Victory Capital to Buy First Eagle for $7bn, Creating $571bn Manager

Victory Capital has agreed to acquire First Eagle Investments from Genstar Capital and employees in a roughly $7bn transaction, creating a diversified asset manager with approximately $571bn in client assets. First Eagle manages about $222bn, spanning global value, equities, fixed income and a $41bn CLO and alternative credit platform, which will become Victory Capital’s alternatives platform. First Eagle will retain its brand, investment autonomy and processes. The deal is expected to add about 35% to Victory Capital’s 2027 adjusted EPS, including $280m of anticipated expense synergies, and is targeted to close by the end of Q1 2027.