First Eagle Investment Management

What First Eagle Investment Management does

First Eagle Investment Management, LLC is a privately held, independent investment management firm headquartered in New York that traces its operating history to 1864. The firm manages assets on behalf of institutional investors, financial professionals (RIAs, wirehouses, broker-dealers), and individual investors, distributing products across mutual funds, ETFs, interval funds, separately managed accounts (SMAs), collective investment trusts (CITs), business development companies (BDCs), and private credit vehicles. Its investment philosophy is benchmark-agnostic, emphasizes capital preservation, and supports portfolio teams with significant philosophical autonomy across global and U.S. equity, fixed income, municipal, real assets, gold, and alternative credit strategies. Distribution is executed through a captive broker-dealer (FEF Distributors, LLC), a global institutional field sales team, intermediary wholesalers across more than 20 jurisdictions (US, UK, Ireland, Switzerland, broader EEA, Singapore, Japan, Korea, Australia, Taiwan), and direct-to-consumer mutual fund channels, with localized websites and country-specific compliance attestations.

The firm generates revenue primarily through recurring investment management fees calculated as a percentage of AUM, with multiple share classes (A, C, I, R6) tailored to different distribution channels. First Eagle has grown materially through M&A: it acquired NewStar Financial in 2017, THL Credit in 2019, Napier Park Global Capital in 2022 (forming the basis of its alternative credit platform), and Diamond Hill Investment Group in April 2026 for approximately $473 million in an all-cash deal that added roughly $31.0 billion in combined AUM and AUA. The platform now spans 13 mutual funds, 4 ETFs, multiple interval and private funds, SMAs, CITs, and acquired-brand products under the Diamond Hill and Napier Park banners, with a Morningstar Retirement partnership extending reach into the defined-contribution CIT market. As a private LLC, First Eagle does not publicly disclose revenue, ownership, or detailed financial information.

Name

First Eagle Investment Management

Legal name

First Eagle Investment Management, LLC

Website

https://feim.com

Company type

Private

Founded year

1864

Operating status

Operating

Headcount range

251–500 employees

Short description

First Eagle Investment Management is a privately held, New York–based independent investment manager serving institutional, intermediary, and individual clients globally through mutual funds, ETFs, interval funds, SMAs, CITs, and private credit strategies under a long-term, capital-preservation philosophy.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

akta.pro secondary industries

Small-Cap Equity (Active) (FSAAAIAC), Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC), Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Investment management services
• Asset management
• Mutual fund management
• Private credit strategies
• Institutional investment solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management Fees: First Eagle generates revenue primarily through investment management fees charged on its mutual funds, ETFs, and separately managed accounts. Fees are typically calculated as a percentage of assets under management (AUM), with different share classes (Class A, C, I, R6) having varying fee structures.
2. Advisory Services: The firm provides advisory services through First Eagle Investment Management, LLC, with related investment management agreements generating revenue based on AUM levels.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

First Eagle Investment Management manages investment portfolios for institutional and individual clients through mutual funds, ETFs, interval funds, separately managed accounts (SMAs), collective investment trusts (CITs), business development companies (BDCs), and private credit funds. The firm applies a long-term, value-oriented, benchmark-agnostic investment approach focused on capital preservation across global equity, U.S. equity, fixed income, real assets, and alternative credit strategies.

