Victory Capital Holdings Inc (NASDAQ: VCTR) is a diversified global asset management firm that manages investment strategies across multiple autonomous investment franchises. Revenue comes primarily from investment management fees calculated as a percentage of assets under management. As of December 31, 2025, Victory Capital managed $313.8 billion in total AUM and $316.6 billion in total client assets, as reported in the 10-K filed February 26, 2026. The business model combines boutique investment management qualities with a centralized, scaled operational platform, allowing individual investment franchises to operate with autonomy while sharing infrastructure. The firm is organized as a Delaware corporation under the holding company Victory Capital Holdings, Inc. (VCH). The filing does not disclose segment revenue percentages, customer concentration figures, or named direct competitors within the excerpts provided.

Revenue model

Investment management fees based on a percentage of assets under management. Fee revenue scales directly with AUM levels, which were $313.8 billion as of December 31, 2025 (FY2025 10-K).

Products and services

Diversified investment strategies managed through multiple boutique investment franchises operating under a centralized platform. Specific fund names, strategy types, and product line breakdowns are not detailed in the provided filing excerpts.

Customers and end markets

The filing excerpts do not specify customer types, client segments, or end market breakdowns. Total client assets were $316.6 billion as of December 31, 2025.

Value-chain role

Asset manager. Victory Capital sits between capital allocators (investors) and financial markets, managing investment portfolios on behalf of clients in exchange for management fees.

Geographic exposure

Described as a global asset management firm in the FY2025 10-K. Specific geographic revenue breakdowns or country-level AUM splits are not provided in the filing excerpts.

Source: SEC 10-K, filed 2026-02-26

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