Victory Capital Holdings has entered into a definitive agreement to acquire 100% of First Eagle Investments from Genstar Capital and First Eagle employees, expanding its scale in the global asset management market. First Eagle manages approximately $222 billion in assets under management, and the transaction is expected to increase Victory Capital’s total client assets to approximately $571 billion upon closing. The deal will bring First Eagle’s diversified capabilities across global multi-asset, equities, fixed income, CLOs and alternative credit onto Victory Capital’s platform, while First Eagle will retain its brand, investment autonomy and existing investment processes.
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“This is a transformational transaction that represents the next chapter in the evolution of our business,” said David Brown, Chairman and Chief Executive Officer of Victory Capital. “First Eagle is a premier global asset manager, with a diversified product lineup spanning global multi-asset, equities, fixed income, and a scaled alternatives platform that includes CLOs and alternative credit. It brings positive net flows in each of the last three years and year to date, as well as investment capabilities that are highly complementary to our own.” The combined organization is expected to benefit from greater distribution reach, expanded investment capabilities and increased resources, while clients gain access to a broader range of strategies. First Eagle’s $41 billion CLO and alternative credit platform is also expected to become the combined company’s alternative investments platform. The transaction highlights continued consolidation among asset managers as firms seek greater scale, broader product offerings and stronger distribution capabilities.
