Sixth Street Co-Founder Leads Effort to Revive San Francisco

A co-founder of private equity firm Sixth Street is joining forces with a crypto entrepreneur and a former Hewlett-Packard chief executive to revitalize San Francisco’s struggling downtown and bolster the city’s new mayor.

David Stiepleman, co-founder of Sixth Street, will serve as chair of the new San Francisco Downtown Development Corporation, a nonprofit created to mobilize private capital for revitalization projects in the city’s core, where office vacancy rates remain around 35%. The group will raise funds for a series of projects now under discussion with business-friendly Mayor Daniel Lurie, who took office in January.

“The initiative ...