First Eagle Private Credit Fund disclosed that Victory Capital Holdings has agreed to acquire First Eagle Holdings, the parent of the nontraded business development company’s investment adviser and subadviser. The approximately $7 billion transaction was announced on August 26, 2026, and is expected to close by the end of the first quarter of 2027.
Victory Capital will pay approximately $4.4 billion in cash and $2 billion in newly issued equity, and it will assume $575 million of First Eagle debt. First Eagle managed approximately $222 billion as of July 31, including a $41 billion CLO and alternative-credit platform. The combined organization is expected to manage approximately $571 billion.
For First Eagle Private Credit Fund, the acquisition would constitute an assignment that automatically terminates its existing investment advisory and subadvisory agreements. The fund’s board is expected to consider a new advisory agreement with Victory Capital Management and a new subadvisory agreement that would retain First Eagle Alternative Credit. If approved by the board, the agreements would be submitted to shareholders.
First Eagle Alternative Credit is expected to become part of Victory Capital’s alternative-investments platform, led by Napier Park Global Capital. The filing states that First Eagle would retain its brand and investment autonomy, with no planned changes to its investment philosophies or processes. Closing remains subject to regulatory approvals, fund and client consents, and other customary conditions.
