Russell Investments has agreed to be acquired by an investor consortium led by B Capital, with the California Public Employees’ Retirement System (CalPERS) joining as an investor, marking a new chapter for the global investment solutions firm. The transaction will see B Capital, CalPERS, and other consortium members acquire Russell Investments from existing owners TA Associates and Reverence Capital Partners. Financial terms of the deal were not disclosed.
The acquisition comes as Russell Investments manages more than $416 billion in assets under management and has achieved more than 15% organic growth over the past two years. The company said the new ownership group will provide long-term capital, technology expertise, and experience scaling businesses, helping accelerate innovation and expand client capabilities while maintaining Russell Investments’ independent operating model.
Russell Investments plans to use the backing of the new owners to broaden its open-architecture investment platform through enhanced technology, increased customization, advanced analytics, and expanded access to investment solutions. The company also intends to continue investing across key growth areas including institutional outsourcing, portfolio implementation, personalized solutions and model portfolios, tax-managed investing, and self-directed investing through its multi-manager framework.
The firm’s leadership will remain unchanged following the close of the transaction. Chairman and CEO Zach Buchwald will continue leading Russell Investments alongside President and Chief Investment Officer Kate El-Hillow, with the company’s mission, investment teams, and client service organization remaining intact.
For TA Associates and Reverence Capital Partners, the transaction concludes a decade-long investment that began in 2016. During their ownership, Russell Investments expanded its product offerings, strengthened its leadership team, and delivered strong organic growth while outperforming publicly traded asset management peers over the past two years.
The transaction is expected to close during the first quarter of 2027, subject to regulatory approvals and customary closing conditions.
KEY QUOTES:
“Helping people build long-term financial security is one of the defining challenges of our time. 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.”
Zach Buchwald, Chairman and CEO of Russell Investments
“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. 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.”
Eduardo Saverin and Raj Ganguly, Co-Founders and Co-CEOs of B Capital
“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.”
Anton Orlich, Deputy Chief Investment Officer of CalPERS
“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.”
Todd Crockett, Managing Director at TA Associates, and Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital Partners
