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i sat down with alan waxman, the ceo and cofounder of sixth street. firm has a sizable presence in growth investing having made billion dollar plus investments in spotify and airbnb before each of those went public. i asked waxman where we are in the ipo cycle and whether he expects that window to open soon. he said we're in the seventh inning of the cycle. >> we've already started to see a real pickup in our pipeline as people ultimately commerce has to go, you know, you can only extend the runway for so long. there are growth opportunities out there, and i think people are starting to look for capital and picking their he understand up and obviously having the ipo market open, a little bit of small crack that helps and sort of gets commerce moving again. our expectation is for 2024, volumes will be higher, i don't want to say much higher. it's hard to call right now, but i would say materially higher than they were in 2023. >> this year the challenge was that startups, quote, withheld from looking for new capital because the valuations aren't quite

. >> today's newsletter features alex waxman, co-founder of sixth street.ge player in the direct lending space. m waxman spoke of the explosive growth it's seen recently. >> the die nynamic right now, t evolution changing from what was predominantly all banking activity, now more private market activity, that is a megatheme that is hitting across all asset classes, from corporate -- the way corporates are financed, small-medium -- >> public corporates? >> public/pripublic/private, re infrastructure. the plumbing of the sis ystem a how it's financed is evolving in an accelerated way. >> all the capital that's gone into the direct lending space, the private credit space, some criticized that as being the potential for a bubble. is that what you see given your perspective on the space and your view of competitors, as well as your own book? >> it might be a bubble, but it doesn't pose systemic risk. that's the important point. a lot of -- at least the way sixth street does it, our cap capital, it's long dated so we can match assets and liabilities. it's highly

and when i saw that picture of lorraine waxman pierce at the presentation of the guidebook. it made me think more about asking this particular question of elaine and melissa. you know. was who was that? the person sort of hidden to the side and what was her role in early on in the kennedy administration and her legacy not only serving as the first white house curator and what that means today, but how that continues to shape office, so well, i'll do the historical background and you can say how it shapes the office lorraine waxman-pierce was a recent graduate of the winter program really hand-picked by charles montgomery and henry dupont to come down here and and be the first curator because mrs. kennedy wisely knew you needed professionals. she was perfect for the position because her her thesis had been on charles honore long way the french emma gray cabinet maker fit in beautifully with the early french furnishings of the white house. you'd think they just get on like a house of fire. i think mrs. kennedy was difficult to work for i don't think i'm revealing any secrets.

i want to point out the only two women in the remarks jacqueline kennedy and lorraine waxman pierce,he first curator of the white house also a graduate of the winter program. she established that curators office the first curator which is now the legacy of that and mrs. pierce was essential in authoring, helping to offer that first guidebook. in the next slide, please. so beyond what she was doing in the white house itself, she really looked outside its walls and into the neighborhood. we can all touch on this in his opening remarks about the lafayette square here i want to credit kathleen wrote a wonderful article in 2006 for the leadership forum journal about the efforts that mrs. canoe made to save lafayette square. she in the research at the kennedy library realized it was a day after the television tour, february 15 of 1962 that mrs. kennedy took a walter -- walked through the lafayette park with david tillich administered for the first time the full extent of the plans that were in place. i think again here's a mental reaching out to her and utilizing her great appeal. i have t

a lot of people hope it is i sat down with alan waxman co-founder of sixth street for our deliveringlpha newsletter out today. his firm has a sizable presence in growth investing having made billion dollar plus investments in spotify and airbnb before each went public i asked waxman where we are in the ipo cycle and whether he expects the window to open soon. he said we're in the seventh i think of the cycle >> we've already started to see a real pick-up in our pipeline as people ultimately commerce has to go. you can only extend the runway for so long and there are growth opportunities out there, and i think people are starting to look for capital picking their heads up and having the ipo market open a little bit, a little bit of a small creek, helps and sort of gets commerce moving again our expectation is for 2024, volumes will be higher, i don't want to say much higher, it's hard to call right now, but materially higher than they were in 2023. >> he said this year the challenge was that startups, quote, withheld from looking for new capital because the valuations aren't quite wha

on "power lunch," alex waxman says it is not just the developers benefitting from private lending andv interview. don't get nervous. it's easy. this tv is not all that hard. >>> contessa is ttgeing ready. i'll join her on the other side of the break. ♪ >>> welcome, everybody, to "pour l power lunch." with contessa brewer, i'm tyler madsen. glad you could join us. something the markets will be continuing to watch, earnings good enough. will tomorrow's jobs report be just right to keep the rally going? >>> move over, barbenheimer. at taylor swift movie coming ou in october as a concert flick. friday the 13th, the same day as the new "exorcist." be exor-swift will another jolt for the box office? >> the mashup is happening with the movies, not just couples now. >>>

