NEW YORK & SEATTLE - Thursday, 09. July 2026
An
investor consortium led by B Capital and including CalPERS will provide
long-term capital to expand Russell Investments’ client capabilities
and accelerate innovation
(BUSINESS WIRE) -- Russell Investments,
the global investment solutions provider, today announced that an
investor consortium (the “Investor Consortium”) led by B Capital, a
global multi-stage investment firm, and including California Public
Employees' Retirement System ("CalPERS"), has agreed to acquire the firm
from TA Associates (“TA”) and Reverence Capital Partners (“RCP”). The
transaction comes as Russell Investments marks over $416 billion in
global assets under management (AUM) and has experienced more than 15%
organic growth over the past two years.
Russell Investments has
been a trusted, independent partner to its clients for over 90 years.
Its open-architecture model delivers portfolio solutions that source
from the full landscape of the asset management industry across public
and private markets. With a shared vision for the company’s next phase
of growth, the new owners are bringing to Russell Investments long-term
capital, advanced technology expertise, and experience scaling
next-generation businesses in transforming industries.
“Helping
people build long-term financial security is one of the defining
challenges of our time," said Zach Buchwald, CEO of Russell Investments.
"We're excited to partner with these world-class investors because we
share a long-term view of investing and the belief that it can
meaningfully improve people’s lives. Together, alongside our clients,
we'll build a future where more people have access to the expertise and
investment solutions they need to achieve their goals."
With the
backing of the Investor Consortium, Russell Investments plans to extend
its open architecture approach to more investors through technology,
greater customization, analytics, and increased access. The firm will
continue investing in the expertise and capabilities that seek to
deliver best-in-breed portfolios at scale. It also sees significant
runway across its key businesses: institutional outsourcing, portfolio
implementation, personalized solutions and model portfolios, tax-managed
investing, and self-directed investing through a multi-manager
framework.
“As global investors in transformative technologies,
we firmly believe the future of asset management lies at the
intersection of investment expertise, personalized client service, and
innovation,” said Eduardo Saverin and Raj Ganguly, Co-Founders and
Co-CEOs of B Capital. “From OCIO and pension consulting to innovative
indexes and smart beta, Russell Investments has always been a
trailblazing firm built on client trust. We look forward to partnering
with Zach and the entire team to bring even more advanced technology and
relationship-focused investing to people around the world.”
CalPERS’
Deputy Chief Investment Officer Anton Orlich said: “Russell Investments
has built a trusted global franchise grounded in investment excellence
and client service. We believe the partnership and shared vision of
Russell Investments and the Investor Consortium creates a compelling
opportunity to build a next-generation asset manager. We look forward to
supporting the business as it expands access to innovative investment
solutions, accelerates growth, and helps shape the future of investing.”
Following
transaction close, Russell Investments will continue to operate
independently under its existing leadership team, led by Chairman and
CEO Zach Buchwald, and President and Chief Investment Officer Kate
El-Hillow. The firm’s mission, investment professionals, and client
teams will remain unchanged.
For TA and RCP, the transaction
marks the successful conclusion of their investment in Russell
Investments. Since partnering in 2016, TA, RCP, and Russell Investments
have worked together to drive product innovation, invest in management
talent, and accelerate the firm’s growth trajectory. For the past two
years, the firm has delivered strong organic growth and outpaced its
publicly traded asset management competitors.
"Russell
Investments is an exceptional company with world-class talent and
outstanding business performance. We're proud of what this team has
built, and we're excited for its future," said Todd Crockett, Managing
Director, TA, and Milton Berlinski, Co-Founder and Managing Partner,
RCP.
The transaction is expected to close in the first quarter of
2027, subject to the receipt of regulatory approvals and other
customary closing conditions.
Jefferies LLC served as sole
financial advisor to B Capital, and Ropes & Gray LLP served as legal
counsel. Moelis & Company LLC served as lead financial advisor and
BofA Securities served as financial advisor to Russell Investments, with
Goodwin Procter LLP serving as legal counsel.
Forward-Looking Statements
This
press release contains forward-looking statements regarding the
proposed transaction described herein, including statements regarding
its anticipated timing and completion; the strategic, operational, and
financial benefits expected to result from the transaction; the plans,
expectations, and intentions of Russell Investments, the Investor
Consortium, B Capital, CalPERS, TA, and RCP with respect to Russell
Investments’ business strategy, growth, technology investments, and
client offerings following the transaction; and statements regarding the
continuity of Russell Investments’ leadership, mission, and team.
Forward-looking statements are typically identified by words such as
“anticipates,” “believes,” “expects,” “intends,” “plans,” “will,”
“sees,” “continues,” and similar expressions, although not all
forward-looking statements contain these words.
