Fifth Street Asset Management

Leonard Tannenbaum chaired the investment committee as CEO and held ultimate authority over credit approvals throughout the firm's history. Bernard Berman served as President, and the investment team operated with a centralized underwriting process from West Palm Beach. Following the 2017 Oaktree transaction, investment control transferred to Oaktree's credit platform.

Fifth Street Asset Management was the external manager of Fifth Street Finance Corp., a publicly traded business development company. This structure meant the asset manager earned base management fees and incentive fees from the BDC, creating a relationship distinct from internally managed funds. The two entities were legally separate but controlled by the same leadership team until Oaktree acquired the management contract in 2017.

Fifth Street focused on late-stage and expansion-stage companies through senior secured loans and mezzanine debt, primarily backing private equity sponsor transactions. It did not invest in early-stage venture or seed rounds. The firm targeted companies generating $10 million to $100 million in EBITDA, placing it in the core middle-market lending segment.

A combination of portfolio credit losses, dividend cuts, and a sustained shareholder activism campaign forced the firm to sell its management contracts to Oaktree in 2017. Investors had challenged the externally managed BDC structure, arguing it misaligned incentives. The declining asset base reduced fee income, and the firm's publicly traded stock collapsed, making the sale the only viable path for the Tannenbaum-led management team.

No. Fifth Street Asset Management wound down its operations following the 2017 sale of its BDC management contracts to Oaktree Capital Management. Leonard Tannenbaum subsequently founded a new credit-focused entity, and the original West Palm Beach platform no longer manages capital. The Fifth Street brand no longer originates or manages institutional investments.