A consortium led by B Capital Group and including the California Public Employees' Retirement System (CalPERS) has agreed to acquire Russell Investments, the Seattle-based asset manager, in a transaction valued at $2.8 billion, according to Bloomberg; the parties announced the deal on 9 July 2026. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals and other customary closing conditions. The consortium is buying Russell Investments from TA Associates and Reverence Capital Partners.
Russell Investments, founded in 1936 and headquartered in Seattle, has more than $416 billion in assets under management and has recorded more than 15% organic growth over the past two years, according to the announcement.
DEAL TERMS AND STRUCTURE
Bloomberg reported the transaction value at $2.8 billion; the announcement itself did not disclose a price. The new owners are bringing long-term capital, advanced technology expertise and experience scaling next-generation businesses, Russell Investments said.
Anton Orlich, deputy chief investment officer at CalPERS, said the partnership "creates a compelling opportunity to build a next-generation asset manager".
Jefferies is acting as financial adviser to B Capital, while Moelis & Company and Bank of America are advising Russell Investments. Ropes & Gray is legal adviser to B Capital and Goodwin Procter to Russell Investments.
APPROVAL PATH AND CLOSING TIMELINE
The transaction is subject to regulatory approval and is expected to close in early 2027, the parties said.
Following completion, 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 company said.
B Capital's co-founders said they believe "the future of asset management lies at the intersection of investment expertise, personalized client service, and innovation".