she has a rare interview with six street's alvin waxman, you can also sign up at cnbc.com/deliveringalpha newsletter >> 3m is one of the best performers on the dow and s&p today, higher on reports it's ready to settle the ear plug lawsuits we'll show you that and other movers of the day in three-stock owerun" lle "p lchwi bright back the us, you'll find pnc b. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. my name's dan and i live here in san antonio, texas. my wife magda and i h

negative sometime in the fourth quarter >> that was just part of sixth street cofounder and ceo alan waxman's first-ever television interview as part of the latest delivering alpha newsletter. his firm has exploded in growth in recent years with $74 billion invested in everything from direct lending and sports insurance to real estate scan the code on your screen and subscribe for more or visit cnbc.com/deliveringalphanews letter >>> it's time now for your global briefing. this morning, we have news related to microsoft microsoft says it plans to unbundle its teams software from the microsoft bundle in europe the move is an effort to address concerns raised by eu regulators who are concerned. teams bundling could relate to an abuse of the teams position and ubs shares surging, reporting its biggest ever quarterly profit as a result of its takeover of credit suisse. it will fully integrate the local businesses of its former rival by next year >>> and china says its manufacturing sector contracted in august for the fifth month in a row as it deals with weak consumption, low factory output and a

her hiring of the first curator of the white house lorraine waxman pierce as well as the support of congress through public law 87286 and act concerning the white house in providing for the care and preservation of its historic and artistic contents specified the need to preserve and interpret the museum character of the ground floor corridor and the public rooms on the state floor. it also codified that furniture fixtures and decorative arts of the white house are inalienable and considered the property of the white house mrs. kennedy supported the creation of the white house historical association as a cooperating organization with the national park service, and we are proud to maintain that today six years 60 years later while mrs. kennedy's time at the white house was tragically cut short her successor lady bird johnson and her husband president lyndon johnson further institutionalized these roles and are ongoing relationship president johnson issued executive order 11145, which officially created the position of white house curator and the committee for the preservation of the white hou

1962, and i i want to point out the only two women in the room are jacqueline kennedy and lorraine waxman pierce was the first curator of the white house also a graduate of the winter program. so she established that curator's office the first curator, which is now melissa support of the legacy of that and mrs. pierce was was really essential in the authoring helping to author that first guide book, and then the next slide, please. so beyond what she was doing in the white house itself? she really looked outside of its walls and into the neighborhood and we paul touched on this of course in his is opening remarks about the lafayette square i want to credit kathleen gallup who wrote a wonderful article in 2006 for the leadership forum journal about the efforts that mrs. kennedy made to save lafayette square and she in her research at the kennedy library realized that it was the day after the television tour aired february 15th of 1962 that mrs. kennedy took a walk through lafayette park with david finley and understood for the first time the full extent of the plans that were in place and

it has $74 billion under management but this is waxman's first-ever tv appearance sixth street does directculture and has a sizable presence in growth investing having made billion dollar plus investments in spotify and air b&b and whether he expects the window to open soon. he said we're in the seventh inning of the cycle. >> we've already started to see a real pick up in our pipeline as people -- ultimately commerce has to go. can you only extend the runway for so long. and there are growth opportunities out there. i think people are starting to look for capitolal and picking their heads up it gets commerce moving again. our expectation is for 2024 volumes will be higher -- i don't want to say much higher, it's hard to call right now but i would say materially higher than they were in 2023 >> so he says expect to see more activity in the fourth quarter and into the first quarter of next year. and private credit and as well as whether we're out of the woods on a recession, you can subscribe to the information you see on the screen. >> am i oversimplifying thinking the market is going to o

think that was one of the probhat happened with the first brief, i they conflated their arguments waxman will, you know, mr. adequately defend sh but those arguments conflated the issues. there's no racial balancing clm against unc. there's no allegation of quota. there's been a lot of talk about quota in this casee's no claim about that. there's no claim against unc involving the intentional discrimination against asian american students vis-a-vis white students or other students. so that record actually doesn't exist. justice alito: so what is yo response to the simple argument at college admissions are a zero sum game? and if yo a plus to a person who is an under -- falls withithcategory of underrepresented minority but not toody else, you're disadvantaging the latter st mr. hinojosa: and -- and, your honor, you know, that's hat's an excellent point, but the recordlly bears out about how -- in this case, how the holistic admissionsdoes end up operating. individualized consideration is being made on a student's own talents, on a student's own achievements -- --stice alito: so you're sa