Alternative investment manager Sixth Street has created a new summer fellowship program that company executives hope will increase the diversity of its industry.
Open to women and minority undergraduate students with or without previous finance experience, the program is designed to give students the knowledge and personal contacts needed to launch a career in alternative investment management. Each fellow will be able to work with Sixth Street's recruiting team to explore career opportunities across the industry, not just at Sixth Street.
"This is not our first initiative to recruit more candidates from underrepresented backgrounds, but what's new is the scale and design of the program, including time for a primer on the ins and outs of the industry and our business," said David Stiepleman, Sixth Street's co-founder and co-president, in an email.
The nine-week fellowship is open to first- or second-year undergraduate students who are women and/or minorities. The initial class of more than 20 students this coming summer will be provided training, mentorship and hands-on experience as investment professionals and business operators.
The fellowship will start with a one-week intensive immersion course in which students will receive skills-based training and take part in case studies with Sixth Street business leaders. Participants will then move to an eight-week internship program in which they will work with Sixth Street executives as investors and business operators.
This real-world experience "is the best way to build authentic relationships that will last beyond the summer," Mr. Stiepleman said.
This is not Sixth Street's only effort to increase diversity, equity and inclusion in alternative investment management, he said. Sixth Street has been working with other organizations that promote diversity in the industry such as Girls Who Invest and BLK Capital Management Corp., as well as student groups and their schools "to try and address the root causes of underrepresentation in our industry for some time," Mr. Stiepleman said.
San Francisco-based Sixth Street has $55 billion in assets under management.
