Victory Capital to Buy First Eagle for $7.0 Billion
The San Antonio asset manager said the mixed-consideration deal adds a global value multi-asset franchise and a scaled CLO and alternative credit platform.
Victory Capital Holdings, Inc. (VCTR) agreed to acquire First Eagle Investments for approximately $7.0 billion in a mixed-cash-and-stock transaction expected to close by the end of the first quarter of 2027.
The San Antonio-based asset manager said the deal adds a differentiated global value multi-asset capability, complementary equity and fixed-income capabilities, and a scaled CLO and alternative credit platform, enhancing Victory Capital’s organic growth profile and expanding distribution reach across channels.
David Brown, Chairman and Chief Executive Officer of Victory Capital, called the agreement a transformational step. “This is a transformational transaction that represents the next chapter in the evolution of our business,” he said.
The First Eagle purchase follows a year in which Victory Capital completed the Pioneer Investments acquisition and withdrew a competing bid for Janus Henderson Group plc. In March, the company said it had withdrawn its Janus Henderson proposal after the target’s special committee did not move toward a negotiated deal, and that its acquisition strategy had not changed.
Victory Capital described that strategy as a pursuit of transactions that increase competitiveness through size, scale, product expansion and distribution access, citing eight completed deals in the prior 11 years.
As of February 28, 2026, Victory Capital reported $327.1 billion in total client assets. In the first quarter ended March 31, 2026, total client assets were $313.1 billion, with long-term gross flows of $18.9 billion and long-term net flows of ($457) million. The company said Pioneer integration was substantially complete at that quarter-end, with about $104 million of an expected $110 million in net expense synergies recognized.
The First Eagle combination is expected to layer a value-oriented multi-asset and credit franchise onto that platform. Victory Capital said the deal is intended to broaden the firm’s product set and channel coverage as it continues to integrate Pioneer and pursue additional transactions.
Closing is expected by the end of the first quarter of 2027, subject to customary conditions.