B Capital and CalPERS to Acquire Russell Investments
On July 9, 2026, Russell Investments announced that B Capital and the California Public Employees’ Retirement System agreed to acquire the firm.
Russell Investments (“Russell”) announced, on July 9, 2026, that B Capital and the California Public Employees’ Retirement System (“CalPERS”) will acquire the firm from TA Associates and Reverence Capital Partners. Under the terms of the transaction, which is expected to close in the first quarter of 2027, Russell 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. Further terms of the transaction were not disclosed.
Russell, based in Seattle, Washington, is a registered investment advisor offering investment solutions to institutional investors, financial intermediaries, and individual investors. As of June 30, 2026, Russell had approximately $416 billion in assets under management. Moelis & Company served as lead financial advisor and BofA Securities served as financial advisor to Russell in the transaction.
B Capital, based in San Francisco, California, is an investment firm specializing in seed to late-stage venture growth investments, primarily in the technology, healthcare and energy sectors. B Capital has approximately $12 billion in assets under management. Jefferies served as sole financial advisor to B Capital in the transaction.
CalPERS, based in Sacramento, California, is a benefit public pension providing retirement security for state, school, and public agency employees. CalPERS manages over $600 billion in assets under management.
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