Fifth Street Asset Management announced on Wednesday it plans to withdraw an initial public offering that was intended to raise $200 million.
The alternative money manager intends to “withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission,” said a statement e-mailed by spokesman Nicholas Rust.
“While we received demand from potential investors, market conditions are not optimal for an IPO at this time,” said CEO Leonard M. Tannenbaum in the statement. “We remain excited about the future and look forward to executing on our current initiatives to continue growing the Fifth Street platform.”
The company originally filed the S-1 on Sept. 8, with underwriters including Morgan Stanley, J.P. Morgan Chase and Goldman Sachs.
Fifth Street, which focuses on credit strategies, has $5.6 billion in assets under management.