An investor group, spearheaded by B Capital, has agreed to acquire Seattle-based Russell Investments from TA Associates and Reverence Capital. The deal values Russell Investments at $1.5 billion. California Public Employees' Retirement System is also part of the acquiring consortium.

Russell Investments will maintain its operational independence post-acquisition, continuing under the leadership of Chairman and CEO Zach Buchwald and President and Chief Investment Officer Kate El-Hillow. TA and Reverence Capital originally partnered with Russell Investments in 2016.

The transaction signals continued private equity interest in asset management firms, particularly those offering integrated investment solutions. For investors, the acquisition by a B Capital-led group suggests a focus on leveraging technology and innovation within Russell Investments' existing framework.