# EDGAR Filing Document

**Accession Number:** 0001570827
**File Stem:** 0000950103-23-002391
**Filing Date:** 2023-2
**Character Count:** 16310
**Document Hash:** 2d305675f3a6c6967cd635a24688edb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-23-002391.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000950103-23-002391

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: CRESTVIEW ADVISORS, L.L.C.

**GROUP MEMBERS**: CRESTVIEW VICTORY, L.P.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Capital Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001570827
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90388
- **FILM NUMBER:** 23631887

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMANN ROAD
- **STREET 2:** 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 216-898-2400

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMANN ROAD
- **STREET 2:** 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crestview Partners II GP, L.P.
- **CENTRAL INDEX KEY:** 0001505639
- **IRS NUMBER:** 510654798
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 906-0723

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934<br> (Amendment No. 4)\***

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| |
|:---|
| **Victory Capital Holdings, Inc.** |
| (Name of Issuer) |

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---

| |
|:---|
| **Class A Common Stock, $0.01 par value per share** |
| (Title of Class of Securities) |

---

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| |
|:---|
| **92645B103** |
| (CUSIP Number) |

---

---

| |
|:---|
| **December 31, 2022** |
| (Date of Event Which Requires Filing of this Statement) |

---

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

◻ Rule 13d-1(b)

◻ Rule 13d-1(c)

🗷 Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.**

**CUSIP No. 92645B103**<br>

**13G**

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| | |
|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS**<br> **I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)**<br>Crestview Partners II GP, L.P. |

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| | | | |
|:---|:---|:---|:---|
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (a): | □ |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (b): | □ |

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| | |
|:---|:---|
| **3** | **SEC Use Only**<br>|
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br>Delaware |

---

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| | | |
|:---|:---|:---|
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **5** | **Sole Voting Power** <br>1,489,086  |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **6** | **Shared Voting Power**<br>25,695,996 (1)  |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **7** | **Sole Dispositive Power**<br>1,489,086 |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **8** | **Shared Dispositive Power**<br>25,695,996 (1)  |

---

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| | |
|:---|:---|
| **9** | **Aggregate Amount Beneficially Owned by Each Reporting Person**<br>25,695,996 (1) |
| **10** | **Check if the Aggregate Amount in Row (9) Excludes Certain Shares**<br>□ |
| **11** | **Percent of Class Represented by Amount in Row (9)**<br>37.5% |
| **12** | **Type of Reporting Person**<br>PN |

---

(1) This total represents the 25,695,996 shares of Class A common
 stock, par value $0.01 ("Class A Common Stock") of Victory Capital Holdings, Inc. (the "Issuer") that are
 directly beneficially owned by Crestview Partners II GP, L.P., Crestview Victory, L.P. ("Crestview Victory") and Crestview
 Advisors, L.L.C. ("Crestview Advisors") and deemed to be beneficially owned by the Reporting Person.

**CUSIP No. 92645B103**<br>

**13G**

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| | |
|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS**<br> **I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)**<br>Crestview Victory, L.P. |

---

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| | | | |
|:---|:---|:---|:---|
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (a): | □ |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (b): | □ |

---

---

| | |
|:---|:---|
| **3** | **SEC Use Only**<br>|
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br>Delaware |

---

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| | | |
|:---|:---|:---|
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **5** | **Sole Voting Power** <br>0  |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **6** | **Shared Voting Power**<br>24,194,325  |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **7** | **Sole Dispositive Power**<br>0  |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **8** | **Shared Dispositive Power**<br>24,194,325  |

---

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| | |
|:---|:---|
| **9** | **Aggregate Amount Beneficially Owned by Each Reporting Person**<br>24,194,325  |
| **10** | **Check if the Aggregate Amount in Row (9) Excludes Certain Shares**<br>□ |
| **11** | **Percent of Class Represented by Amount in Row (9)**<br>37.3%  |
| **12** | **Type of Reporting Person**<br>PN  |

---

**CUSIP No. 92645B103**<br>

**13G**

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| | |
|:---|:---|
| **1** | **NAMES OF REPORTING PERSONS**<br> **I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)**<br>Crestview Advisors, L.L.C. |

---

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| | | | |
|:---|:---|:---|:---|
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (a): | □ |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)** | (b): | □ |

---

---

| | |
|:---|:---|
| **3** | **SEC Use Only**<br>|
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br>Delaware |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **5** | **Sole Voting Power**<br>0 |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **6** | **Shared Voting Power**<br>12,585 |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **7** | **Sole Dispositive Power**<br>0 |
| **Number of Shares Beneficially Owned by Each Reporting Person with:** | **8** | **Shared Dispositive Power**<br>12,585 |

---

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| | |
|:---|:---|
| **9** | **Aggregate Amount Beneficially Owned by Each Reporting Person**<br>12,585 |
| **10** | **Check if the Aggregate Amount in Row (9) Excludes Certain Shares**<br>□ |
| **11** | **Percent of Class Represented by Amount in Row (9)**<br>0.0% |
| **12** | **Type of Reporting Person**<br>PN |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name of Issuer** 

### Item 1.
Victory Capital Holdings, Inc., a Delaware corporation (the "Issuer").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Address of Issuer's Principal Executive Offices** 

15935 La Cantera Parkway; San Antonio, Texas 78256.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Name of Person Filing** 

### Item 2.
See Item 2(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Address of Principal Business Office or, if none, Residence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Crestview Partners II GP, L.P.<br>
c/o Crestview Partners<br>
590 Madison Avenue, 42nd Floor<br>
New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Crestview Victory, L.P.<br>
c/o Crestview Partners<br>
590 Madison Avenue, 42nd Floor<br>
New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Crestview Advisors, L.L.C.<br>
c/o Crestview Partners<br>
590 Madison Avenue, 42nd Floor<br>
New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Citizenship** 

See item 4 on Cover Pages to this Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Title of Class of Securities** 

Common Stock, par value $0.01 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **CUSIP Number** 

92645B103

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) ◻ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) ◻ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) ◻ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) ◻ An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).

