(Bloomberg) -- Sixth Street Partners is seeking more than $6 billion for an evergreen fund at the onset of what could become a prolonged period of market turmoil set off by the coronavirus pandemic, according to people with knowledge of the matter.

The firm, founded by former Goldman Sachs Group Inc. partner Alan Waxman and nine others, began discussing its so-called adjacent opportunities vehicle with select investors in recent weeks, said the people, asking not to be identified because the talks are private. An upper limit for the fundraising hasn’t been set, one of them said. The $12 billion fund has been closed to new capital since 2017.

Evergreen funds have no set termination date, giving them more leeway in managing holdings or recycling capital during extended market dislocations. The adjacencies strategy -- also known as TAO -- looks for ways to invest alongside Sixth Street’s other platforms, which focus on areas including growth capital, specialty lending, infrastructure and par liquid credit. “TAO allows us to be both nimble in small and reliable in large transactions, to make both medium- and long-term-oriented investments, and to be active in any capital context,” its website says.

A Sixth Street spokesman declined to comment.

The firm had more than $10 billion in dry powder following the activation of a $3.1 billion contingent fund on April 1. It has since invested $600 million in debt and equity securities of home-sharing platform Airbnb. It also participated in a fundraising round for AvidXchange, a provider of automated payment processes for mid-sized businesses.

Sixth Street generated a return of more than four times its investment in the debt and equity of Australian data center company AirTrunk, which this month closed on a majority stake sale to a consortium led by Macquarie Infrastructure and Real Assets.

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