Tao Overview Presentation to State of Connecticut Retirement Plans and Trust Funds
TAO GLOBAL CURRENT PORTFOLIO
Current Portfolio Characteristics
HUNTING GROUND BREAKDOWN¹
Infrastructure
14%
Fundamental
Strategies
18%
Modified 1st
Dollar Risk
22%
Specialty Lending
Adjacencies
35%
Other
20%
14%
Growth
9%
Opportunities
5%
Agriculture
4%
Credit Market
COMMITTED INVESTMENTS
BY CAPITAL STRUCTURE²
Strategies
1%
1st Dollar Risk
58%
GEOGRAPHIC MIX³
UK
9%
Other EMEA
7%
Spain -APAC
2%
Italy 5%
6%
CASH YIELD
Non-Cash Yield
23%
North
America
71%
O Cash Yield
77%
DIFFERENTIATED PORTFOLIO
SIXTH STREET HIGHLY CONFIDENTIAL
Overlap with
One GP
8%
Overlap with More
Than One GP
13%
No Overlap / Differentiated
78%
1. Hunting Grounds are based on the Sixth Street Platforms. Given specific investments may, and often do, fall under multiple Sixth Street Platforms, for the purpose of this analysis each investment has been assigned
to one primary Hunting Ground based on the following criteria. The Infrastructure, Agriculture, Growth, and Credit Market Strategies Hunting Grounds include all investments in Infrastructure, Agriculture, Growth,
and Credit Market Strategies, respectively. The Fundamental Strategies Hunting Ground includes all investments in Fundamental Strategies that do not overlap with the Infrastructure, Agriculture, Growth, or Credit
Market Strategies Platforms. The Specialty Lending Hunting Ground includes all Specialty Lending investments that do not overlap with the Infrastructure, Agriculture, Growth, Credit Market Strategies, and/or
Fundamental Strategies Platforms. The Opportunities Hunting Ground includes all Opportunities investments that do not overlap with the Infrastructure, Agriculture, Growth, Credit Market Strategies, Fundamental
Strategies, and/or Specialty Lending Platforms. Adjacencies includes all remaining investments
2. First dollar risk represents top of the capital structure. Modified first dollar includes investments with attachment points at less than 25% LTV. Other includes unsecured debt, mezzanine, structured finance and
certain equity positions
3. The geographic location(s) of investments for purposes of this presentation are determined at the General Partner's discretion based on a variety of factors including, but not limited to, (a) the location(s) in which
the borrower/issuer is domiciled, headquartered, conducts significant operations and/or derives significant revenues, and/or (b) the location(s) of key assets of the borrower/issuer (including assets providing security
in respect of the relevant investment). Regarding Sixth Street cross-over transactions (i.e., those investment consummated by two or more Sixth Street Funds), the geographic designation(s) of particular investments
may vary across discrete Funds (e.g., if an investment has as strong nexus to both the UK and the U.S., it may be designated as a U.S. investment by a Fund that focuses on the U.S., whereas a Fund that focuses on
Europe may designate it as a European investment). With regard to the pie chart above, Europe was selected as the sole geographic designation for certain investments that had nexuses to Europe and one or more
other regions
Note: Based on Unrealized Value for TAO Global as of 3/31/2020
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