Blackstone Group is reported to be planning to sell First Eagle Investment Management for more than $4bn (£3.2bn).
Blackstone has owned a significant stake in the US private equity group since 2015, which it acquired in partnership with Corsair Capital for $4bn.
According to the Financial Times, the pair have now appointed Morgan Stanley to lead the sale.
Read more: First Eagle and Amundi launch private credit fund
New-York-based First Eagle has an alternative credit division with $18bn assets under management (AUM) as of 30 September 2024.
The firm is reported to deliver around $500m of annual earnings before interest, taxes, depreciation and amortisation, and it is expected sell for more than $4bn.
The sale of First Eagle to Blackstone and Corsair 10 years ago was part of an early wave of private equity takeovers of asset managers and independent investment advisory groups.
According to the Financial Times, First Eagle’s assets have grown by about 50 per cent since 2015.
Read more: Amundi and First Eagle plan new private credit fund
Earlier this month, First Eagle Alternative Credit announced that president Chris Flynn plans to leave the firm in early 2025.
As of 6 February, Flynn has shared the title of co-president with chief investment officer Jim Fellows.
Fellows will become president upon Flynn’s departure, while continuing to serve as chief investment officer. The period of co-leadership is intended to promote a smooth transition of responsibilities. Both now report to First Eagle president and chief executive Mehdi Mahmud.
First Eagle Investments had approximately $134bn in AUM as of 31 December 2023.
Read more: Blackstone’s private credit unit returned 15.7pc last year
