What Do You Call an Institution That Can Play Anywhere in the Capital Stack? With Julian Salisbury

In a world where investment classification rules supreme, Sixth Street believes that its flexible architecture, approach, and culture make the firm different. Sixth Street, founded in 2009, manages more than $130 bn, suggesting flexible capital unlocks opportunities in a world that never stands still. Sixth Street’s Partner, Co-President & Co-CIO Julian Salisbury is a veteran of 25 years at Goldman Sachs, including former head of its asset management and merchant banking businesses. Julian discusses how Sixth Street works as One Team with a shared mission to deliver the best investment opportunities for its investors, as well as Sixth Street’s priorities when identifying and sourcing opportunities, industry preferences, timelines, and exits. He then explores the conundrum of growing assets and preserving alpha and reflects on current obstacles in the private markets. He also describes “the complexity premium,” changes in the world of direct lending, calibrating risk in an untraditional fund structure and private markets, and more. Subscribe to stay up to date with our range of fascinating interviews, featuring some of the biggest names in global finance and business! RECORDING DATE: JUNE 5 2026 TOPICS: 00:00 Building a One-Team Culture 07:03 The Evolution of Merchant Banking 12:12 Sixth Street’s Vision and Platform 15:36 Flexibility in Investing & Growth Sectors 17:19 Investment Timelines and Holding Periods 22:17 US vs. Europe: Lending and Credit Opportunities 27:32 Private Markets, Retail Flows & Liquidity 29:00 Future of Private Markets and Liquidity Trade-Offs 33:38 Where Complexity Is Rewarded in Investing 36:01 Sports as an Investment Theme 40:44 Managing Risk Without Traditional Fund Constraints 48:01 Advice for Young People in Finance 52:00 Key Takeaways and Final Thoughts SPONSORS: J.P. Morgan Asset Management is the home of active ETFs. Powered by deep research, their range of over 40 active UCITS ETFs has been designed to help investors build stronger, more resilient portfolios. Find out more: https://am.jpmorgan.com/gb/en/asset-m... IFM Investors are a global institutional asset manager whose purpose is to invest, protect and grow the long term retirement savings of working people. They manage investments across infrastructure, debt, listed equities and private equity assets. Find out more: https://ifminvestors.com/en-gb/ The World Gold Council is membership organisation that champions the role gold plays as a strategic asset, shaping the future of a responsible and accessible gold supply chain. Their team of experts builds understanding of the use case and possibilities of gold through trusted research, analysis, commentary, and insights. Find out more: https://www.gold.org/ LSEG is a leading global financial infrastructure and data provider, which plays a vital social and economic role in the world's financial system. Backed by three centuries of experience, they help 40,000+ customers in 170 countries fund innovation, manage risk & create jobs. Learn more: https://www.lseg.com/en STAY UP TO DATE ✅ Newsletter: https://www.moneymazepodcast.com/subs... ✅ LinkedIn:   / the-money-maze-podcast   ✅ X/Twitter:   / podcast_maze   LISTEN: 🎧 Apple Podcasts: https://podcasts.apple.com/gb/podcast... 🎧 Spotify: https://open.spotify.com/show/0uT0iw8... DISCLAIMER All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed. The Money Maze Podcast is funded by third party advertising, with all episodes editorial - and not commercial - in relation to all interview content discussed. Please note, Money Maze Curated Podcasts do not contain third party advertising, and are instead funded by the featured interviewee and/or their business (these episodes are commercial, as opposed to editorial features). During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.