First Eagle

First Eagle maintains an Above Average Parent rating as it prepares for its sale to Victory Capital.

In August 2026, publicly traded Victory Capital announced an approximately USD 7 billion acquisition of First Eagle, primarily owned by private equity firm Genstar Capital. This followed First Eagle’s own USD 473 million acquisition of value investing shop Diamond Hill, which closed in April 2026. Victory Capital says that the First Eagle and Diamond Hill teams will retain investment autonomy with their own personnel and processes, consistent with Victory’s approach to previous acquisitions. Still, there are watchpoints, particularly as Diamond Hill undergoes its second acquisition in less than a year. In June 2026, Diamond Hill portfolio manager Austin Hawley left the firm and was removed from three Diamond Hill US large-cap funds; others in noninvestment roles have also left. Potential fund rationalization is another area to monitor.

Investorcentric First Eagle has long been anchored by its global value equity team, which managed most of the firm's USD 222 billion in assets under management as of July 2026. The business, however, has diversified in recent years. Diamond Hill expanded the firm’s capabilities in public fixed income and US equities, following an internal buildout of a high-yield municipal credit team as well as a series of alternative credit acquisitions. Looking ahead, the roles of the First Eagle and former Diamond Hill CEOs remain unclear. Victory does not typically retain CEOs at the subsidiary level, relying instead on franchise CIOs for investment leadership.