Alan Waxman

That's a whole other story.

One of my mentors, and we call him the godfather of Sixth Street, Jamie Gates, our first fundraising meeting we went to was with a large sovereign wealth fund.

I'm like reading every word on every page.

He's doing these hand signals like, let's go, let's go, kick him in.

It was not good.

We never talked to an investor, but I remember getting out and we first started talking to investors on Sixth Street.

We had a really hard time in the beginning because if you think about the LP world, the way it's set up, it's very silent.

You have your private equity group.

You have your fixed income group.

Now you have your private credit group.

You have your real estate infrastructure.

So

We got lucky because David Vineyard was our CFO.

We had one LP.

So we were completely unconstrained and unsightly.

We just couldn't lose money.

You grow up in the world today.

When I first got out and we're talking LPs from, let's say, a very big pension plan.

And at first, and I'm describing what we do, and they can't fit us in a bucket.

They're like, wait a second.