Markets Magazine
Tannenbaum's Fifth Street Funds Yield 10% by Lending Alongside Private Equity
The asset manager's IPO almost made him a billionaire last year.
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When Leonard Tannenbaum set up shop in the basement of an office building in Mount Kisco, New York, his plan for his one-man investing business was about as basic as you can get. “Early on, the idea was to make money,” Tannenbaum says. “How do I make money? How do I get an edge?”
It was 1998, and he was 27 years old, a Wharton MBA with two years as an analyst at Merrill Lynch and a couple of stints at fund firms, Bloomberg Markets reports in its May issue. He even sublet out half of the 800-square-foot (74-square-meter) space. Tannenbaum asked himself: “Is there a better mousetrap to develop?”