NEW YORK & SEATTLE, July 9 — 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.