Ropes & Gray Advised B Capital in Investor Group Acquisition of Russell Investments

Ropes & Gray represented B Capital along with the California Public Employees’ Retirement System (CalPERS) in an investor consortium led acquisition of Russell Investments from existing owners TA Associates and Reverence Capital Partners. The transaction was announced on July 9 and is expected to close in the first quarter of 2027. Financial terms were not disclosed.

Russell Investments manages more than $416 billion in assets under management and has achieved more than 15 percent organic growth over the past two years. Russell Investments plans to use the backing of the new owners to broaden its open-architecture investment platform through enhanced technology, increased customization, advanced analytics, and expanded access to investment solutions.

B Capital is a multi-stage global investment firm with more than $12 billion in assets under management across multiple funds. The firm focuses on seed to late-stage venture growth investments primarily in the technology, healthcare and energy sectors.

The Ropes & Gray team included mergers & acquisitions partners Ariel Deckelbaum, Elizabeth Langton and Carl Marcellino, asset management partners Arthur Andersen, Eve Ellis, Alyssa Horton, Brynn Rail and Katie Waite, finance partner Dan Coyne, employment, executive compensation & benefits partners Jen Cormier, Matt Jones, and Josh Lichtenstein, litigation & enforcement partners Zak Goodwin, Ruchit Patel and Rob Skinner, IP transactions partner Jordan Altman, HSR partner Marta Kelly, tax partner Chris Roman, private equity counsel Jennifer Gorman, tax counsel Sara Clevering, litigation & enforcement counsel Kurt Fowler and Heather Sprague, and data, privacy & cybersecurity counsel Edward Machin.