Victory Capital to Acquire First Eagle in $7 Billion Deal

Victory Capital has agreed to acquire First Eagle Investments in a $7 billion cash and equity transaction, creating a combined global asset manager with approximately $571 billion in assets, according to reports by the Financial Times, The Wall Street Journal, and Bloomberg.

Under terms of the agreement announced on August 26, 2026, Victory Capital will pay $7bn to acquire 100 percent of the New York-headquartered manager from private equity firm Genstar Capital and First Eagle employees. The transaction values First Eagle at $7 billion and is targeted to close in the first quarter of 2027.

David Brown, chairman and chief executive of Victory Capital, called the acquisition a major step forward for the firm’s strategic expansion. According to Brown, the acquisition represents the subsequent phase in the firm’s growth by incorporating a top-tier international asset manager featuring a varied product selection that includes global multi-asset, equities, fixed income, and an expanded alternatives platform.

Expanding Scale and Alternative Credit Capabilities

The merger scales Victory Capital’s presence in alternative credit by absorbing First Eagle’s collateralized loan obligation (CLO) and alternative credit business. Once the transaction is finalized, this platform will integrate directly into Victory Capital’s broader alternatives offering.

Citywire reported that the combined entity will manage approximately $571 billion in assets, positioning Victory Capital among the largest publicly traded traditional asset managers in the United States. TradingView notes that the buying firm expects to achieve $280M in synergies following the integration.

Operational Autonomy and Future Outlook

Following the close of the transaction, First Eagle will be brought into Victory Capital while retaining its established brand, investment autonomy, and existing investment processes.

First Eagle president and chief executive Mehdi Mahmud stated that clients will… benefit from the materially larger distribution footprint of the combined entity. Mahmud added that he anticipates the merged organization’s size, public company status, and capacity for long-term business investment to serve as distinct advantages moving forward.

Alternative Credit Investor

In addition to domestic reach, Brown noted that the partnership will amplify distribution depth and breadth outside the United States through a strategic partnership with Amundi.