Fifth Street's Leonard Tannenbaum to Become One of the World's Youngest Billionaires

At 43-years-old Leonard M. Tannenbaum, the founder and chief executive officer of Fifth Street Asset Management, is set to become one of the world's youngest billionaires if the company prices its initial public offering at the top of its range.

According to Bloomberg, Fifth Street is slated to sell some 8 million shares when it floats on the Nasdaq for as much as $26 per share, which would value Tannenbaum's stake at over $1bn (£623m, €789m).

Tannenbaum founded the alternative asset manager, which has $5.6bn under management, in 1998.

He received a $22.5m paycheck in 2013.

Fifth Street provides financing to firms with annual revenues of between $25m and $500m. Billionaire David Einhorn's Greenlight Capital Management is among Fifth Street's private equity backers.

Tannenbaun also controls companies that own Fifth Street's Greenwich Connecticut head-quarters, which also entitles him to collect $2m per annum in rent from the company.