Genstar to Acquire Majority Stake in First Eagle
Private equity funds managed by Genstar Capital have taken a majority stake in First Eagle Investments, a $144 billion alternative investment manager. Genstar will take the stake currently held by Blackstone-controlled funds, which it acquired for $4 billion, in 2015. and Corsair Capital, along with unnamed co-investors, who have owned a majority economic interest in First Eagle Holdings since 2015. The remainder is held by First Eagle’s founding families and the firm’s current and former employees.
NY-based First Eagle Investments is keeping its leadership and investment teams in place post-deal. They’re eyeing this Genstar hookup as a springboard to ramp up investment offerings and widen their client net through a mix of organic growth and strategic buyouts.
Tony Salewski, managing partner at Genstar, said First Eagle’s “broad distribution capabilities” is one of the key factors that make the firm “an ideal platform to capitalize on growth trends in the investment management industry.
Genstar Capital, currently managing about $49 billion in assets, focuses on financial services, software, healthcare, and industrials. Last year, it acquired Docupace. Now, with First Eagle Investments joining the fold, it fits into Genstar’s growing lineup of investment management platforms. That roster already boasts ACA Group (compliance tech), Apex Group (fund admin), Cerity Partners (wealth management), Cetera Financial Group (broker-dealer network), and Mercer Advisors (RIA heavyweight). First
Financial terms of the transaction, which is expected to close in the second half of 2025, have not been disclosed.
First Eagle appointed Simpson Thacher & Bartlett and Davis Polk & Wardwell for legal advice, with Morgan Stanley leading financial advisory efforts alongside BofA Securities, UBS Investment Bank and Jefferies. Genstar relied on Willkie Farr & Gallagher for legal matters and Moelis & Company as lead financial advisor, supported by Goldman Sachs, Barclays and BMO Capital Markets.