We are advising First Eagle Investments on the transaction

Davis Polk is advising First Eagle Investments in connection with the acquisition of a majority stake in First Eagle by Genstar Capital. Upon the closing of the transaction, private equity funds managed by Genstar will have acquired a majority stake in First Eagle from Blackstone, Corsair and their co-investors. The transaction is expected to close in the second half of 2025 and is subject to regulatory approvals and other customary closing conditions. Financial terms of the acquisition were not disclosed.

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York City with approximately $144 billion in assets under management as of December 31, 2024. 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.

Genstar Capital is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, California, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, software, healthcare and industrials industries.

The Davis Polk corporate team includes partners Louis L. Goldberg and Evan Rosen and counsel Malik M. Khalil. Partner Travis Triano and associate Laetitia Krisel are providing executive compensation advice. Partner Corey M. Goodman and associate Shmuel Dov Sussman are providing tax advice. Partner Gregory S. Rowland and counsel Matthew R. Silver are providing investment management advice. All members of the Davis Polk team are based in the New York office. 

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