Transaction will preserve First Eagle’s independence and investment-led culture while accelerating firm’s ongoing efforts to enhance client solutions through both organic and inorganic growth.

First Eagle Investments (“First Eagle”), an independent, privately owned investment management firm, announced it has signed a definitive agreement under which private equity funds managed by Genstar Capital (“Genstar”)—a leading private equity firm focused on investments in targeted segments of the financial services, software, healthcare and industrials industries—will make a majority investment in the company.

With investment capabilities that include equity, fixed income, alternative credit and multi-asset strategies, First Eagle focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation, in its efforts to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The transaction with Genstar will bolster First Eagle’s current business strategy of investing in its core business while thoughtfully expanding the range of high-quality, differentiated investment solutions it is able to offer clients worldwide. First Eagle’s leadership and investment teams will remain intact, with each investment team maintaining its philosophical autonomy.

“Serving clients is our primary purpose at First Eagle and drives our commitment to providing superb investment products and exceptional client service. The transaction with Genstar preserves our client-centric ethos and operating independence while providing fresh capital to enhance our value to clients,” said Mehdi Mahmud, President and Chief Executive Officer of First Eagle. “Combined with First Eagle’s reputation as a preferred destination for top talent, Genstar’s partnership will accelerate the pace at which we expand our investment capabilities and client reach, both organically and through acquisitions. We are thrilled with the opportunities ahead.”

“First Eagle has demonstrated a track record of innovation and evolution over its long and impressive history, and we are excited to partner with Mehdi, the investment teams and the firm’s broader leadership in their next chapter of growth,” said Tony Salewski, Managing Partner of Genstar. “The company’s investment-led culture, market-leading investment solutions and broad distribution capabilities are differentiated among premiere investment managers. We believe these attributes make First Eagle an ideal platform to capitalize on growth trends in the investment management industry, and we look forward to supporting the team on this continued journey.”

Private equity funds controlled by Blackstone and Corsair, as well as certain co-investors, have owned a majority economic interest in First Eagle Holdings, Inc., First Eagle’s parent company, since 2015. The remainder is held by First Eagle’s founding families and the firm’s current and former employees. Upon the closing of the transaction, expected in second half of 2025, private equity funds managed by Genstar will have acquired a majority stake in First Eagle from Blackstone, Corsair and their co-investors.

Kelly Wannop, Managing Director of Blackstone, said, “We thank the First Eagle team for their partnership over the course of our investment in the company, as the business built upon its strong foundation and further diversified. We wish them continued success together with Genstar moving forward.”

“We are pleased with First Eagle’s development over the course of Corsair’s nearly 10-year partnership with Mehdi and the leadership team, and our role in driving the evolution of the business—most notably, diversifying the product base via the acquisition of alternative credit expertise and enhancing distribution, especially in the US wealth channel. We wish First Eagle all the best in their next phase of growth with Genstar,” said D.T. Ignacio Jayanti, Chief Executive Officer of Corsair.

Simpson Thacher & Bartlett LLP and Davis Polk & Wardwell LLP are acting as legal counsel, and Morgan Stanley & Co. LLC is acting as lead financial advisor to First Eagle; BofA Securities, UBS Investment Bank and Jefferies are also acting as financial advisors to First Eagle. Willkie Farr & Gallagher LLP is acting as legal counsel, and Moelis & Company LLC is acting as lead financial advisor to Genstar, with Goldman Sachs & Co. LLC, Barclays and BMO Capital Markets also providing financial advisory support. The transaction’s close is subject to regulatory approvals and other customary closing conditions. The terms of the transaction are not disclosed.

Source: First Eagle Investments