Fifth Street Management LLC Launches Venture Lending Business

GREENWICH, Conn., Aug. 6, 2013 (GLOBE NEWSWIRE) -- Fifth Street Management LLC ("Fifth Street") today announced its entry into venture lending through Fifth Street Technology Partners. The new group will be led by Michael David, former Co-Head and Managing Director of ORIX Venture Finance LLC and a 20-year industry veteran. The team of seasoned professionals was previously part of a group that deployed over $1 billion of capital to more than 100 companies.

The group will be based in Silicon Valley with an additional office in Dallas and plans to make structured and secured debt investments ranging from $5 million to $50 million in rapidly growing, later stage venture capital backed companies. The group will enhance Fifth Street's sector expertise in technology, internet and healthcare information technology, with a subsequent focus on life sciences. Opening new offices in California and Texas will help strengthen Fifth Street's national presence as it makes platform extensions inside and outside of its core middle market lending business.

"In addition to offering attractive risk-adjusted returns, we believe the venture finance sector offers compelling synergies with Fifth Street's nationwide sponsor origination platform," stated Ivelin Dimitrov, Fifth Street's Chief Investment Officer, adding, "Venture debt is becoming increasingly attractive as traditional lenders retreat from smaller companies and heightened scrutiny makes it unpalatable to raise another round of venture capital funding at lower valuations."

"As later stage companies exit the venture capital phase, they become natural candidates for financing in conjunction with sponsor-led buyouts," said Michael David, Managing Director and new Head of Fifth Street Technology Partners, adding, "We are delighted to continue fostering growth with a highly-regarded, like-minded lender, whose stable capital base and quick decision-making process can help deliver the best financing solutions for our clients."

About Fifth Street Management LLC

Fifth Street Management LLC is a leading alternative asset manager and the SEC-registered investment adviser to two publicly-traded business development companies, Fifth Street Finance Corp. (Nasdaq:FSC) and Fifth Street Senior Floating Rate Corp. (Nasdaq:FSFR). With a track record of more than 15 years and a national presence including offices across the country, the Fifth Street platform provides comprehensive financing solutions to small and mid-sized companies, with the ability to hold loans up to $150 million and underwrite and syndicate transactions up to $250 million.

Forward-Looking Statements

This press release may contain certain forward-looking statements, including statements with regard to the future performance(s) of Fifth Street Finance Corp. ("FSC") and/or Fifth Street Senior Floating Rate Corp. ("FSFR"). Words such as "believes," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and these factors are identified from time to time in FSC's and/or FSFR's filings with the Securities and Exchange Commission. Neither FSC nor FSFR undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Investor Contact: Dean Choksi Senior Vice President of Finance & Head of Investor Relations (914) 286-6855 Corporate Development: Juan E. Alva Managing Director, Head of Strategy & Corporate Development (818) 876-9665 Media Contact: James Velgot Chief Marketing Officer (914) 286-6848 jvelgot@fifthstreetfinance.comSource:Fifth Street Management LLC;Fifth Street Senior Floating Rate Corp.