First Eagle Investments

First Eagle operates a multi-affiliate model under the parent brand First Eagle Investments. The principal advisory entities are First Eagle Investment Management, First Eagle Separate Account Management, Napier Park Global Capital (which absorbed First Eagle Alternative Credit as a sub-advisory unit in 2025), and Diamond Hill Capital Management, acquired in April 2026. Each affiliate maintains its own investment committee and advisory registration while sharing central distribution and operational infrastructure.

The firm anchors every strategy to capital preservation and downside risk mitigation. Its global value team runs concentrated, long-only portfolios of companies trading at discounts to intrinsic worth; its credit arm targets leveraged loans and CLO structures with contractual loss-absorbency; and the acquired Diamond Hill franchise extends the value-equity discipline into the US mid- and small-cap spectrum. The common thread is a refusal to chase momentum at the expense of permanent capital loss.

Through Napier Park Global Capital, the firm manages levered-loan portfolios, CLOs, special situations, and committed but unfunded capital pools. As of March 2026, Napier Park reported $3.6 billion in committed, non-fee-paying capital alongside $0.9 billion at First Eagle Alternative Credit, which now operates as a sub-adviser under Napier Park's umbrella. The platform originates loans and structures CLOs rather than relying solely on syndicated-market purchases.

The acquisition brought a culturally compatible, research-intensive US value-equity manager onto First Eagle's multi-affiliate platform. Diamond Hill's concentrated strategies — managed by a seasoned investment team based in Columbus, Ohio — added complementary distribution capacity and a suite of registered funds without diluting First Eagle's existing global-value process or credit-platform autonomy.

Yes, principally through Napier Park's private funds and CLO warehouses, as well as separately managed accounts across the equity and multi-asset platforms. The combined pro forma AUM of more than $130 billion includes institutional separate accounts, registered funds, ETFs, and private credit commitments.