First Eagle Investments

What First Eagle Investments does

First Eagle Investments is an independent, privately held investment management firm headquartered in New York, operating since 1979 with approximately $213 billion in combined assets under management and advisement as of March 2026 following the acquisition of Diamond Hill Investment Group. The firm serves individual investors, financial professionals (advisors, RIAs, wirehouses), and institutional clients across the Americas, EMEA, and Asia-Pacific through offices in New York, Boston, Chicago, Columbus, Miami, London, Geneva, Zurich, and Munich.

The firm's core technology is a fundamental, benchmark-agnostic investment approach focused on absolute returns and avoidance of permanent capital impairment, packaged across multiple product wrappers including mutual funds, actively managed ETFs, interval funds, separately managed accounts (SMAs), collective investment trusts (CITs), and business development companies (BDCs). Product coverage spans global equity, US equity, fixed income, municipal bonds, gold and real assets, alternative credit, and private markets. The platform was materially expanded in April 2026 through the $473 million all-cash acquisition of Diamond Hill, adding US equity, fixed income, and long-short strategies.

First Eagle generates revenue primarily through investment management fees structured as expense ratios on its funds and vehicles, with multiple share classes (A, C, I, R6) targeting distinct investor types. Distribution is sales-led across financial professional networks, institutional sales teams, third-party platforms, and direct investor purchase channels. The firm has been majority-owned by Genstar Capital since August 2025, following the exit of prior sponsors Blackstone and Corsair.

Name

First Eagle Investments

Legal name

First Eagle Investment Management, LLC

Website

https://firsteagle.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

501–1,000 employees

Short description

First Eagle Investments is a New York-based independent investment manager offering mutual funds, ETFs, interval funds, SMAs, and CITs across global equity, fixed income, real assets, and alternative credit to individual investors, financial professionals, and institutional clients globally, managing approximately $213B in assets.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Index Mutual Funds (Non-ETF) (FSAAAEAE)

Keywords

• Investment management
• Mutual funds
• Asset management
• Wealth management
• Exchange-traded funds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Management Fees: First Eagle generates revenue through investment management fees charged on its mutual funds, ETFs, and other investment products. Fees are structured as expense ratios (e.g., Global Fund Class A 1.10%, Class I 0.86%) deducted from fund assets under management.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

First Eagle Investments is an independent investment management firm offering mutual funds, actively managed ETFs, interval funds, separately managed accounts (SMAs), collective investment trusts (CITs), and alternative credit vehicles across global equity, fixed income, real assets, alternative credit, and private markets. The firm applies in-depth fundamental analysis with a flexible, benchmark-agnostic approach focused on absolute returns and avoiding permanent impairment of capital, distributed through financial professionals, institutional channels, and direct investor purchase.

