The California Public Employees’ Retirement System’s participation in an investor consortium acquiring Russell Investments illustrates how the pension fund’s evolving private equity strategy isn’t moving away from large buyouts; rather its becoming increasingly more selective.

The consortium has agreed to acquire the global investment solutions provider, which oversees more than $416B in assets under management, from TA Associates and Reverence Capital Partners, according to a press release.

“Russell Investments has built a trusted global franchise grounded in investment excellence and client service,” Orlich said in the release. “We…