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
Private Equity
HarbourVest's $4.75B Co-Investment Close Signals a New High in LP Demand
HarbourVest Partners just closed its seventh direct co-investment program, HCF VII, at $4.75 billion. That's 19% above the fund's original $4 billion target. When a program this size clears its hard c
Jeff Barnes, MBA··10 min read