachs ▪ Lawyer, Cleary Gottlieb Steen & Hamilton

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TSSP Team

11

246 TSSP ProfessionalsNote: As of August 26, 2019

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3. Appendix

Agenda

12

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TSSP HIGHLY CONFIDENTIAL — NOT FOR DISTRIBUTION 13


Underlying TSSP Allocation

▪ TAO: 50% allocation (reserved future capacity)1

▪ TSL Europe Fund: 25% allocation

▪ TICP CLO Equity Vehicles: 25% allocation

TSSP Partnership Features

▪ Proposed allocation provides diversified access to the full platform of TSSP credit activities

▪ Broad-based private credit exposure with experienced, platform-integrated manager

▪ Allocations to funds with demand in excess of fund caps

▪ Real time market insights and collaboration

TSSP Feeder Allocation

1. Denotes future reserved capacity in TAO upon availability through “opt outs” or new fundraising

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Allocation ▪ 50% (reserved future capacity)1▪ 25% ▪ 25%

Summary

▪ Flagship vehicle which allocates across the risk / return spectrum of TSSP investments

▪ Allocation to adjacencies, special sits and direct lending

▪ Direct loan origination in Europe

▪ Targeting top of capital structure, secured investments that have control features and inflation / reinvestment protection

▪ Exposure to first lien, syndicated leveraged loans

▪ Fund will primarily act as control equity for TPG managed CLOs

J-Curve Considerations

▪ J-curve sensitive management fee, weighted toward fee on invested rather than committed capital

▪ Modified (i.e., lower) promote structure

▪ Majority of fees on invested capital with income producing assets

▪ No fees on committed capital, no J-curve expected

Cash Yielding▪ 78% of the TAO portfolio is cash

generative

▪ Targeted 12-14% net returns, where a majority of the return is current income (8-10% expected running cash yield)

▪ Strong cash yield profile, targeting 16-20% annual cash distributions while in CLO reinvestment periods

TAO

1. Denotes future reserved capacity in TAO upon availability through “opt outs” or new fundraising

TSLE II TICP III5.



Par Liquid Credit Platform

Denotes underlying exposures within TSSP Diversified Credit Vehicle

1. At this time of presentation the Agriculture Partners platform is prospective and not yet formed.

Defensive Yield

Stressed Opportunities

Distressed Non-Control Opportunities

European Mid Market Direct Lending

Asset Special Situations

Corporate Distressed-for-Control

Corporate Dislocations

TOP Funds TCS Funds

TAO Vehicles

TICP Funds

TICP SMAs

Special SituationsPlatform

US Mid Market Direct Lending

Adjacencies Platform

TSL Funds

“Sixth Street Playbook” Structured Equity

Growth Debt

Stapled Solutions

Bank Loans

CLOs

Capital SolutionsPlatform

Direct Lending Platform

15

TSSP platform-wide exposure with flagship TAO allocation to adjacencies, special sits and direct lending, TSL Europe and TICP exposure

Agriculture Partners1

5.


Par Liquid Credit25%

Middle Market Lending 25%Defensive Yield 28%

Non-Control Distressed 4%

Stressed Investments

9%

Assets 1%

Distresed For Credit2%

Dislocations 6%

Adjacencies Investments 41%

Direct Lending 25%

Special Situations9%

CLOs/Par Liquid Credit 25%

Illustrative Exposures

Note: The data and information presented above is being provided in response to your specific request for illustrative exposure levels for prospective underlying investments of the feeder fund. This analysis assumes that the feeder fund has allocated 50% of its capital to TAO, 25% to TICP’s equity vehicle and 25% to TSLE. TAO and TSLE exposures represent committed investments as of 5/5/16. Note that the feeder fund will not have exposure to historical fund vintages, and as such, actual exposures will differ from those presented above. Such variances may be material.

