- He'll be replaced by Bernard Berman, who has been with Fifth Street (FSC) since 2004 and is a partner and investment committee member. Berman is also the chairman of Fifth Street Senior Floating Rate (FSFR). Leonard Tannenbaum remains CEO of FSC and Fifth Street Management.
- Also, Todd Owens comes over after 24 years at Goldman Sachs, joining Fifth Street as president. He was the lead banker on Fifth Street's 2008 IPO.
- In other news, both FSC and FSFR receive exemptive orders from the SEC allowing each to participate in negotiated co-investments with certain affiliates, including other funds managed by Fifth Street Management. Tannenbaum: "We can now hold up to $250M per transaction across the platform and possess a greater ability to enhance portfolio diversification and optimize individual investment sizes. We believe these new capabilities are strong differentiators in the middle market."