Russell Investments Announces New Long-Term Owners

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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