TSSP Platform Exposures Hunting Grounds

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Cash Generation

Cash Generative83%

Non Cash Generative17%

17


Capital Structure

First Dollar / Secured 55%

Modified First Dollar18%

Other 27%

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Thematic and Sector Mix

18


North America 72%

Europe 24%

Asia/Australia 3% Africa 1%

Geographic FocusAsia / Australia / NZ

Distressed1.0% AU CRE

0.4%

Busted Euro CMBS0.2%

Consumer & Retail Stress

6.2%

Core Enterprise Software

5.8%

Cyclical Recovery 1.3%

Distressed Electric 1.1%

Distressed Financial Management 0.3%

Distressed Spanish Real Estate 0.9%

Distressed Traditional Infrastructure 0.3%

Distributed Generation

0.1%

Energy Dislocation8.0%

Europe Distressed for Control 0.6%

Europe Operational Turnaround 0.3%

European Insurance

1.7%

European Real Estate4.8%

Financial Liquidations

3.9%

Financial Technology 0.6%

Gas Distribution 1.3%

Healthcare Lending 0.1%

Healthcare Technology1.4%

Hedge Fund SidePocket1.0%Insurance

2.5%

Italian Long-lease CRE2.4%

Japanese Real Estate 0.1%

Large Cap Distressed 0.5%

Mid Mkt Gaming 1.1%

Midstream0.6%

Mortgage Liquidation0.3%

Non-Core Position 0.5%

Operational Turnaround 0.2%

Opportunistic6.0%

Other 2.7%

Pharmaceutical Supply0.1%

Portfolio Divestitures 2.7%

Puerto Rican CRE NPL 0.4%

Puerto Rican Residential NPL 0.4%

Recurring Business Services0.7%

Retail ABL 1.0%

Royalties & Royalty Lending 4.2%

Software 2.0%

Software Distressed 0.4%

Software Growth Debt1.4%

Software Lending10.1%

Software Stress2.8%

Southern European Solar

0.6%

Telecommunication 0.1%

US CRE / CRE Tweener

6.1%

US Distressed for Control0.9%

US Renewables

3.9%

US Residential2.9%

Yielding Niche Agriculture1.0%

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Fund Size ▪ $9.4B in total fund commitments ▪ $700M - $1B ▪ $300M - $400M

Commitment Period

▪ 5.5 years2 ▪ 4 years from final close; 3-year term-out period

▪ 3 years after final close

Mgmt Fee ▪ 0.65% on commitments, 1.35% on

invested2▪ 0.25% on commitments; 1.25% on

invested3

▪ On TICP‐managed CLO investments, the lesser of: (1) 30bps of the AUM of such CLO, or (2) the weighted average base and subordinated management fees paid by third party investors contributed into such CLO minus 7.5bps

Incentive Fee ▪ 17.5% above 5% preferred return ▪ 20% of net proceeds▪ 20% above 12% preferred return (no

GP catch up)

Currency ▪ USD ▪ USD ▪ USD

TAO

1. An “opt out” will constitute the following mechanism. Feeder fund will trigger the first available opt out provision for the TAO vehicle and no longer participate in subsequent future TSLE and TICP vehicles.2. Assumes long term LP commitment period 3. Denotes first closers fees

TSLE II TICP III

Illustrative Terms

Feeder Manager TPG Special Situations Partners (TSSP)

Feeder Fee(s) None

Evergreen Allocation

Feeder will continue to allocate to the respective fund families at same initial allocations until LP “opts out” of their allocation1

Reporting Quarterly consolidated reporting at feeder level. Pass through of all underlying fund reporting.


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TPG Sixth Street Alpha

High Yield Market Spread-to-MaturityOverlaid with Sixth Street Gross IRR Performance

Performance vs. Index

1. TSL Net IRR represents the annualized return rate (implied discount rate), calculated using investor cash flows, including cash received from capital called from investors, equity raised in public markets or through private placements, DRIP issuances, cash distributed to investors and the ending book net asset value or ending total market capitalization of TSLX as of 6/30/19. 2. Represents TSLE I gross IRR, levered as of 6/30/19. Note: Performance as of 6/30/19 unless otherwise noted. Past performance is not necessarily indicative of the future performance of such funds or future funds, and such funds’ investments may be made under materially different circumstances and under a different mix of investment strategies. Performance is shown on a gross basis in order to show asset-level rates of return which are comparable to the High Yield Index and are not distorted by timing of a fund’s payback of management fees and expenses. Gross returns do not reflect management fees and carried interest born by investors in a fund, which will reduce returns and in the aggregate may be substantial. Please refer to the track record for a detailed historical performance summary and related notes including net returns and information regarding the calculation of all performance figures represented herein. This is available subject to the execution of a confidentiality agreement.Source: Credit Suisse High Yield Index II, shown as of 6/30/19.

