Goldman Sachs PE Just Invested in Schellman, the #46 Accounting Firm

Schellman, ranked #46 on Accounting Today Top 100 with $197 million in revenue, just landed a minority investment from Private Equity at Goldman Sachs Alternatives. The deal closes end of Q2 2026.

This is not some regional PE shop looking for tax arbitrage. Goldman PE manages roughly $3.6 trillion in assets and has deployed over $75 billion since 1986. They do not invest in sunset industries.

Lightyear Capital, which took majority control in 2021, will stay on as a minority investor. The business is getting passed up the food chain.

Why Schellman Needed Bigger Backing

CEO Avani Desai told Accounting Today the firm needed a bigger global sponsor to expand internationally, specifically into Europe and the UK.

Schellman specializes in cybersecurity compliance and attestation work: SOC reports, FedRAMP authorizations, ISO certifications. High-margin, high-growth work tied to every SaaS company and federal contractor in America.

The Goldman capital will fuel three things: international expansion, M&A deals, and deeper penetration into healthcare and financial services.

Translation: Schellman is buying competitors and raising prices.

What This Means for CPAs

If you are at a mid-size or regional firm, this is another data point in the PE is eating the profession narrative. The money is not slowing down.

If you own a firm, this raises the comp bar. Every PE deal sets new valuation benchmarks. Goldman backing a $197M cybersecurity-focused firm tells the market that specialized compliance work commands premium multiples.

The Bottom Line

Goldman Sachs does not invest in dying industries. They see accounting as a growth asset.

For practitioners, that is both a threat and an opportunity. The profession is consolidating fast. Either you are part of the rollup, or you are competing against firms backed by $3.6 trillion war chests.

Choose accordingly.