Adds a differentiated global value multi-asset capability, complementary equity and fixed income capabilities, and a scaled CLO and alternative credit platform
Enhances Victory Capital’s organic growth profile through a multi-year history of positive net flows, broadened investment capabilities, and strong investment performance
Expands distribution reach across channels
First Eagle will operate on Victory Capital’s platform, while retaining its brand, investment autonomy, and existing investment processes
Victory Capital Holdings, Inc. (“Victory Capital” or “the Company”) announced that it has entered into a definitive agreement to acquire 100% of First Eagle Investments (“First Eagle”), an independent, privately held global asset manager with approximately $222 billion in assets under management (“AUM”) as of July 31, 2026, from Genstar Capital (“Genstar”) and First Eagle employees.
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Upon closing, the combined company is expected to have approximately $571 billion in total client assets, positioning Victory Capital as one of the largest publicly traded traditional asset managers in the U.S.
“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. This transaction enriches Victory Capital’s talent pool, gives us additional scale to invest even more in our overall platform, and amplifies our distribution depth and breadth in the U.S., as well as outside the U.S. through our strategic partnership with Amundi. It makes our company better, more competitive and more resilient through all market cycles. Our clients gain access to a broader set of investment capabilities and deeper resources, and our shareholders benefit from the enhanced scale and earnings power of the combined company.”
First Eagle will operate on Victory Capital’s platform, while retaining its brand, investment autonomy, and, most importantly, its existing investment processes — the same model that has made Victory Capital’s prior transactions successful. First Eagle’s $41 billion CLO and alternative credit platform will serve as the combined company’s alternative investments platform post-closing. Victory Capital and First Eagle will work together to ensure a seamless transition for clients, including continuity in how their money is managed and how they are served.
“I believe this transaction is a very positive development for First Eagle and, most importantly, for our clients. First Eagle’s distinctive investment teams will continue to operate autonomously, with no change to the investment philosophies and processes that have earned our clients’ confidence over time,” said Mehdi Mahmud, President and Chief Executive Officer of First Eagle. “Clients will also benefit from the materially larger distribution footprint of the combined entity. I expect the combined company’s scale, status as a publicly traded company, and ability to invest in the business for the long term will be a source of strength in the years ahead. The key stakeholders in our business have enthusiastically affirmed their support for this transaction.”
“We’re excited to partner with Victory Capital. We have known the firm and its leadership for a long time and could not be more enthusiastic about what this means for clients of both organizations,” said Tony Salewski, Managing Partner at Genstar. “Mehdi and the First Eagle team have done an outstanding job building a market-leading investment firm, and Victory Capital is the right permanent partner for First Eagle to build on that success. I look forward to what the combined platform can accomplish.”
Strategic and Financial Benefits
A broader platform and a strong investment performance record
First Eagle has approximately $222 billion in AUM across global value multi-asset, equities and fixed income, including a scaled $41 billion CLO and alternative credit platform, with 92% of its rated mutual fund and ETF AUM having achieved an overall four- or five-star Morningstar rating.
Enhanced organic growth profile and expanded reach
First Eagle has generated positive net flows in each of the last three years and is net flow positive year to date through July 31, 2026. The transaction creates a materially larger distribution platform across channels.
Meaningful earnings accretion and enhanced scale
The transaction is expected to be approximately 35% accretive to 2027E adjusted earnings per share, inclusive of approximately $280 million of anticipated net expense synergies, creating a combined company with annual revenue of approximately $3.2 billion.
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