CalPERS on Board Investor Consortium Buying Russell Investments
The asset manager will stay independent under existing leadership and use the deal to expand technology, customization and access, with no financial terms disclosed.
- On Wednesday, an investor consortium led by B Capital and CalPERS agreed to acquire Russell Investments from TA Associates and Reverence Capital Partners for around $2.8 billion.
- TA Associates and Reverence Capital Partners had purchased the firm for $1.15 billion in 2016 from LSEG, following seven years of unsuccessful sale attempts and a recent Apollo-led debt restructuring.
- Seattle-Based Russell manages around $416 billion in assets and will continue operating independently under CEO Zach Buchwald and CIO Kate El-Hillow, with investment professionals and client teams remaining unchanged.
- CalPERS deputy chief investment officer Anton Orlich said the partnership is "grounded in investment excellence and client service," while Russell identified "significant runway" across institutional outsourcing and portfolio implementation.
- Citywire noted that "the intertwined secular trends of fee compression and outflows from actively managed mutual funds into passive funds and ETFs have created a wave of mergers" in asset management.
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14 Articles
NEW YORK and SEATTLE--(BUSINESS WIRE)--Jul 10, 2026-
Russell Investments is being acquired by a group of investors led by the venture capital company B Capital Group and by California Public Employees.Retirement System (Calpers), in an initiative to prepare the asset manager — with 90 years of history — for the age of artificial intelligence. The consortium was organized by B Capital, co-founded by billionaire Eduardo Saverin and former Bain Capital investor Raj Ganguly. Co-founder of the Facebook…
B Capital-Led Group Buys Russell Investments
Russell Investments is being acquired by a group of investors led by B Capital Group and California Public Employees’ Retirement System to ready the asset manager for the AI era. Silla Brush reports on "Bloomberg Open Interest." (Source: Bloomberg)
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