Victory Capital is a diversified, multi-boutique active asset manager with $314B in AUM. The firm organizes its investment capabilities across eight semi-autonomous "Investment Franchises," each with its own brand, CIO, and investment process. The largest franchise is Pioneer Investments ($132B AUM), acquired from Amundi in 2025. Other notable franchises include Victory Income Investors, Sycamore Capital, RS Investments, and WestEnd Advisors, alongside a centralized Solutions Platform covering multi-asset and factor-based strategies. Clients access these strategies through mutual funds, ETFs (the VictoryShares platform, ~$19B), institutional separate accounts, CITs, UCITS, and SMAs. About 75% of revenue comes from registered investment companies. Victory earns management fees as a percentage of AUM, with a revenue realization rate of ~47 bps. Roughly two-thirds of operating expenses are variable, including revenue-share compensation tied to franchise performance, which allows margins to flex with AUM. Victory outsources middle- and back-office functions, keeping capex needs low and supporting industry-leading EBITDA margins. Victory has grown AUM primarily through acquisitions — eight since its 2013 management buyout — stripping out back-office costs while leaving investment teams intact. Internationally, Victory distributes through an exclusive 15-year agreement with Amundi, giving Victory access to Amundi's network across 35 countries. Management's long-term aspiration is to reach $1 trillion in AUM through continued M&A and improved organic flows, the latter driven by ETF expansion and international distribution growth.