Tao Overview Presentation to State of Connecticut Retirement Plans and Trust Funds
SIXTH STREET ALPHA
Performance vs. Index
SIXTH STREET GROSS IRR PERFORMANCE
Overlaid with High Yield Spread-to-Maturity
2,000
1,800
1,600
1,400
1,200
1,000
800
6
600
400
200
TOP I
26%
TOP II
25%
TSLX¹
10%
TOP III
17%
TSLE²
20%
TAO 2012 TAO 2013 TAO 2014 TAO 2015 TAO 2016 TAO 2017 TAO 2018 TAO 2019
26%
11%
18%
10%
10%
15%
11%
21%
TOP IV
17%
TCS (A)
11%
SIXTH STREET HIGHLY CONFIDENTIAL
TAO 2020
NM
TCS (B)
10%
TAG
NM
Opportunities
Specialty
Lending
Adjacencies
3/31/20:
994bps
Growth
Dec-09
Feb-11
Apr-12
Jun-13
Aug-14
Oct-15
Dec-16
Feb-18
Apr-19
Jun-20
Oct-08
1. TSLX 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 3/31/2020
2. Represents TSLE I gross IRR, levered as of 3/31/2020
Note: Performance as of 3/31/2020 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 3/31/2020
CONSISTENT ALPHA RETURN GENERATION ACROSS SIXTH STREET PLATFORM
Agriculture
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