Leonard M. Tannenbaum
Leonard M. Tannenbaum | |
|---|---|
| Born | August 9, 1971 |
| Occupation(s) | Financial manager, entrepreneur |
| Known for | Founder and Executive Chairman of TCG/Tannenbaum Capital Group; Founder and former CEO of Fifth Street Asset Management |
Leonard M. Tannenbaum (born August 9, 1971) is the Founder and Executive Chairman of TCG/Tannenbaum Capital Group, which focuses on private credit and real estate sectors. He previously established and led Fifth Street Asset Management as CEO until its acquisition by Oaktree Asset Management in 2017. Additionally, he created the pro-business political action committee known as "Keeping America Competitive."
Early life and education
Born into a Jewish family, Tannenbaum is the son of Adele Fuchsberg, a Cuban exile and Nassau County education official, and Calvin M. Tannenbaum, who was a managing partner at a New York law firm. He obtained a Bachelor of Science in economics and an MBA in finance through the Wharton School’s submatriculation program and earned the Chartered Financial Analyst (CFA) credential. Early in his professional journey, he worked as an equity analyst at Merrill Lynch.
Career
In 1998, Tannenbaum founded Fifth Street Finance, a financial firm aimed at raising capital from private investors to invest in small- and mid-sized enterprises. His initial fund was launched with $30 million raised, including $15 million from his father-in-law, Bruce E. Toll, and remained active until 2004. In January 2005, he introduced a second fund—Fifth Street Mezzanine Partners II—valued at $157 million and supported by institutional investors such as DuPont, Sumitomo Bank, and WP Global; this fund concluded its investments in 2007. That same year saw the creation of a third fund which, following guidance from David Einhorn in 2008, transitioned into a business development company (BDC) called Fifth Street Finance Corp., going public in May 2008. Fifth Street primarily invested alongside private equity firms targeting lower middle-market companies with an average EBITDA of $10 million; typical investments averaged $35 million with a maximum cap of $100 million. In September 2014, the Securities and Exchange Commission authorized raising the investment cap to $250 million across the platform. Tannenbaum has been honored with the M&A Advisor Lifetime Achievement and Leadership Award and inducted into the M&A Advisor Hall of Fame. The sale of Fifth Street Asset Management to Oaktree Asset Management occurred in 2017.
In 2023, through his family office, he launched TCG/Tannenbaum Capital Group and subsequently took mortgage REIT Sunrise Realty Trust public on Nasdaq in July 2024 under the ticker symbol SUNS. This company specializes in providing capital to qualified commercial real estate borrowers.
Tannenbaum actively supports various organizations including the Palm Beach Zoo, Jewish Federation of Palm Beach, Wharton University, Yo Soy Ella, PA CASA (Court Appointed Special Advocates for Children), Corners Outreach, and Chess in the Schools.
He serves as Chairman of LMT Investments LLC and holds the position of President at the Leonard M. Tannenbaum Foundation.
Personal life
In 1997, Tannenbaum married Elizabeth Toll—daughter of housing developer Bruce E. Toll—in a Jewish ceremony held at Philadelphia’s Ritz Carlton. The couple had three children: Stephen, Max, and Adam; they divorced in October 2010.
He wed Stacey Thorne in 2013; their marriage ended in divorce by 2016. They share one son named Justin.
In November 2019, he married Robyn (Friedman) Tannenbaum; together they have two daughters, Gemma and Ember.
Overall, Tannenbaum is father to six children: Stephen, Max, Adam, Justin, Gemma, and Ember.
Max held the role of president at Dream Dragons—a company founded by thirteen high school students through Southwestern Connecticut’s chapter of Junior Achievement, an organization that fosters young entrepreneurship.