Alan Waxman
About Alan Waxman
Alan Waxman is Vice President of TSLX and Co‑Founder, Partner and Chief Executive Officer of Sixth Street; he previously served as a Partner at Goldman, Sachs & Co. and Chief Investment Officer of its Americas Special Situations Group . He holds a B.A. in International Relations from the University of Pennsylvania and serves on the Board of Overseers for the College of Arts and Sciences; he also holds philanthropic advisory roles at Tipping Point Community and the Boys and Girls Club of the Peninsula . Birth year: 1974; Tenure at TSLX: Vice President since 2011 (indefinite term); he sits on TSLX’s Adviser Investment Review Committee that approves investments . Sixth Street’s platform had over $100 billion of AUM as of December 31, 2024, with extensive direct lending and credit strategies that support TSLX’s sourcing, diligence, and portfolio management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman, Sachs & Co. | Partner; CIO, Americas Special Situations Group | Not disclosed | Led largest proprietary investing business; developed investment philosophy across capital structure |
| TSLX Adviser Investment Review Committee | Committee Member | Not disclosed | Approves investment decisions; leverages Sixth Street resources for origination, underwriting, asset management |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sixth Street | Co‑Founder, Partner & CEO | Not disclosed | Leads global investment business; platform breadth supports TSLX’s deal flow and diligence |
| Westbound Equity Partners (f/k/a Concrete Rose) | Founding LP & Strategic Advisor | Advising since 2018 | Advises early-stage platform supporting underrepresented founders; Sixth Street is Founding Strategic Partner |
| University of Pennsylvania (College of Arts & Sciences) | Board of Overseers member | Not disclosed | Governance/oversight role at academic institution |
| Tipping Point Community | Board Member Emeritus | Not disclosed | Philanthropic engagement focused on poverty and opportunity in Bay Area |
| Boys and Girls Club of the Peninsula | Advisory Council member | Not disclosed | Community advisory role |
Fixed Compensation
| Component | Disclosure |
|---|---|
| TSLX direct executive compensation | None; executive officers are employees of the external Adviser or affiliates; TSLX does not directly compensate its executives |
| Reimbursement of certain personnel | TSLX reimburses Adviser for allocable compensation of operational/admin staff (e.g., CFO, CCO) based on estimated time devoted to TSLX |
Performance Compensation
| Category | Disclosure |
|---|---|
| Equity compensation plans | TSLX does not have any equity compensation plans |
| Options grants & timing policy | Company does not grant options; thus no timing practices related to material non-public information |
| Executive performance awards | Any salaries/bonuses/performance awards are paid by Adviser or affiliates and not disclosed by TSLX; executives may share in Adviser profits (which include advisory fees less expenses) |
| Hedging/derivatives policy | Insider policy prohibits short sales and transactions in publicly traded options (puts/calls/derivatives); hedging (e.g., exchange funds) strongly discouraged and subject to approval |
Equity Ownership & Alignment
| Item | Amount/Detail | Date/Period |
|---|---|---|
| Deemed beneficial ownership via Sixth Street Specialty Lending Advisers LLC | 2,714,266 TSLX shares held by Sixth Street Specialty Lending Advisers LLC; Waxman may be deemed beneficial owner due to role at TSSP Holdco Management; he disclaims beneficial ownership except to pecuniary interest | Proxy filed April 10, 2025 |
| Deemed beneficial ownership via Sixth Street Specialty Lending Advisers LLC (prior year) | 2,714,226 TSLX shares; same control structure and disclaimer | Proxy filed April 11, 2024 |
| Direct individual ownership (proxy table) | Not disclosed in 2024/2025 beneficial ownership tables for executive officers | Proxy filed April 11, 2024 |
| Insider transaction – Open market purchase | Form 4 indicates acquisition of 1,120 TSLX shares on March 1, 2018 | 2018-03-01 |
| Recent Form 4 filings (indirect interests) | Filings note Waxman’s role (CEO/Managing Partner of Holdco Management) and disclaimer of beneficial ownership of reported securities | 2024-12-19 |
| Pledging/margin policy | Directors/officers/adviser employees may not pledge or hold TSLX securities in margin accounts; exceptions may be granted with demonstrated capacity to repay without resort to pledged securities | Policy disclosed 2024 proxy |
| Aggregate pledging (other execs) | 64,609 shares beneficially owned by other officers (not NEOs) pledged as collateral with unaffiliated financial institutions | 2024–2025 proxies |
Employment Terms
| Term/Clause | Disclosure |
|---|---|
| TSLX office & tenure | Vice President; since 2011 (indefinite term) |
| External manager structure | Sixth Street Specialty Lending Advisers, LLC serves as external Adviser and Administrator; executives are Adviser employees |
| Administration Agreement renewal | Renewed November 2024; remains in effect until November 2025; terminable by either party on 60 days’ written notice |
| Compensation Committee remit | Reviews and recommends renewal of Investment Advisory and Administration Agreements; sets director compensation |
| Severance/change-of-control | No executive-specific severance or change-of-control terms disclosed for Waxman in TSLX proxy materials (skip if not disclosed) |
Compensation Committee Analysis
- Committee members: Messrs. Doddy, Higginbotham, Ross, Tanemura; Mses. Slotkin, Covington; all independent under NYSE rules; chaired by John Ross .
- Responsibilities: Annual review and recommendation on Adviser’s Investment Advisory Agreement and Administration Agreement; director compensation oversight .
- Interlocks: None of TSLX executive officers served on boards/comp committees of entities with reciprocal relationships in 2024 .
Risk Indicators & Policies
- Hedging/derivatives restricted: Prohibits short sales and publicly traded option transactions; hedging strongly discouraged and requires approval .
- Pledging/margin restricted: Margin accounts and pledging prohibited, with limited exceptions subject to financial capacity; aggregate pledging by other officers exists (64,609 shares) .
- Equity comp plan: None; reduces potential for option repricing or PSU metric manipulation at TSLX level .
Investment Implications
- Alignment via Adviser economics: Waxman’s compensation is through the external Adviser, not TSLX; incentives tie to Adviser profitability (which includes advisory fees) rather than direct TSLX equity awards, moderating classical pay‑for‑performance alignment at the corporate level .
- Skin‑in‑the‑game is indirect: He may be deemed a beneficial owner of ~2.71M TSLX shares via the Adviser’s affiliated entities but disclaims beneficial ownership except to pecuniary interest; direct personal holdings are not disclosed in the proxy, with sparse Form 4 activity (last noted open market purchase in 2018), suggesting limited insider‑selling pressure signals .
- Governance and risk controls: Strict insider trading and pledging policies reduce forced‑sale risk; however, aggregate pledging by other officers indicates exceptions occur, warranting ongoing monitoring for collateral‑driven selling pressure in stress scenarios .
- Execution capability: Sixth Street’s >$100B AUM platform and Waxman’s investment committee role underpin strong origination/diligence capacity, a key lever for TSLX credit performance across cycles .