Key facts
- TA Associates and Reverence Capital Partners are selling Russell Investments.
- The buyer is an investor consortium led by B Capital and including CalPERS.
- The deal is valued at $2.8 billion.
- Russell Investments manages over $416 billion in assets.
- The new ownership aims to enhance client capabilities and drive innovation.
- Russell Investments will maintain its independent operations and leadership.
TA Associates and Reverence Capital Partners have agreed to sell Russell Investments to an investor consortium for $2.8 billion. The consortium is led by B Capital, a firm co-founded by Facebook co-founder Eduardo Saverin and former Bain Capital executive Raj Ganguly, and includes the California Public Employees' Retirement System (CalPERS).
Russell Investments, which manages over $416 billion in assets and has seen more than 15% organic growth in the past two years, will continue to operate independently under its current leadership team, including CEO Zach Buchwald. The new owners plan to provide long-term capital to expand the firm's client capabilities and accelerate innovation.
B Capital's co-founders, Saverin and Ganguly, stated that the future of asset management lies at the intersection of investment expertise, personalized client service, and innovation. CalPERS' Deputy Chief Investment Officer, Anton Orlich, expressed confidence that the partnership will create a compelling opportunity to build a next-generation asset manager.
This transaction marks the conclusion of TA and RCP's investment in Russell Investments, during which they focused on product innovation and talent investment since partnering in 2016.