News Release - 9/13/2021

Victory Capital Launches Alternative Investments Platform with Acquisitionof New Energy Capital Partners
SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the“Company”) today announced that its wholly owned operating subsidiary Victory Capital Management Inc. has reached adefinitive agreement to acquire 100% of New Energy Capital Partners (“NEC”).
NEC will become Victory Capital’s 11th Investment Franchise and represents the Company’s first Franchise focusing
exclusively on alternative investments. Founded in 2004 and based in Hanover, New Hampshire, NEC is a leading
alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects andcompanies. The transaction is expected to close during the fourth quarter of 2021 and be immediately accretive to Victory
Capital’s earnings.
David Brown, Chairman and CEO of Victory Capital, said, “Launching an alternative investment platform creates anadditional path for future growth. The same principles that have led to success in our traditional asset managementbusiness will guide the strategy for this part of our business. This includes adding autonomous Investment Franchises,with excellent investment performance track records and managing strategies designed to add value to client portfolios.
Our operating and distribution infrastructure will support these Investment Franchises to allow them to stay focused on
managing assets and serving clients.
“NEC perfectly embodies all of the characteristics we seek, and we particularly like their specialization in clean andrenewable energy, which is a fast-growing market segment.”
With four active private closed-end funds, NEC is invested across both debt and equity instruments and has a diverse
investor base of limited partners representing a mix of institutional investors including endowments, foundations,insurance companies, pension plans, health systems, government entities and family offices. With a broadly diversified
portfolio of projects, spanning multiple energy markets and geographic jurisdictions, NEC generates returns that areuncorrelated with commodity exposure and traditional energy investments. NEC’s investment process will be unchanged
and allow for continued long-term investment excellence.
“We are very excited to be partnering with an industry leader—Victory Capital—to enhance operating support andaccelerate our growth trajectory,” said Scott Brown, Founder and CEO of NEC. “Following the transaction’s close, we lookforward to benefiting from Victory Capital’s well-established distribution capabilities.
“Since we launched our first fund 17 years ago, the clean energy sector has substantially matured. Technology
advancements have led to material declines in production costs and the industry’s economics have now reached a tipping
point. This—coupled with increasing attention on climate change and rapidly evolving government standards—bodes well1■

for solar, wind, and hydro technologies to increase their respective shares of the growing electrical generation market.”
In 2020, projects funded by NEC offset more than 4.4 million metric tons of carbon dioxide equivalents. This greenhousegas abatement equates to planting more than 73 million trees.

Closing is subject to customary approvals, conditions and consents. BofA Securities is serving as financial advisor toVictory Capital, and Willkie Farr & Gallagher LLP is serving as legal advisor to Victory Capital. UBS is serving as financialadvisor to NEC, and Choate Hall & Stewart LLP is serving as NEC’s legal advisor.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation ReformAct of 1995. These statements may include, without limitation, any statements preceded by, followed by or includingwords such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,”“future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”
and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond Victory Capital’s control such as the COVID-19
pandemic and its effect on our business, operations and financial results going forward, as discussed in Victory Capital’s
filings with the SEC, that could cause Victory Capital’s actual results, performance or achievements to be materiallydifferent from the expected results, performance or achievements expressed or implied by such forward-lookingstatements.
Although it is not possible to identify all such risks and factors, they include, among others, the following: reductions in
AUM based on investment performance, client withdrawals, difficult market conditions and other factors such as apandemic; the nature of the Company’s contracts and investment advisory agreements; the Company’s ability to maintainhistorical returns and sustain its historical growth; the Company’s dependence on third parties to market its strategies andprovide products or services for the operation of its business; the Company’s ability to retain key investment professionals
or members of its senior management team; the Company’s reliance on the technology systems supporting itsoperations; the Company’s ability to successfully acquire and integrate new companies; the concentration of theCompany’s investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated withnon-U.S. investments; the Company’s efforts to establish and develop new teams and strategies; the ability of theCompany’s investment teams to identify appropriate investment opportunities; the Company’s ability to limit employee
misconduct; the Company’s ability to meet the guidelines set by its clients; the Company’s exposure to potential litigation(including administrative or tax proceedings) or regulatory actions; the Company’s ability to implement effective
information and cyber security policies, procedures and capabilities; the Company’s substantial indebtedness; thepotential impairment of the Company’s goodwill and intangible assets; disruption to the operations of third parties whosefunctions are integral to the Company’s ETF platform; the Company’s determination that Victory Capital is not required toregister as an "investment company" under the 1940 Act; the fluctuation of the Company’s expenses; the Company’sability to respond to recent trends in the investment management industry; the level of regulation on investment
management firms and the Company’s ability to respond to regulatory developments; the competitiveness of theinvestment management industry; the dual class structure of the Company’s common stock; the level of control over theCompany retained by Crestview GP; the Company’s status as an emerging growth company and a controlled company;
and other risks and factors listed under "Risk Factors" and elsewhere in the Company’s filings with the SEC.

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Such forward-looking statements are based on numerous assumptions regarding Victory Capital’s present and futurebusiness strategies and the environment in which it will operate in the future. Any forward-looking statement made in thispress release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation toupdate these forward-looking statements, or to update the reasons actual results could differ materially from thoseanticipated in the forward-looking statements, even if new information becomes available in the future.

About Victory Capital
Victory Capital is a diversified global asset management firm with $162.9 billion in assets under management as of July
31, 2021. The Company operates a next-generation business model combining boutique investment qualities with thebenefits of a fully integrated, centralized operating and distribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 10 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a widearray of investment styles and investment vehicles including, actively managed mutual funds, separately managedaccounts, active ETFs, multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn
About New Energy Capital
New Energy Capital is a leading alternative asset management firm which invests across the capital structures of smalland mid-sized clean energy infrastructure projects and companies.
Founded in 2004 and headquartered in Hanover, New Hampshire, NEC was one of the first investors to focus on clean
energy and infrastructure assets. NEC has delivered a 17-year track record of strong performance on behalf of investors
by focusing on real assets which generate stable cash flows based on long-term contracts with utilities and othercreditworthy counterparties.
NEC has participated in transactions totaling more than $3 billion in total asset value. The investment team has extensive
experience in all aspects of clean infrastructure investing, including evaluating energy markets, projects, andtechnologies; developing and financing domestic and international power generation, fuels, wastewater management, anddistributed generation facilities; founding and managing renewable energy companies; and understanding the publicpolicies that currently shape the landscape for the energy and related infrastructure markets.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Tricia Ross
310-622-8226
tross@finprofiles.com
Source: Victory Capital Holdings, Inc.

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