Blackstone Group LP and Corsair Capital, along with clients of
the two firms, have taken a majority stake in First Eagle
Investment Management that values the asset manager at about $4
billion.
Through the agreement, "we have achieved our primary goals of
remaining independent, preserving our investment-centric culture
and increasing employee ownership, while addressing the liquidity
needs of current shareholders," First Eagle Chief Executive Bridget
Macaskill said in a statement.
The deal is expected to be completed during the fourth quarter,
First Eagle said.
First Eagle, owned by members of the Arnhold family, TA
Associates and employees, has roughly $100 billion in assets under
management.
Blackstone and Corsair will exercise their oversight at the
board level and won't be involved in day-to-day management,
according to First Eagle.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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