(f) ◻ An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).

(g) ◻ A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G).

(h) ◻ A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).

(i) ◻ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).

(j) ◻ Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4. Ownership

**(a)** **Amount beneficially owned:** 

See item 9 on Cover Pages to this Schedule 13G.

Crestview Partners II GP, L.P. is the general partner of each of Crestview Partners II, L.P., Crestview Partners II (TE), L.P., Crestview Partners II (FF), L.P., Crestview Offshore Holdings II (Cayman), L.P., Crestview Offshore Holdings II (FF Cayman), L.P. and Crestview Offshore Holdings II (892 Cayman), L.P., each of which is a member of Crestview Victory GP, LLC and a limited partner of Crestview Victory, L.P. Crestview Victory GP, LLC is the general partner of Crestview Victory, L.P. Crestview Advisors, L.L.C. provides investment advisory and management services to certain of the foregoing entities.

Each of Crestview Partners II GP, L.P., Crestview Partners II, L.P., Crestview Partners II (TE), L.P., Crestview Partners II (FF), L.P., Crestview Offshore Holdings II (Cayman), L.P., Crestview Offshore Holdings II (FF Cayman), L.P. and Crestview Offshore Holdings II (892 Cayman), L.P. may be deemed to have beneficial ownership of the 24,194,325 shares of Common Stock directly owned by Crestview Victory, L.P.

Robert V. Delaney, Jr., Robert J. Hurst and Richard M. DeMartini are members of the Issuer's board of directors. Mr. Delaney is a partner of Crestview, L.L.C. (which is the general partner of Crestview Partners II GP, L.P.) and Crestview Advisors, L.L.C. Mr. Hurst and Mr. DeMartini are Vice Chairman of Crestview, L.L.C. and Crestview Advisors, L.L.C. Alex J. Binderow is a former member of the Issuer's board of directors and a former partner of Crestview, L.L.C. and Crestview Advisors, L.L.C.

Messrs. Binderow, Delaney, Hurst and DeMartini were issued shares under the Issuer's 2018 Stock Incentive Plan for service on the Issuer's board of directors. The shares were fully vested as of the date of issuance. Each of Messers. Binderow, Delaney, Hurst and DeMartini has assigned all rights, title and interest in 12,585 such shares of Common Stock to Crestview Advisors, L.L.C., which holds such shares directly.

Crestview Partners II GP, L.P. holds 1,489,086 shares of Common Stock which it received as a pro rata distribution of shares held by Crestview Victory, L.P. to its partners for no consideration.

Each reporting person disclaims beneficial ownership of the reported securities except and to the extent of its pecuniary interest therein.

**(b)** **Percent of class:** 

See item 11 on Cover Pages to this Schedule 13G. The percentage herein is based on 68,509,826 shares of Common Stock outstanding as of October 31, 2022 as reported in the Issuer's Form 10Q filed November 7, 2022.

**(c)** **Number of shares as to which such person has:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Sole power to vote or to direct the vote** 

See item 5 on Cover Pages to this Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Shared power to vote or to direct the vote** 

See item 6 on Cover Pages to this Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Sole power to dispose or to direct the disposition of** 

See item 7 on Cover Pages to this Schedule 13G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Shared power to dispose or to direct the disposition of** 

See item 8 on Cover Pages to this Schedule 13G.

### Item 5. Ownership of Five Percent or Less of a Class
Not applicable.

### Item 6. Ownership of More than Five Percent on Behalf of Another Person
None.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company

Not applicable.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

Not applicable.

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 14, 2023

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| |
|:---|
| **CRESTVIEW PARTNERS II GP, L.P.** |
| By: Crestview, L.L.C., its general partner |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |
| **CRESTVIEW VICTORY, L.P.** |
| By: Crestview Victory GP, LLC, its general partner |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |
| **CRESTVIEW ADVISORS, L.L.C.** |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |

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## Exhibit 99.1

EXHIBIT 99.1

**Joint Filing Agreement**

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of a Statement on Schedule 13G (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of Victory Capital Holdings, Inc., a Delaware corporation, and further agrees that this Joint Filing Agreement be included as an exhibit to such filings provided that, as contemplated by Section 13d-1(k)(l)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.

In evidence thereof, the undersigned, being duly authorized, hereby execute this Agreement this February 14, 2023.

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| |
|:---|
| **CRESTVIEW PARTNERS II GP, L.P.** |
| By: Crestview, L.L.C., its general partner |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |
| **CRESTVIEW VICTORY, L.P.** |
| By: Crestview Victory GP, LLC, its general partner |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |
| **CRESTVIEW ADVISORS, L.L.C.** |
| By: <u>/s/Ross A. Oliver</u> |
| Name: Ross A. Oliver |
| Title: General Counsel |

---