Genstar Capital closes majority investment in First Eagle

Genstar Capital’s acquisition of a majority stake in First Eagle Investments has now closed, in a deal that is expected to “accelerate the pace” of the asset manager’s investment capabilities and client reach.

The deal – carried out by private equity funds managed by Genstar Capital – was first announced in March this year. It will bolster First Eagle’s ongoing strategy of investing in its core business while also expanding its range of investment solutions available to clients globally, First Eagle said in a statement.

Read more: Genstar Capital takes majority share in First Eagle Investments

First Eagle manages around $161bn (£119bn) across equity, fixed income, alternative credit and multi-asset strategies.

“This is an exciting moment for First Eagle,” said Mehdi Mahmud, chief executive of the firm. “Genstar’s partnership will accelerate the pace at which we expand our investment capabilities and client reach, both organically and through acquisitions, without compromising our independence and autonomy.

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“Our commitment to client outcomes remains undivided, and we expect this new dynamic will enhance the value we are able to deliver to them.”

The closing also marks the exit of previous majority owners Blackstone and Corsair, which first invested in First Eagle in 2015.

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