Private Equity
Victory Capital's $7 Billion First Eagle Deal: What Genstar's Exit Signals for Asset Manager M&A
TL;DR: Victory Capital Holdings (NASDAQ: VCTR) agreed on August 26, 2026 to buy First Eagle Investments from Genstar Capital for approximately $7.0 billion, creating a combined asset manager with...
Jeff Barnes, MBA··10 min read
Market Analysis
The Victory Capital-First Eagle Deal Is a Fee Compression Warning, Not a Growth Story
TL;DR: Victory Capital's $7.0 billion deal for First Eagle Investments, announced August 26, 2026, is being sold to the market as scale-building and 35% accretive to 2027 earnings. I think it is...
Jeff Barnes, MBA··10 min read