B Capital Group to buy Russell Investments
CALIFORNIA, UNITED STATES — A B Capital-led investor consortium has agreed to acquire Russell Investments, a global investment solutions firm managing $416 billion in assets, from current owners TA Associates and Reverence Capital Partners.
According to a report from Pulse 2.0, CalPERS, the California public pension fund, is among the consortium members participating in the transaction. Russell Investments’ existing leadership — Chairman and CEO Zach Buchwald and President and CIO Kate El-Hillow — will remain in place following the close.
CalPERS joins B Capital to acquire Russell Investments
Russell Investments provides OCIO, pension consulting, multi-manager strategies, and smart beta solutions to institutional and retail clients globally.
TA Associates and Reverence Capital Partners owned Russell Investments since 2016; the firm posted 15% organic growth over the past two years. The consortium’s composition signals convergence between capital allocators and the platforms managing institutional assets.
“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,” said Zach Buchwald, Chairman and CEO of Russell Investments.
Technology-led ownership signals asset management transformation
B Capital, co-founded by Eduardo Saverin and Raj Ganguly, focuses on transformative technology investments — a thesis it plans to apply to Russell Investments’ global platform. CalPERS joins the consortium as a strategic institutional investor alongside B Capital’s technology-oriented capital.
The acquisition gives Russell Investments technology-focused ownership committed to advancing its OCIO and asset management infrastructure as AI reshapes the industry.
“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.
The acquisition reflects institutional investors’ growing appetite for owning asset management platforms with established OCIO and pension consulting practices. For the outsourcing industry, OCIO remains one of the most durable institutional services outsourcing models, delegating not just execution but fiduciary responsibility to an external partner.
B Capital’s technology focus signals that Russell’s next growth phase will center on digitizing investment management workflows — a capability gap that remains across institutional client service.
