United States $12 Billion Investment Firm B Capital-Led Investor Group (Include CalPERS) to Buy United States $416 Billion Asset Manager Russell Investments at $2.8 Billion Valuation from United States Private Equity Firms TA Associates & Reverence Capital Partners, Russell Investments Founded in 1936 by by Frank Russell
11th July 2026 | Hong Kong
United States investment firm B Capital ($12 Billion AUM)-led investor group (Include CalPERS) has announced to buy United States asset manager Russell Investments ($416 billion AUM) at $2.8 billion valuation from United States private equity firms TA Associates & Reverence Capital Partners. Russell Investments was founded in 1936 by Frank Russell. Announcement (9/7/26): “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. 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.”
“ United States $12 Billion Investment Firm B Capital-Led Investor Group (Include CalPERS) to Buy United States $416 Billion Asset Manager Russell Investments at $2.8 Billion Valuation from United States Private Equity Firms TA Associates & Reverence Capital Partners, Russell Investments Founded in 1936 by by Frank Russell “
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Eduardo Saverin & Raj Ganguly, Co-Founders and Co-CEOs at B Capital: “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.”
Zach Buchwald, CEO at Russell Investments: “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.”
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.
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).
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.
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.
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.
United States $12 Billion Investment Firm B Capital-Led Investor Group (Include CalPERS) to Buy United States $416 Billion Asset Manager Russell Investments at $2.8 Billion Valuation from United States Private Equity Firms TA Associates & Reverence Capital Partners, Russell Investments Founded in 1936 by by Frank Russell
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