These statements
are based on current expectations, estimates, and projections about the
parties’ businesses and the industries in which they operate, and are
not guarantees of future performance. They are subject to risks,
uncertainties, and assumptions that are difficult to predict, and actual
results may differ materially from those expressed or implied,
including as a result of: the possibility that the transaction is not
completed on the terms or timeline currently anticipated, or at all; the
risk that required regulatory approvals or other customary closing
conditions, including any required client, fund, or other third-party
consents, are not obtained or satisfied; the effect of the announcement
or pendency of the transaction on Russell Investments’ relationships
with clients, employees, and business partners; the ability of the
parties to realize the anticipated benefits of the transaction;
competitive conditions in the asset management and investment solutions
industries; and general economic, market, regulatory, and geopolitical
conditions.
Any forward-looking statements speak only as of the
date of this press release. None of Russell Investments, the Investor
Consortium, B Capital, CalPERS, TA, or RCP undertakes any obligation to
publicly update or revise any forward-looking statement, whether as a
result of new information, future events, or otherwise, except as
required by law.
Additional Notice
This press release is
for informational purposes only and does not constitute an offer to
sell, or a solicitation of an offer to buy, any security, nor does it
constitute investment, legal, tax, or other advice. Completion of the
transaction remains subject to the satisfaction of customary closing
conditions, including receipt of applicable regulatory approvals, and
there can be no assurance that the transaction will be completed on the
terms described herein, or at all.
About Russell Investments
Russell
Investments is a leading global investment solutions partner providing a
wide range of investment capabilities to institutional investors,
financial intermediaries, and individual investors around the world.
Since 1936, Russell Investments has been building a legacy of continuous
innovation to deliver exceptional value to clients, working every day
to improve people’s financial security. The firm has $416 billion in
assets under management (as of 06/30/2026) for clients in 31 countries.
Headquartered in Seattle, Washington, Russell Investments has offices in
17 cities around the world.
About B Capital
B Capital is a
multi-stage global investment firm that partners with extraordinary
entrepreneurs to shape the future through technology. With more than $12
billion in assets under management across multiple funds, the firm
focuses on seed to late-stage venture growth investments, primarily in
the Technology, Healthcare and Energy sectors. Founded in 2015, B
Capital leverages an integrated team across nine locations in the US and
Asia, as well as a strategic partnership with BCG, to provide the
value-added support entrepreneurs need to scale fast and efficiently,
expand into new markets and build exceptional companies. Select
investments include Perplexity (AI-powered search and answer engine),
Precision Neuroscience (minimally invasive brain-computer interface
technology), Axiom (AI-powered math reasoning platform) and Fervo Energy
(next-generation geothermal power). For more information, click here.
About CalPERS
CalPERS
is the largest defined-benefit public pension in the U.S., with 2.4
million members. Since 1932, CalPERS has provided retirement security
for state, school, and public agency employees who invest their life’s
work in public service. In 1962, CalPERS expanded its services to
include health benefits and now offers quality health plan coverage for
more than 1.5 million members and their families.
About TA Associates
TA
Associates is a leading global private equity firm focused on scaling
growth in profitable companies. Since 1968, TA has invested in more than
560 companies across its core sectors, including technology, business
services, financial services, and healthcare. Leveraging its deep
industry expertise and strategic resources, TA collaborates with
management teams worldwide to help high-quality companies deliver
lasting value. The firm has raised $65 billion in capital to date and
has more than 160 investment professionals across offices in Boston,
Menlo Park, Austin, London, Mumbai, and Hong Kong. Learn more at
www.ta.com.
About Reverence Capital Partners
Reverence
Capital Partners is a private investment firm focused on three
complementary strategies: (i) Financial Services-Focused Private Equity,
(ii) Structured Credit, and (iii) Real Estate Solutions. Today,
Reverence manages in excess of $17 billion in AUM. Reverence focuses on
thematic investing in leading global Financial Services businesses. The
firm was founded in 2013 by Milton Berlinski, Peter Aberg and Alex
Chulack, after distinguished careers advising and investing in a broad
array of Financial Services businesses. The Founding Partners bring, on
average, over 38 years of advisory and investing experience across a
wide range of Financial Services sectors.
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Contacts
Media Contacts
Russell Investments
Kerstin Österberg - 347-866-3032
Erin McCombe - 646-320-3962
newsroom@russellinvestments.com
B Capital
Kate Thompson / Madeline Jones / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
CalPERS
Office of Public Affairs
916-795-3991
newsroom@calpers.ca.gov
TA Associates
Brynn Sandy - 617-646-7703
media@ta.com
Reverence Capital
Michael Landau / James Goldfarb
Gladstone Place Partners
212-230-5930
