First Eagle Investment Management, a NY-based independent asset management firm, received a majority long-term investment of undisclosed amount.
Backers included private equity funds managed by Blackstone (NYSE:BX) and Corsair Capital as well as clients of the two firms. The transaction, which is expected to close in the fourth quarter of 2015, included the sale by TA Associates of its entire investment in First Eagle.
The investment, which valued the company at approximately $4 billion, will allow First Eagle to continue to operate independently and to maintain its investment-centric culture.
As a result of the transaction, First Eagle employees will have an opportunity to increase their equity ownership in the firm.
The investment, supported by the senior management and investment leadership, is being made through First Eagle’s holding company, Arnhold and S. Bleichroeder Holdings Inc.
Led by Bridget Macaskill, President and Chief Executive Officer, and John Arnhold, Chairman and Chief Investment Officer, First Eagle is an asset management firm which manages approximately $100 billion in assets on behalf of institutional and individual clients. Investment capabilities include equity, fixed income and multi-asset strategies.