Victory Capital Holdings, Inc. is a diversified global asset management firm that operates through a next-generation, integrated multi-boutique business model. The company manages hundreds of billions in assets across various autonomous investment franchises and a centralized solutions platform. Its revenue is primarily generated from investment management fees, fund administration, and distribution services. Victory Capital offers a comprehensive suite of investment products, including actively and passively managed mutual funds, rules-based and active exchange-traded funds (ETFs) under the VictoryShares brand, institutional separate accounts, variable insurance products, and a 529 Education Savings Plan. The firm serves a diverse client base, including institutional investors, financial intermediaries, retirement platforms, and direct individual investors, both in the United States and internationally. By combining the investment autonomy of boutique managers with the operational and distribution scale of a large centralized platform, Victory Capital maintains a strong competitive position in the traditional and alternative asset management industry.