Product overview

First Eagle Investment Management offers a comprehensive platform of investment products spanning mutual funds, ETFs, interval funds, separately managed accounts (SMAs), and collective investment trusts (CITs). The core product lineup includes 13 mutual funds covering global/international equity, U.S. equity, fixed income, real assets, and alternative credit strategies, plus 4 ETFs. The platform expanded significantly through the acquisition of Diamond Hill Investment Group in 2026, adding a full suite of U.S. equity, international equity, fixed income, and alternative strategies under the Diamond Hill brand. Additional offerings include alternative credit interval funds (Credit Opportunities Fund, Real Estate Debt Fund), private credit funds, and various SMAs for high-net-worth investors. The company also offers separately managed accounts and CITs for institutional and retirement plan investors.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Fund (SGENX) A core global equity mutual fund seeking long-term capital appreciation through investments in companies worldwide. For individual investors and financial professionals.
• Overseas Fund (SGOVX) An international equity mutual fund focused on non-U.S. markets seeking long-term capital growth. For individual investors and financial professionals.
• U.S. Fund (FEVAX) A U.S. equity mutual fund targeting long-term capital appreciation through investments in American companies. For individual investors and financial professionals.
• Rising Dividend Fund (FEFAX) A mutual fund focused on companies with strong dividend growth potential and capital appreciation.
• Global Balanced Fund (FEBAX) A balanced mutual fund combining global equities and fixed income for total return and capital preservation.
• Small Cap Opportunity Fund (FESAX) A mutual fund targeting small-cap companies with growth potential and attractive valuations.
• U.S. Smid Cap Opportunity Fund (FEMAX) A mutual fund focused on small-to-mid cap U.S. companies with growth and value characteristics.
• High Yield Municipal Fund (FEHAX) A municipal bond mutual fund investing in high-yield municipal securities for tax-free income.
• Short Duration High Yield Municipal Fund (FDUAX) A short-duration municipal bond fund focusing on high-yield municipal securities for tax-efficient income.
• Core Plus Municipal Fund (FPMAX) A core plus municipal bond fund providing broader exposure to the municipal securities market.
• Global Real Assets Fund (FERAX) A mutual fund investing in global real assets including real estate, infrastructure, and commodities.
• Gold Fund (SGGDX) A mutual fund focused on gold and precious metals investments as a hedge against market volatility.
• Global Equity ETF (FEGE) An exchange-traded fund providing global equity exposure through a diversified portfolio.
• Overseas Equity ETF (FEOE) An ETF focused on international equity markets outside the United States.
• US Equity ETF (USFE) An ETF providing exposure to U.S. equity markets.
• Mid Cap Equity ETF (FEMD) An ETF targeting mid-cap U.S. companies for long-term capital growth.
• Credit Opportunities Fund (FECAX) An alternative credit interval fund investing in syndicated loans, high yield bonds, and structured credit.
• Real Estate Debt Fund (FERLX) An interval fund focused on short-duration residential transitional loans and builder financing.
• Tactical Municipal Opportunities Fund (FTAIX) A tactical interval fund targeting municipal bond opportunities.
• First Eagle Private Credit Fund (FEPCF) A private credit fund offering exposure to alternative credit instruments.
• Overseas ADR SMA A separately managed account investing in American Depositary Receipts of foreign companies.
• Global SMA A separately managed account providing global equity exposure with customized management.
• U.S. Small Cap SMA A separately managed account focused on U.S. small-cap equity strategies.
• Core Municipal SMA A separately managed account investing in investment-grade municipal bonds.
• Core Plus Municipal SMA A separately managed account with broader municipal bond exposure including high-yield municipal securities.
• Global Equity CIT A collective investment trust providing global equity exposure for retirement plans.
• Small Cap Opportunity CIT A CIT focused on small-cap equity opportunities for institutional investors.
• Diamond Hill US Equity Funds Acquired mutual funds covering U.S. equity strategies including US Small Cap, Small-Mid Cap, Mid Cap, Large Cap, and Select strategies, distributed under the Diamond Hill brand following the 2026 merger.
• Diamond Hill International Fund An international equity fund acquired through the Diamond Hill merger.
• Diamond Hill Fixed Income Funds Fixed income funds including Core Bond, Core Plus Bond, Securitized Total Return, and Short Duration Securitized Bond strategies acquired through the Diamond Hill merger.
• Diamond Hill Long-Short Fund An alternative equity fund employing long-short strategies acquired through the Diamond Hill merger.
• Diamond Hill Securitized Credit Fund A fixed income fund focusing on securitized credit instruments acquired through the Diamond Hill merger.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Diamond Hill Investment GroupcoreStrategic or Co-development Partner · 17 April 2026Diamond Hill Investment Group (NASDAQ: DHIL) merger with First Eagle Investment Management expected to close April 22, 2026. Diamond Hill will become a wholly-owned subsidiary of First Eagle with approximately $31 billion in combined AUM and AUA. The deal values Diamond Hill at approximately $473 million with shareholders approving the transaction at a special meeting on March 3, 2026.
• Napier Park Global CapitalcoreStrategic or Co-development Partner · 1 August 2022First Eagle completed its acquisition of Napier Park Global Capital in August 2022, broadening its alternative credit offerings. The integration of First Eagle Alternative Credit and Napier Park Global Capital under Napier Park is expected to expand shareholder access to a wider array of alternative credit instruments.
• FEF Distributors, LLCcoreChannel Partner/ Reseller/ DistributorFEF Distributors, LLC (SIPC), a limited purpose broker-dealer and subsidiary of First Eagle Investment Management, LLC, distributes certain First Eagle products. FEFD provides services to First Eagle affiliates for presenting funds, strategies, and products to prospective investors.
• Morningstar RetirementminorStrategic or Co-development PartnerMorningstar Retirement collaboration to launch Foundation Series Collective Investment Trusts, multi-manager portfolios designed to broaden access to institutional-quality investment services for retirement plans of all sizes, drawing from First Eagle's fund offerings.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• T. Rowe Price Group: Large independent active asset manager offering mutual funds, ETFs, SMAs, and retirement solutions across global equity, fixed income, and multi-asset — directly comparable to First Eagle's institutional/retail active platform and distribution model.
• Franklin Templeton: Global active asset manager with multi-affiliate structure spanning equity, fixed income, multi-asset, and alternatives; comparable breadth of products, multi-channel distribution, and M&A-driven expansion strategy.
• American Funds (Capital Group): Long-tenured (founded 1931) active mutual fund franchise with multi-share-class wholesale distribution to advisors and a flagship global equity offering — directly comparable investment philosophy and channel mix.
• Federated Hermes: Active asset manager with money-market, equity, fixed income, and ESG capabilities, distributed via intermediaries and institutions — comparable product breadth and advisor-channel orientation.
• Cohen & Steers: Specialist active manager focused on real assets, real estate securities, and preferreds; comparable boutique active model with institutional and intermediary distribution.
• Dodge & Cox: Boutique value-oriented active manager offering equity and fixed-income funds to individuals and institutions — directly comparable investment philosophy (long-term, value, benchmark-agnostic).
• Artisan Partners: Public boutique active asset manager with multiple autonomous investment teams across equity and fixed income; comparable multi-affiliate structure and intermediary-led distribution.
• Eaton Vance (Morgan Stanley Investment Management): Diversified active manager with strong paramont interval-fund, SMA, and multi-asset capabilities — comparable product mix including alternatives and structured vehicles for advisor and institutional channels.

Broad incumbents

• Invesco: Global incumbent asset manager with broad ETF, active, and alternative product set distributed to advisors and institutions; overlaps significantly with First Eagle but at much greater scale and breadth.
• Nuveen (TIAA): Large diversified asset manager with deep real assets, fixed income, and multi-asset capabilities and a strong institutional/DCIO franchise; comparable product breadth and institutional focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/first-eagle-investment-management
• Xx.com/firsteaglefunds

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Eagle Investment Management