Fifth Street Founder Poised to Become Billionaire on IPO

Leonard M. Tannenbaum, the founder and chief executive officer of Fifth Street Asset Management Inc., will become one of the world’s youngest billionaires if the company prices its initial public offering at the top of its range.

Fifth Street, an alternative asset manager with $5.6 billion under management, is looking to sell 8 million shares for as much as $26 each when it debuts on the Nasdaq, which would value Tannenbaum’s stake in the company at about $1 billion. The 43-year-old billionaire was paid $22.5 million in cash compensation in 2013 and has never appeared on an international wealth ranking.