Victory Capital to Acquire First Eagle Investments for $7 Billion

Victory Capital Holdings agreed to acquire First Eagle Investments for approximately $7 billion, a move that establishes one of the largest publicly traded traditional asset managers in the United States. The combined entity will manage roughly $571 billion in total client assets.

The purchase price consists of $4.4 billion in cash, $2 billion in newly issued equity, and the assumption of $575 million in senior secured notes due 2032. Victory Capital is acquiring the firm from Genstar Capital and First Eagle employees. Upon closing, Genstar Capital will own approximately 14.6% of Victory Capital and appoint two directors to an expanded 11-member board.

First Eagle will maintain its brand, investment autonomy, and processes while operating on the Victory Capital platform. The transaction is expected to close by the end of the first quarter of 2027 and is projected to be roughly 35% accretive to adjusted per-share earnings next year, supported by $280 million in anticipated net expense synergies.