Product overview

First Eagle Investments operates as a comprehensive investment management platform offering a diversified portfolio of products across multiple asset classes and investment vehicles. The core offering includes mutual funds spanning global equities (Global Fund, Overseas Fund, U.S. Fund), specialty strategies (Gold Fund, Global Real Assets Fund), fixed income (High Yield Municipal Fund), and balanced approaches (Global Balanced Fund, Rising Dividend Fund). The platform was significantly expanded through the April 2026 acquisition of Diamond Hill Investment Group, which added approximately $52 billion in AUM including US equity funds (Small Cap, Small-Mid Cap, Mid Cap, Large Cap, Select), international equity, and fixed income strategies. First Eagle also offers actively managed ETFs (Global Equity, Overseas Equity, US Equity, Mid Cap Equity) launched in late 2024 and early 2026, interval funds (Credit Opportunities, Real Estate Debt, Tactical Municipal Opportunities), separately managed accounts (Global, Overseas ADR, Core Municipal, Core Plus Municipal, US Small Cap), and collective investment trusts (Global Equity CIT, Small Cap Opportunity CIT). The products share common investment principles including fundamental analysis, benchmark-agnostic approaches, focus on absolute returns, and avoidance of permanent capital impairment.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Fund (SGENX) Longstanding global equity fund focused on value investing with a benchmark-agnostic approach, investing across developed and emerging markets.
• Overseas Fund (SGOVX) International equity fund investing primarily in developed markets outside the United States, emphasizing fundamental analysis and absolute returns.
• U.S. Fund (FEVAX) US-focused equity fund employing a value-oriented investment approach with a flexible, benchmark-agnostic strategy.
• Gold Fund (SGGDX) Specialized fund investing in gold and gold-related investments including mining equities and precious metals, designed for portfolio diversification and inflation protection.
• Global Balanced Fund (FEBAX) Balanced fund combining global equities and fixed income securities, seeking absolute returns while managing risk through diversification.
• High Yield Municipal Fund (FEHAX) Municipal bond fund investing in high yield tax-exempt securities issued by US states and local governments.
• Rising Dividend Fund (FEFAX) Equity fund focused on companies with sustainable and growing dividends, emphasizing long-term capital appreciation.
• Small Cap Opportunity Fund (FESAX) Fund targeting small-cap US equities with a value-oriented investment approach, seeking long-term capital appreciation.
• Global Real Assets Fund (FERAX) Fund investing in real assets including real estate, infrastructure, natural resources, and commodity-related equities globally.
• U.S. Smid Cap Opportunity Fund (FEMAX) Fund investing in small-to-mid cap US equities with growth and value characteristics, seeking long-term capital appreciation.
• Global Equity ETF (FEGE) Actively managed ETF providing global equity exposure with a value-oriented strategy.
• Overseas Equity ETF (FEOE) Actively managed ETF providing international equity exposure outside the US.
• US Equity ETF (USFE) Actively managed ETF providing US large-cap equity exposure.
• Mid Cap Equity ETF (FEMD) Actively managed ETF providing US mid-cap equity exposure.
• Credit Opportunities Fund (FECAX) Non-diversified closed-end interval fund focusing on credit opportunities across the capital structure, including leveraged loans and high yield bonds.
• Real Estate Debt Fund (FERLX) Interval fund focusing on short-duration residential transitional loans and builder financing across 26 states, targeting an 8.23% annualized distribution rate.
• Tactical Municipal Opportunities Fund (FTAIX) Interval fund providing tactical exposure to municipal bonds across the yield curve and credit spectrum.
• Global Equity CIT Collective investment trust providing global equity exposure through an institutional wrapper for retirement plan sponsors.
• Small Cap Opportunity CIT Collective investment trust providing small-cap US equity exposure through an institutional wrapper for retirement plan sponsors.
• Global Separately Managed Account (SMA) Customizable separately managed account providing a global equity strategy with a flexible, benchmark-agnostic approach.
• Overseas ADR Strategy SMA Separately managed account investing in American Depositary Receipts of international companies.
• Core Municipal SMA Separately managed account focusing on investment-grade municipal bonds for tax-advantaged income.
• Core Plus Municipal Fund Fund providing a core plus municipal bond strategy offered across multiple share classes (A, C, I, R6).
• Short Duration High Yield Municipal Fund Fund providing a short duration high yield municipal bond strategy.
• Diamond Hill US Equity Funds Acquired product line including Small Cap, Small-Mid Cap, Mid Cap, Large Cap, and Select equity funds, operating from Columbus, Ohio under the retained Diamond Hill brand.
• Diamond Hill International Equity Fund International equity fund from the acquired Diamond Hill platform, investing in developed and emerging international markets.
• Diamond Hill Fixed Income Funds Fixed income funds including Core Bond, Core Plus Bond, Securitized Total Return, and Short Duration Securitized Bond strategies.
• Diamond Hill Long-Short Fund Alternative equity strategy utilizing long and short positions in US equities, part of the acquired Diamond Hill platform.

Quantifiable outcome

• Small Cap Opportunity Fund returned 29.56% YTD as of June 24, 2026
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Eaton Vance: Active asset manager (acquired by Morgan Stanley in 2021) with comparable product mix including mutual funds, interval funds, SMAs, and customized portfolios. Strong overlap in specialty active strategies, though now operating within a much larger parent.
• Invesco: Large publicly traded global asset manager with active mutual funds, ETFs (including QQQ), and alternative strategies. Overlapping product categories and distribution channels but broader scale and ETF-heavy positioning relative to First Eagle.
• Affiliated Managers Group (AMG): Multi-affiliate active asset manager that holds majority stakes in independent boutique managers. Comparable in operating multiple distinct investment brands under one platform and pursuing acquisitions to add scale, though structurally different as a publicly traded holding company.

Direct peers

• Cohen & Steers: Specialty active asset manager focused on real assets (real estate, infrastructure, natural resources). Directly comparable to First Eagle's Global Real Assets Fund and Real Estate Debt Fund, with similar institutional and intermediary distribution.
• T. Rowe Price: Active asset manager with deep mutual fund lineup in global equity, fixed income, and retirement strategies. Comparable investment-led culture, similar institutional and intermediary distribution model, and overlapping target client segments.
• American Funds (Capital Group): One of the largest active mutual fund complexes, distributing primarily through financial advisors. Closely comparable multi-share-class mutual fund structure (A, C, I, R5/R6 equivalents) and fundamental, benchmark-agnostic investment approach.
• Franklin Templeton: Large global asset manager offering active mutual funds, ETFs, SMAs, and alternative strategies across equity, fixed income, and multi-asset. Directly comparable product mix (Legg Mason acquisition expanded similar fixed-income capabilities) and similar distribution through advisors, institutions, and retail.
• Dodge & Cox: Independent, employee-owned active asset manager focused on value-oriented equity and fixed-income funds. Highly comparable investment philosophy (fundamental, long-term, benchmark-agnostic, contrarian) and similar concentration on capital preservation.
• Lord Abbett: Privately held active asset manager offering mutual funds, SMAs, and CITs across fixed income, equity, and multi-asset. Similar private ownership structure, advisor-distribution focus, and active management orientation with strong fixed-income capabilities.

Emerging players

• Hartford Funds: Multi-boutique mutual fund platform offering actively managed funds distributed primarily through advisors and retirement plans. Comparable in advisor-channel distribution and multi-manager structure, though with a smaller and more focused lineup than First Eagle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-eagle-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about First Eagle Investments