Blackstone Group is reported to be planning to promote First Eagle Funding Administration for greater than $4bn (£3.2bn).
Blackstone has owned a big stake within the US personal fairness group since 2015, which it acquired in partnership with Corsair Capital for $4bn.
In line with the Monetary Instances, the pair have now appointed Morgan Stanley to guide the sale.
Learn extra: First Eagle and Amundi launch personal credit score fund
New-York-based First Eagle has an alternate credit score division with $18bn belongings below administration (AUM) as of 30 September 2024.
The agency is reported to ship round $500m of annual earnings earlier than curiosity, taxes, depreciation and amortisation, and it’s anticipated promote for greater than $4bn.
The sale of First Eagle to Blackstone and Corsair 10 years in the past was a part of an early wave of personal fairness takeovers of asset managers and impartial funding advisory teams.
In line with the Monetary Instances, First Eagle’s belongings have grown by about 50 per cent since 2015.
Learn extra: Amundi and First Eagle plan new personal credit score fund
Earlier this month, First Eagle Different Credit score introduced that president Chris Flynn plans to depart the agency in early 2025.
As of 6 February, Flynn has shared the title of co-president with chief funding officer Jim Fellows.
Fellows will grow to be president upon Flynn’s departure, whereas persevering with to function chief funding officer. The interval of co-leadership is meant to advertise a clean transition of tasks. Each now report back to First Eagle president and chief govt Mehdi Mahmud.
First Eagle Investments had roughly $134bn in AUM as of 31 December 2023.
Learn extra: Blackstone’s personal credit score unit returned 15.7pc final 12 months