Victory Capital to acquire First Eagle in transformative deal

• Victory Capital (NASDAQ:VCTR) agreed to acquire First Eagle Investments, which manages approximately $222 billion in assets under management.
• The transaction is expected to create a combined company with approximately $571 billion in client assets after closing.
• Victory Capital stated that the deal will expand its investment capabilities, distribution reach, and alternative investments platform.

Victory Capital (NASDAQ:VCTR) entered into a definitive agreement to acquire First Eagle Investments, an independent asset manager with approximately $222 billion in assets under management as of July 31, 2026.

The acquisition is expected to increase Victory Capital’s total client assets to approximately $571 billion after closing, according to the company, as it expands its traditional asset management platform.

First Eagle will operate on Victory Capital’s platform while retaining its brand, investment autonomy, and existing investment processes, with its $41 billion CLO and alternative credit platform expected to become the combined company’s alternative investments platform.

Victory Capital stated that the transaction will add First Eagle’s investment capabilities across global multi-asset, equities, fixed income, and alternative credit, while expanding distribution through the United States and its strategic partnership with Amundi.

First Eagle President and Chief Executive Officer Mehdi Mahmud said the company’s investment teams will continue operating independently, while Genstar Capital Managing Partner Tony Salewski said the firms view the transaction as a long-term partnership.