Fifth Street Asset Management has hired David Heilbrunn as a managing director and member of the firm’s management committee. His main responsibilities will include expanding the structured credit platform, developing institutional client relationships and working on the firm’s financing arrangements. Fifth Street, which has most of its money in business development companies (BDCs), is working on expanding into CLOs, as PDI previously reported. The firm closed its first CLO in February at $309 million.
Heilbrunn was previously a managing director of The Carlyle Group, where he worked on building two non-traded BDCs, raising about $2.2 billion of private equity and debt capital. Also at Carlyle, his team continued to manage a legacy $1.25 billion mid-market CLO. Heilbrunn joined Carlyle in November 2011, as part of the alternative investment firm’s acquisition of Churchill Financial at the time. Previously, he was a senior managing director and head of corporate strategy at Churchill. Several other senior executives that joined Carlyle as part of that purchase had left the firm over the course of last year.
Those people, which included Ken Kencel, Randy Schwimmer and George Kurteson, have recently resurfaced at TIAA-CREF, which hired the group to form a mid-market lending subsidiary under a similar name: Churchill Asset Management.
Greenwhich, CT-based Fifth Street is a credit firm with $6 billion in assets under management across two publicly-traded BDCs, the Fifth Street Finance Corp. and Fifth Street Senior Floating Rate Corp., as well as private investment funds. The Fifth Street platform provides financing to small and mid-sized businesses across the capital structure.