Victory Capital acquires First Eagle for $7B amid fund industry consolidation

The asset management industry’s ongoing push toward scale just got a significant data point. Victory Capital announced on August 26, 2026, a definitive agreement to acquire First Eagle Investments for approximately $7 billion, a transaction that will vault the combined firm into the upper tier of publicly traded US asset managers. The deal pushes Victory’s total client assets to roughly $571 billion, combining its existing $348.8 billion in assets under management with First Eagle’s $222 billion book of business. How the deal is structured Victory is paying for the acquisition through three channels: approximately $4.4 billion in cash, $2 billion in newly issued equity, and the assumption of $575 million in existing First Eagle debt. The combined firm will generate roughly $3.2 billion in annual revenue, according to Victory’s projections. Victory also expects to pull out approximately $280 million in net expense synergies from the combined operation. The transaction is expected to close by the end of the first quarter of 2027, subject to regulatory approvals and client consents. The client consent requirement is worth noting: large institutional mandates often include change-of-co...