Victory Capital Management today opened its Diversified Equity fund, a new, no-load large-cap core equity mutual fund for institutional and high-net-worth investors. The minimum investment will be $5 million, and the fees will be capped at 70 basis points, said David Brown, senior managing director. The fund will target small institutions that might not have enough assets to invest in a separate account, as well as wealthy investors and defined contribution plans. "We've had success in the large-cap core space with both our separate accounts and retail funds, that we wanted a product to capture other markets," said Mr. Brown. Larry Babin, the lead portfolio manager of the firm's large-cap products, will oversee the new fund. Victory manages a total of $58 billion for institutional and retail clients.