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.