Consistent alpha generation across Sixth Street platform

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Oct-08 Sep-09 Aug-10 Jul-11 May-12 Apr-13 Mar-14 Jan-15 Dec-15 Nov-16 Oct-17 Sep-18 Jul-19

Hig

h Y

ield

Mar

ket

Spre

ads

6/30/19:452 bps

TSLX1

14% TSLE2

25%

TOP I26%

TOP III20%

TOP II25%

Special Situations

Direct Lending

TAO

TOP IV69%

Capital Solutions

TAO 201312%

TAO 201510%

TAO 201619%

TAO 201226%

TAO 201419%

TAO 201813%

TAO 201713%

TCS (A)14%

TCS (B)15%

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3. Appendix

Agenda

21

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TPG Sixth Street Fund Performance SummaryAs of June 30, 2019 / $ Millions

1. TAO annual vintages include all investments with an initial purchase date in the respective calendar year. The TAO 2012 and 2013 vintages represent the performance of sidecar vehicles managed by Sixth Street that were formed to invest alongside TOP II in certain opportunities, rather than any single investment fund. These comprise TAO 1.0 which in aggregate have total capital commitments of $480M. Investments made by these sidecar vehicles would not necessarily be appropriate for or pursued by Global TAO, which is represented by the TAO 2014, 2015, 2016, 2017, 2018, and 2019 vintages. These comprise the Global TAO vehicles, with cumulative commitments raised since 2014 of $9.2B. Total TAO commitments exclude (i) commitments made by Sixth Street-affiliated and “friends and family” investors as well as (ii) commitments for which a termination election has been submitted 2. Fund commitments terminated upon IPO. Equity invested represents total lending commitments since inception, through 8/28/19. TSLX net MoM (shown in the “Gross MoM” column) and net IRR are calculated using investor cash flows, including capital called from investors, equity raised in public markets or through private placements, DRIP issuances, cash distributed to investors and the ending total market capitalization of TSLX based on the 6/30/19 stock price 3. Represents TSLE I returns as of 6/30/19 4. For TAO annual vintages, Net IRR calculations are hypothetical. These calculations are not actual returns to limited partners and do not reflect the actual returns of any single investor. Returns are based on a set of fee and expense assumptions applicable to a TAO Limited Partner with a commitment of less than $200M and who elected to a 5.5 year minimum commitment period. These hypothetical performance results are being presented for illustrative purposes only and actual results may vary significantly

• The management fee assumptions include annual fee rates of (i) 1.35% on equity invested and (ii) 0.65% on unused capital commitments • The expense impact assumption represents the actual gross to net TAO expense impact during the quarter ended 6/30/19 which is 1.15%; To note, this figure can fluctuate higher or lower over time • Additionally, the calculation assumes a carried interest rate of 17.5%

5. Gross MoM is recycle adjusted for TOP I, TOP II, TOP III, TOP IV, and TCS but is unadjusted for all other vehicles6. Gross IRR and Net IRR for TAO 2019 vintage are expressed as “NM” due to lack of historical performance necessary to perform these calculations7. “SMA” is defined as a separately managed account Note: For each of the funds represented, please see the applicable historical performance summary and related notes for each fund which includes important information regarding the calculation of all performance figures represented herein. Statistics not shown are not applicable (TOP I, TSL US, TICP) for the reasons described in the notes to each fund’s historical performance summary. Represents equity invested and committed as of 8/28/19 for TOP and TAO . Past performance does not guarantee future results, which may vary.

Start of

Investment

Period

Equity Invested

and Committed

Realized % of

Invested Gross IRR Net IRR4 Gross MoM5

Special Situations TOP I 2009 $2,170 $2,175 186% 26% – 2.4x

Special Situations TOP II 2011 $2,137 $2,178 160% 25% 17% 2.0x

Special Situations TOP III 2014 $3,373 $3,313 78% 20% 10% 1.6x

Special Situations TOP IV 2019 $3,226 $800 8% 69% 16% 1.1x

TAO Platform1 TAO 2012 2012 $480 $244 162% 26% 19% 1.7x

TAO Platform1 TAO 2013 2013 $480 $83 108% 12% 8% 1.3x

TAO Platform1 TAO 2014 2014 $2,230 $360 123% 19% 13% 1.6x

TAO Platform1 TAO 2015 2015 $6,237 $2,171 98% 10% 6% 1.2x




TAO Platform1 TAO 2019 2019 $9,162 $2,016 6% NM NM 1.1x

Capital Solutions TCS (A) 2018 $1,261 $393 13% 14% 2% 1.0x

Capital Solutions TCS (B) 2018 $988 $190 2% 15% 1% 1.0x

Direct Lending2 TSL US 2011 $1,500 $5,797 – – 14% 1.9x

Direct Lending3 TSL Europe 2015 € 811 € 694 44% 25% 10% 1.3x

Par Liquid Credit TICP 2013 $130 $135 73% – 8% –

Par Liquid Credit TICP II 2016 $417 $367 13% – 8% –

Par Liquid Credit TICP SMAs $903 Risk/return targets vary depending on mandate

Platform

Fund / TAO

Vintage

Fund

Commitments

6 6

7

5.

tssp diversified credit vehicle - granicus

Documents