Victory Capital to acquire First Eagle Investments for $7 billion

Victory Capital Holdings has entered into a definitive agreement to acquire First Eagle Investments, a privately held global asset manager, for approximately $7 billion. The deal includes $4.4 billion in cash and $2 billion in newly issued Victory Capital equity, alongside the assumption of $575 million in existing senior secured notes.

Following the acquisition, Genstar Capital is expected to hold roughly 14.6% of Victory Capital on a fully diluted basis and will be entitled to designate two directors to the board. The transaction is projected to close by the end of the first quarter of 2027. Once completed, First Eagle will operate on Victory Capital’s platform while maintaining its brand and investment autonomy.

The combined entity is expected to generate annual revenue of approximately $3.2 billion and manage roughly $571 billion in assets. Amundi, a long-term strategic shareholder of Victory Capital and partner to First Eagle, expressed support for the deal, noting the complementary nature of the two firms' diversified asset management platforms.