Top 50 firm announces new majority private-equity investment

Schellman is the latest large firm to execute a flip within its private-equity-driven ownership model.

The top 50 firm announced a strategic investment from Goldman Sachs Alternatives, a partnership that comes almost five years after Lightyear Capital became the majority investor in Schellman. Lightyear will continue as a minority investor, according to a news release, upon the expected close of the transaction in the second quarter of 2026.

In the news release, Schellman called the investment “a significant milestone for the firm” that will accelerate the next phase for its cybersecurity compliance and attestation services.

“We are incredibly excited to partner with Goldman Sachs Alternatives,” Schellman CEO Avani Desai, CPA, said in the news release. “From the outset, it was clear they understand our vision, our culture, and the opportunity ahead of us. Their global platform and long-term perspective will help us continue scaling thoughtfully while maintaining the quality and integrity that define Schellman.

“We are also deeply grateful to Lightyear Capital for their partnership over the past four years. Their support and belief in our team helped position us for this next chapter.”

Early last year, top 20 firm Citrin Cooperman became the first large firm to execute a PE-related flip.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.